What is the credit score needed to buy a house?

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Answer 1 · 2020-07-23 08:57:07

Kendall Morris, Credit Cards Moderator

@kendallmorris • 07/23/20 This answer was first published on 07/23/20. For the most current information about a financial product, you should always check and confirm accuracy with the offering financial institution. Editorial and user-generated content is not provided, reviewed or endorsed by any company.

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You should be able to get a home loan even if your credit score is in the 500s, but then you're in the market for subprime loans only.

Subprime loans have interest rates that are a couple of percentage points higher than those offered to prime borrowers. Subprime loans also often come with additional fees.

Obviously, a better credit score grants you access to lower interest rates and better terms.

Answer 2 · 2019-07-17 16:34:25

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Kathryn B. Hauer, CERTIFIED FINANCIAL PLANNER (TM)

@KathrynHauer • 07/17/19 This answer was first published on 11/13/16 and it was last updated on 07/17/19.For the most current information about a financial product, you should always check and confirm accuracy with the offering financial institution. Editorial and user-generated content is not provided, reviewed or endorsed by any company.

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Hi! Thanks for writing. The higher your credit score, the lower your interest rate. Usually, a credit score in the low to mid 700's or above gets the best rates. However, depending on your circumstances, you could qualify for a regular mortgage with a credit score in the 600’s. Also, if you qualify for an FHA loan, you could have a score in the 500’s. Here is more info about FHA loans: https://www.fha.com/fha_credit_requirements. If you are turned down at one lender, it’s worth it to try another. Best wishes to you, and I hope you can get a house if you are looking to do that!

Answer 3 · 2019-07-17 16:34:24

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Dmitriy Fomichenko, President, Sense Financial

@dfomichenko • 07/17/19 This answer was first published on 06/24/15 and it was last updated on 07/17/19.For the most current information about a financial product, you should always check and confirm accuracy with the offering financial institution. Editorial and user-generated content is not provided, reviewed or endorsed by any company.

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You should start shopping, at 720 credit score you'll get some of the best rates.

Answer 4 · 2021-01-22 01:03:23

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Dave Skow, Sr Loan Officer

@dave_skow • 01/22/21 This answer was first published on 01/22/21. For the most current information about a financial product, you should always check and confirm accuracy with the offering financial institution. Editorial and user-generated content is not provided, reviewed or endorsed by any company.

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Most lenders use a 620 score as a threshold ..there are programs for borrowers with lower scores

Answer 5 · 2013-01-24 03:57:45

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Jim Jonz, Member

@shaker500 • 01/24/13 This answer was first published on 01/24/13. For the most current information about a financial product, you should always check and confirm accuracy with the offering financial institution. Editorial and user-generated content is not provided, reviewed or endorsed by any company.

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You can qualify for an FHA at a score of 620. And even less – 570 with a qualifying VA loan.

What is the credit score needed to buy a house?

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