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What Credit Score Do You Really Need to Buy a House?

One of the most common myths is that you need a perfect credit score to buy a home.

You don't.

Different loan programs have different minimum credit score requirements, and your score also affects your interest rate and loan options. 

Here's the general idea:

• • Around 580 may qualify for certain FHA loans
  • Around 620 opens the door to many conventional loan programs.
  • Higher scores often mean better pricing and lower monthly payments.

But your credit score isn't the only thing lenders look at.

I've seen buyers with a 760 score get denied because of high debt, while others with a much lower score were approved because everything else looked strong.

If your score isn't where you'd like to be, don't assume you have to wait years before closing.

Sometimes a few small changes - like paying down a credit card or correcting a reporting issue - can make a meaningful difference.

The best first step is finding out where you stand today. From there, we can discuss your options and, if needed, create a plan to help you qualify when the time is right.