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August 15, 2024WHAT CREDIT SCORE DO YOU NEED TO BUY A HOME?
Chris Fiamengo of The Madrona Group real estate team answers the question... "What Credit Score Do You Need To Buy A Home?"
Different banks and different loan types vary but there are some minimums that we recommend for our clients.
They are:
580 minimum for FHA.
620 minimum for Conventional.
There are some programs that will let you go lower than that but the terms will not be as favorable.
The higher your score the more favorable your loan terms become including less fees and lower interest rates.
Interested in learning more about what makes your credit score go up and down? https://www.themadronagroup.com/makes-credit-score-go/
Want to learn more about what loan programs would work best for your needs?
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START YOUR SEARCHWHAT CREDIT SCORE DO YOU NEED TO BUY A HOME? Real Estate FAQ [VIDEO TRANSCRIPT]
Hey everyone it's Chris Fiamengo with
The Madrona Group and I'm answering
frequently asked questions about real
estate. One of the ones I get all the
time is... "What does my credit score need
to be to buy a home?" It depends on if
you're going FHA or conventional.
Right now at a minimum FHA's need a
credit score of 580. Conventional is a
minimum credit score of 620. Now you
can go lower than that
but the terms aren't as favorable for
the buyer. Obviously, the higher your
credit score goes the more favorable the
terms and that includes fees and
interest rates.
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