What Does My Credit Score Need To Be To Buy A Home?
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Hey everyone, it's Rachel Clark. Have you ever thought to yourself, where does my credit need to be when starting the home buying process? Today, I'm going to go over a few essential key points as to where your credit needs to be.Â
Credit plays a huge role in the home buying process. It dictates as to what type of loan you can qualify for and also how high or low your interest rates might be, which also affects your monthly payment.Â
FHA loan
The minimum credit score you need is a 580 to qualify for an FHA loan. With that FHA loan, the minimum down payment is 3.5%
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conventional loan
To start qualifying for a conventional loan, the minimum credit score is 620. Remember, for borrowers, the higher your credit score is, the more likely you are to start getting the lower interest rates.
Excellent Credit Score
740 for a credit score is considered excellent credit. This is where you will start getting into the lower interest rates that are available. Also, this is why it's so important that you meet with your lender before even starting this process, to make sure that, you know, we all start somewhere. So if your credit score isn't where you're wanting it to be, your lender will be able to help you and help assist you so that you can get it where you want to be, when you're purchasing a home.
I hope these were helpful tips. Again, my name is Rachel Clark.
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Rachel Clark
Hi, I'm Rachel!
As a Tucson native, I have been fortunate enough to experience everything Tucson has to offer! I love being able to speak to people on a daily basis who are either looking to move to Tucson or are fortunate enough to already live here! You can reach out too. Send me a text, give me a call or shoot me an email. I'm here to help however I can when it comes to moving to Tucson!
