First Time Home Buyer Credit Score at Buying

First Time Home Buyer Credit Score. A score of 740 or above is generally considered very good, but you don’t need that score or above to buy a home. Cities where recent homebuyers have the lowest average credit scores:

A score of 600+ will give you a fair chance of home loan approval, although this may vary according to which bank you use. When it comes to looking for a conventional mortgage, you may need a slightly higher score of around 680. Second, mortgage lenders are bound by specific rules which determine what credit scores you need to buy a house, and those rules vary by your loan type.

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Each category contributes a different amount to the final score. Fha minimum credit score is 500. These changes went in to effect in 2010. A score of 740 or above is generally considered very good, but you don’t need that score or above to buy a home.