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What Credit Score Do I Need To Buy A Home. To offset the perceived risk of taking on a borrower with a low credit score, a lender may also increase the interest rate on a mortgage. You need at least a credit score of 500 to get a federal housing administration, or fha, loan, for example.
from venturebeat.com
Your fico score determines which type of mortgage loan you're eligible for, or whether you qualify at all. 580 with a 3.5% down payment; “what credit score do i actually need to buy a home?” the correct answer is… it depends on your loan type.
But can you still get a home loan if your credit score is below 500? A credit score above 700 is considered “pretty good”, while anything over 800 is “excellent” and is in the top 20% of borrowers. You must have a minimum score of 580 to qualify for the low down payment advantage of 3.5%. If your credit score isn't anywhere near 900, take heart.
