What Credit Score Will You Need To Buy Your First House?

What Credit Score Will You Need To Buy Your First House?

Just about everybody wants to buy their own home, but do you know where your credit score needs to be to do so? Credit is a very critical part in the home buying process, as its really your financial reputation. Your credit score is a mixture of payment history (35%), Outstanding debt (30%), Length of credit (15%), Credit inquiries (10%), and lastly types of credit (10%).

All these factor in and collectively give you a credit rating. Here are the following credit score ranges you will need to get pre approved and begin home shopping.***

FHA 30 year loan (3.5% down payment). Single Family, Multifamily (up to 4 units)

FICO score at or above a 640

CHFA 1st Time Homebuyer Program (100% Financing) Single Family, Multifamily (up to 4 units)

FICO score at or above a 680.

I hope this give you a better idea of where you need to be credit wise, and will help you get where you need to be to begin the home buying process.

 

*** The following are scores based off of averages loan officers I work with require. This isn’t the case for all loan types. Contact for more details.

 

Marques Strickland

Realtor/Buyer Specialist
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Business hours are from 8am-7:00pm. Saturday and Sunday by appointment only. All calls/messages received after 7:00 will be returned first thing the next business day.

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