Anyone know what is the average credit score needed for a home loan.?

Question

I will be a first time buyer.

Answer 1

for Government loans there arent any SCORE requirements, but they dont like when you have lates in the last 12months.
FHA is up to 3% down payment with no score
MyCommunity is no down but you need a 620 to avoid high pmi payments...same thing with FLEX 100 and HomePossible. they are no money down programs.

if you're looking to put 5% down.....and other conforming loan products they will look at 620+

there are 4things a lender looks at
Credit good credit
Capacity how much income you make compared to the new debt
Collateral - the subject property needs to be in conforming standards
Capital - assets...how much reserves you have after the closing..

Answer 2

The higher your score the better. Of the three scores, your middle score is the one that matters. 660 - 680 is ok , but higher is better and will usually get you a lower interest rate.
A fairly quick way to raise your scores: call each credit card and ask for an increase in your credit limit. You are considered a better credit risk if you have a lot of credit you are not using. Do not apply for new credit cards. Do not go out and buy any large-ticket items (car, stereo, tv, furniture, etc.). Never be late in making your payments. Do not cancel any old credit card accounts.

Answer 3

600 -680 but now with that score you will need at least 25% down probably more. Good Luck.

Answer 4

It is changing as we speak , but ,
About mid 600s for a high % rate or
Above 720 for a rate you can actually afford .

And have 20% down , that will save you PMI .

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