Find out what credit score you need to buy a house. FREE 4 Don'ts When Working On Credit Guide - *****(Credit Reports & Scores) **
Is there a credit score minimum for buying a house? The required minimum credit score for purchasing a home can vary based on the economy and the housing market, but there are some basic guidelines you can go by to determine how likely you are to be approved for a home loan. First, the required score depends on what type of loan you're getting.
Mortgage lenders require a minimum credit score when qualifying to buy a house. Higher credit scores favorably affect creditworthiness and ultimately rates.
A credit score can range from 300 to 850, with 850 being a perfect credit score. While each creditor might have subtle differences in what they deem a good or great score, in general an excellent credit score is anything from 750 to 850. A good credit score is from 700 to 749; a fair credit score, 650 to 699.
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So, what is a good credit score to buy a house? Most creditors require 700 points for a mortgage loan. However, there are lenders who are willing to work with borrowers who have an estimate below that if they have factors such as a large down payment or if the borrower has very little debt.