What FICO credit score do you need to buy a home? Here are a few tips:
👉 Conventional loan: 620: These loans tend to offer the most competitive interest rates and flexible repayment periods, such as 15- and 30-year mortgage terms.
👉 FHA loan with 3.5% down payment: 580: For a standard FHA loan, a minimum of one credit score is required to qualify. If your lender obtains all three of your credit scores, it will use the middle score for consideration. If you apply for a mortgage with your spouse, lenders will use the lower of the two middle credit score.
👉 FHA loan with 10% down payment: 500 (Quicken requires a minimum of 580):
👉 VA loan: No minimum score. However, most lenders will want it to be at least 620: You must be a member or veteran of the U.S. Military or a member or veteran of the U.S. Military Reserves or National Guard or spouses of military members who died while on activity duty or because of a service-related disability can also apply for one of these loans. #loans #homeloan #homeloans #loan #hometips #lifehacks #lifetips #fhaloan #valoan #conventionalloan #creditscores #buyingahome #homebuying #homebuyers #realtor #realestate
Call us at 843-584-TEAM and go over to FindHomesInCharleston.com to search homes.
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