Can you tell what is the lowest credit score to buy a house?
Date: Wed, 02/05/2020 - 19:30
Can you tell what is the lowest credit score to buy a house?
For FHA loans, the minimum
For FHA loans, the minimum credit score you need to have is 580+ FICO score. Tough to obtain a FHA loan with a credit score between 500 and 579. For VA loans, your credit score should be 620+.
Well, you may come across
Well, you may come across different types of mortgage loans having different credit score requirements like:
Jumbo loans: Minimum credit score 700
USDA loans: Minimum credit score of 580
VA loans: Minimum credit score of 620
FHA loans: Minimum credit score of 500 (if you make a down payment of 10%) and 580( if you make a down payment of 3.5%)
However, it's highly advisable to check the minimum credit score required once with the respective lender before you proceed further.
Do you have a good income? If
Do you have a good income? If no, then try to improve your earing fast including improving your credit score before taking out a loan.