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What does my credit score need to be to purchase a home?

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FICO Score of 620

Helpful to 63 out of 76 people

Generally speaking, mortgage lenders will require a minimum FICO score of 620 to be considered for a loan.  Keep in mind that that you will have 3 different FICO scores, one from each of the major reporting bureaus (TransUnion, Experian, and Equifax).  The lender likely uses only one of them to pull your score. 

Credit Karma does not provide you with a FICO score, they provide you with a TransUnion calculated score (along with Vantage and insurance scores).  The score provided by Credit Karma is a good barometer of how healthy your credit is, but that score will not match the FICO scoring.

As a rule of thumb, I have found that the Credit Karma scoring is a little bit more optimistic compared to FICO scores.

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Helpful to 56 out of 83 people

Hi, I'm going to finish my apartment lease in about 7 months.

I really want to buy a house in the same neighborhood (its a nice neighborhood).

But I dont want to risk getting a loan with bad interest rates.  

What's a good FICO score to have to get a good loan?

My CK score is currently at 649.  I'm currently looking to see if I can get my FICO score.

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Helpful to 9 out of 13 people

i just have a auto loan. how long do i have to wait to applied  for a mortgage  or can i applied for a mortgage now? what score do i need to have for mortgage? and what score is important for a mortgage? fico or regular score?   thanks for help.

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seeking mortgage for my rental home

Helpful to 5 out of 7 people

Renting same house for 4 years, owner wants to sell it to me for HALF its value. (Actual value, not assumed value:)
I have a 665 credit score (lowest of all 3), NO monthly payments of ANY kind (no car loans, zippo, nothing). I paid off my student loans in full almost 2 years ago but was default numerous times due to a brutal assault which left me paralyzed and on social security. My 26yo adult, autistic daughter resides with me and gets SSI.....our total combined income is around $2600 a month. Because I was approved within 2 weeks of soc security application I never received any back pay or lump sum (although I did lose my life savings recovering).

Anyway, I'm trying to build up my credit after student loan fiasco.
I only have one 'account' which is a credit card with a $600 month limit. I've paid it in full & on time every month for 17 months

Is it even possible to pull this off?

Oh, I only have $2500 for the payment.....

Will prior rental history/payments mean anything.... should I just let this go until Im in a better situation? (Landlord is selling no matter what)....

BTW, mortgage will be for $38,000.... total

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Helpful to 1 out of 2 people

There are many factors here. Have you owned a home in the past? Is the area which you are currently renting eligible for USDA loan? USDA loan can be approved with a minimum of 620 (but usually 640+ is preferred) with NO down payment. FHA loan has the same credit guidelines, but would require 3.5% of down payment - which it seems you have with such a low loan amount.

It seems strange that the seller is willing to sell the home at such a low amount. It seems you would be eligible for a home loan, but you may want to talk to a realtor/loan officer to confirm if the property is even eligible.

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If you are unable to secure a conventional loan, since you have a credit history with your land lord, See if he would be willing to do owner finance.

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How does one purchase a condo/649 credit

Helpful to 8 out of 15 people

Losing home and being displaced due to only having part time job after losing full time job /May 2014 /havent been able to get a full time job since-back injury from last full time job of almost 10 years as well as prior FMLA issues/back injury escalated FMLA issues. Would love to purchse a first floor condo due to back injury/FMLA issues.Mortgage company will not work with me.Has attorney on house/house up for short sale with my real estate agent. Presently have no $ to put down on a condo.Apply for full time jobs daily.How long will I have to wait to purchase a condo so I have somewhere to live/how much higher will my credit score need to be?

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Helpful to 6 out of 10 people

Sorry to hear about your injury and your loss. Have you gotten any workman comp for your back injury? Or maybe you could be eligible for Social Security Disability compensation. How long?... There are too many variables to guess. Probably best to find a studio or 1-bedroom apartment to rent, but stuff that can't fit into a storage unit, and just keep saving, building credit, and hope you can get more for the house than you owed. Selling a house can be a timely process, so finding a cheap place to rent may be your best option until you're back on full-time and your credit has recovered from having to sell your house.

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Helpful to 0 out of 1 people

need to known if my score ok to get a house

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