credit score

Hi Guest!

Yes, you can buy a home with 620 score but not the traditional one,you need to go with FHA loan.
DIP

Hi Guest,

You will be able to buy a house with a score of 620. 620 is the minimum score required to get a government loan like the Federal Housing Administration (FHA) or Veteran Affairs (VA) loan. However, you may not be able to get the other loans available in the market. These require you to have a better score, atleast higher than 700. Thus, to get better offers, with low interest rates, you can try to improve your credit score.

Thanks,

Sandra

Your credit score is fine. At a 620 score, you will be required to put 3.5% down.

The bank usually looks for a minimum score of 640+ and then they use your debt to income ration. There are many mortgage sites that will walk you through the requirements.

FHA doesn't have a minimum credit score requirement. It's each individual lender's overlays that create their own minimum credit requirement. I have investors that will lend down to 540 but,they would require a larger down payment. At 580+, the minimum down payment is 3.5%. Yes, those lenders are far and few but, they are out there. Do your research.

Hi,

620 is no doubt a good credit score to get a loan but I would suggest you to wait for sometime and try to improve your credit score to 700+. If you have a score of 700 then you will get good options of loan like good interest rate,down payment scheme etc. If it is really needed now then do a market survey and search for a good lender for yourself.