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Credit scores can be confusing even for savvy consumers. It goes without saying that having good credit increases your chances of qualifying for a mortgage, because it shows the lender that you’re likely to repay your loan on time.
But what is the minimum credit score you need to buy a house? Well, that depends. https://youtu.be/Q8Pw7t7_oEw
In general, you need a credit score of at least 620 to buy a house. That’s the minimum credit score requirement for most conventional loans, however some lenders will approve loans to people with credit in the 500s.
Loans insured by the Federal Housing Administration, better known as FHA loans, or loans insured by the Department of Veterans Affairs, known as VA loans, will accept scores as low as 580.
Conventional loans are best for those with good or excellent credit, and they tend to have the best rates.
With FHA loans, you can put as little at 3-and-a-half percent down. While with VA loans, you can put zero down.
I recommend talking to a lender about your particular situation. They can help guide you as to what loan is best for you.
I’m Robin Taylor, for more helpful information, please subscribe to my channel, Real Estate Done Right by Robin Taylor. Real Estate Done Right by Robin Taylor