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What credit score do you need to get a home loan?

If you have a credit score in the 500s, your best chance for a home loan will be one insured by the Federal Housing Administration. That said, lenders can impose their own credit minimums for FHA loans, and borrowers who just meet these minimums will likely have a harder time getting approved. FHA loans allow down payments as low as 3.5%.

Can I buy a home with a 700 credit score?

Absolutely! A credit score of 700 is generally considered a good score and can certainly qualify you for a mortgage to buy a home. Verify your home buying eligibility. Start here In fact, a 700 credit score is high enough for almost any type of mortgage.

What is a good credit score to buy a home?

A good credit score to buy a home is one that helps you secure the best mortgage rate and loan conditions for the mortgage you’re applying for. You’ll typically need a credit score of 620 to finance a home purchase. However, some lenders may offer mortgage loans to borrowers with a score as low as 500.

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