Are you wondering what credit score you need to buy a house?
The requirements can vary depending on the type of mortgage loan and the lender’s criteria.
Here’s a quick guide to help you understand: FHA Loans Minimum Credit Score: Typically around 580 Low Scores: Some lenders may accept scores as low as 500 with a higher down payment (usually 10%).
VA Loans Minimum Credit Score: Around 580-620 (varies by lender) No Set Minimum: The VA does not set a minimum credit score, but most lenders require around 620.
Conventional Loans Minimum Credit Score: Generally around 620 Stricter Requirements: Typically have stricter credit requirements. A higher score (700 or above) can help you secure better terms and interest rates.
Jumbo Loans Minimum Credit Score: Typically 700 or higher Details: For amounts exceeding the conforming loan limits set by Fannie Mae and Freddie Mac, reflecting the increased risk to lenders. Key Takeaway: It’s important to note that these are general guidelines, and specific requirements can vary by lender.
Additionally, having a higher credit score can improve your chances of approval and help you secure more favorable loan terms and interest rates. Check out my blog petfriendlylenderfl.com or visit my YouTube channel PetFriendlyLender for more helpful homebuying tips!
