What credit score do I need to buy a house?
The credit score needed varies by loan type. FHA loans can go as low as 580 for the minimum 3.5 percent down, or 500 with 10 percent down. Conventional loans typically want 620 or higher. VA loans are more flexible on score but individual lenders set their own minimums, often around 580 to 620. A higher credit score generally gets you better interest rates, which affects your monthly payment and how much home you can afford. If your score needs work, paying down debts and fixing errors on your credit report can help. The specifics depend on your situation and a licensed lender should confirm, and Jon can connect you with one.
Specifics depend on your situation and should be confirmed with a licensed lender. Jon can connect you with one: text (623) 826-0888.
More on credit and pre-approval
- How do I get pre-approved for a mortgage and when should I do it?
- What is the difference between pre-qualified and pre-approved?
- How can I raise my credit score fast before buying?
- What documents do I need for a mortgage pre-approval?
- Can I buy a house with bad credit or after a bankruptcy?
- What happens if my job changes while I am under contract?
Meet Jon Hegreness
Jon Hegreness
REALTOR / Associate Broker · Howe Realty
AZ License BR540940000
Full-time Phoenix North Valley REALTOR and Associate Broker with 24 years in Arizona residential real estate. A negotiator and problem solver who works the way you would want a friend in the business to work: direct, on your side, and steady through the parts that get complicated.