Required Credit Score When Buying Your First Home
Good morning and welcome to Houston First Time Home Buyers Edition, where we provide useful information to help Houston first time home buyers make the most informed decision when it comes to buying, decorating, and maintaining their first home.
Today we are touching on the credit score you will need to have when getting ready to purchase your first home. The credit score require when buying your first will depend on the type of loan as well as the loan requirements.
Conventional loan typically requires a 620 middle score or higher
FHA loan which is a common loan type for first-time home buyers, requires a minimum credit score range between 500-580. However, lenders prefer scores to be over 600.
VA loan have no minimum credit requirement set by the Department of Veterans Affairs, however, lenders will expect you to have a minimum score of 620.
USDA loan also does not have a set credit score requirement, however, lenders will expect you to have a minimum score between 620-640
Credit score Rating
300 to 579 Poor
580 to 669 Fair
670 to 739 Good
740 to 799 Very good
800 to 850 Exceptional
As always, thank you so much for stopping by. Remember, if you are thinking of purchasing your first home, please contact us. We are here to help. We have been helping Houston first time home buyers since 2011 and we can help you. I hope you have an amazing day. Until next time...Diana
