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Credit Score Needed for Mortgage Loan
Are you looking to buy your first home, but think you won’t be approved for a mortgage loan? Many first time home buyers think that their credit scores are too low to qualify. A mortgage lender will check your FICO score when first determining your loan eligibility. Of course, there are more factors that are taken into consideration, but your credit score is very important. The good news is, the typical minimum score for an FHA loan is 580. If you have a score of at least 620, you may qualify for a VA, FHA 203K, or Conventional loan. You will need a score of at least 640 for a USDA loan.
