what credit score is used to buy a house

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You will often see your credit score referred to as a FICO score. This three-digit number, running anywhere from 300-850, is calculated by complex mathematical equations and is used as a way to determine if you are a good credit risk.

Credit scores range from about 300 to 850. According to Freddie Mac and Fannie Mae, which purchase mortgages from banks and resell them to investors, a FICO score above 620 is considered good.

They’re used to evaluate the potential risk posed by lending money to a particular borrower, and to prevent or reduce losses due to borrower default. What Score Is Needed to Buy a House in California? There is no single "cutoff" point for credit scores used across the mortgage industry. This is a common misconception.

There is No Set Minimum Score to Buy a House. The minimum credit score needed to buy a house is determined by the lender. Different lenders have different levels of risk tolerance and set different criteria, along with different cutoff points for the minimum credit score they are willing to accept. There also are many different credit scoring models.

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What is a good credit score to buy a house? When you’re trying to get a mortgage, a high number helps, but how low can you go? It looks like Cookies are disabled in your browser. For the best.

Mortgage lenders require a minimum credit score when qualifying to buy a house. Higher credit scores favorably affect creditworthiness and ultimately rates.

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This reduces the risk for the lender allowing them to reduce the credit score needed to buy a house. The federal housing administration will back a loan if the borrower has at least a 500 credit score and a 10% down payment. However, it is very rare to get approved for an FHA loan with a credit score below 580.