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Before you can know what credit score is needed to buy a house, you need to have an understanding of just what mortgage is. Namely, a mortgage is a loan that can only be used to finance the buying of a house and nothing else.
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What credit score do I need to buy a house? There’s no concrete answer, but experts say that with a score of 660 can help you qualify for a home loan. Scores of 660 or lower might mean ending up with a high interest rate and poor loan terms.
To get the lowest rate, you’ll need a credit score of 760 or higher. But a credit score of only 580 or higher is needed for first-time homebuyers to qualify for a Federal Housing Administration.
A good credit score to buy a house is at least 620. Mortgage lenders will also consider your debt-to-income ratio when you apply for a loan.
Why your credit score matters. Your credit score plays a major role in determining whether a bank will lend you money, how much, and the interest rate that you’ll be able to get on your mortgage to buy a house. Make sure your credit reports are accurate and up to date before you apply for a mortgage.
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What Credit Score is Needed to Buy a House? Description. Generally, you will need a credit score of 660 to obtain a mortgage. The qualifying credit score used to be as low as 580 points. However, since the mortgage crisis of 2008, banks are becoming more conservative in their lending practices.
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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.