how high does my credit score need to be to buy a house

 · There are many misconceptions about the credit score needed to buy a house. Recently, it was reported that 24% of renters believe they need a 780-800 credit score to be considered for a mortgage. The reality is they are misinformed! Only 25% of the Americans have a FICO® Score between 740 and 800. Here is the breakdown [.]

What Your Score Gets You. If your score is between 620 and 639-considered a risky score by some creditors-you could pay an interest rate of 5.718 percent on a $300,000, 30-year conventional mortgage. As of mid-August, 2010, If your score is at the high end, 760 to 850, your interest rate could be 4.129 percent on the same loan.

Mortgage rates have climbed higher over the past week, making it even more important for consumers to do. need to boost your credit score soon The home buyer mistake that could cost you thousands.

What else do you need to buy a house? In addition to your credit score, your lender looks at a few other factors to approve your home loan. They’ll review your employment situation to make sure you have a steady income to make your monthly mortgage payments.

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Good (660-699) – Your credit score may have a small impact on your interest rate. This means rates up to .5% higher than the lowest available are possible. Moderate (620-660) – Your credit score will affect your interest rate. Be prepared for rates up to 1.5% higher than the lowest available.

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Depending on how bad your credit is, you just need a 580 credit score to buy a house. credit scores between 580-620 are often considered poor, but it may be enough for you to get approved.

A credit score of 620 or higher is typically what’s needed to buy a house with a mortgage loan. But there are exceptions to that rule. The 620 credit score will come up again later, by the way, when we discuss the new rules for FHA loans .

What does your FICO score need to be to buy a house? Just wondering if anyone knows what your FICO score should be in order to buy a house. My husband has been repairing his credit so we can buy a house and his FICO is currently at 550.

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