{"id":13494,"date":"2019-12-30T13:08:36","date_gmt":"2019-12-30T21:08:36","guid":{"rendered":"https:\/\/www.homelight.com\/blog\/?p=13494"},"modified":"2024-05-28T13:23:24","modified_gmt":"2024-05-28T20:23:24","slug":"buyer-what-credit-score-is-needed-to-buy-a-house","status":"publish","type":"post","link":"https:\/\/www.homelight.com\/blog\/buyer-what-credit-score-is-needed-to-buy-a-house\/","title":{"rendered":"What Credit Score Is Needed To Buy a House \u2014 And How to Get There"},"content":{"rendered":"

Unless you can buy a house in cash, you are going to need to get financed for a mortgage<\/a>. And that means lenders are going to check your credit score<\/a> when it\u2019s time to secure that loan. So before you can get serious about plans for homeownership, you have to make sure you\u2019re a feasible candidate for a loan with your current credit score. (And if not, you\u2019ll need to put plans in place to improve it.)<\/p>\n

So what credit score do you really need to buy a house? The short answer is\u2026 there\u2019s usually not one blanket answer. (With apologies to the binary thinkers out there.)<\/p>\n

While certain types of mortgages do<\/i> explicitly require cut-and-dried minimum credit scores, many factors influence lending decisions for conventional mortgages<\/a> \u2014 so you don\u2019t necessarily know exactly<\/i> what you\u2019ll need to secure that paperwork. But it\u2019s never too early to get educated on your current credit situation \u2014 and get yourself in the best position to give homebuying a go.<\/p>\n

\u201cOur preferred mortgage partners analyze our clients\u2019 credit, their debt to income, their assets, their full financial picture,\u201d says North Carolina-based top-selling agent Kimberly Pappalardo<\/a>.<\/p>\n

\u201cThey\u2019re able to tell them what their credit score would need to look like if it\u2019s not high enough right now, what opportunities are available to them using their current situation, and then fine-tune what programs they would qualify for and what best fits their needs.\u201d<\/p><\/blockquote>\n

Here, we put together expert guidance that should help you determine how close you are to being ready for homeownership, or where you really need to get to make it happen.<\/p>\n

\"Crossing<\/a>
Source: (Kolleen Gladden \/ Unsplash)<\/figcaption><\/figure>\n

What\u2019s a credit score?<\/h2>\n

First, the basics: Your credit score is a number calculated by a credit bureau, based on your personal credit repayment statistics, or more simply, based on your credit history. Lenders look at this number to evaluate how likely you are to repay your debts \u2014 or your mortgage, in the case of potential homeownership.<\/p>\n

The whole field of credit scores ranges from 300 to 850. Higher scores mean lenders have a higher confidence in your likelihood to repay.<\/p>\n

What goes into your credit score?<\/h2>\n

Five primary factors go into a person\u2019s credit score<\/a>. These are:<\/p>\n