What's The Minimum Credit Score to Buy a Home?

Sydney Hahn, Loan Officer

There is not one single minimum credit score to qualify for a loan to purchase a home. This is a misconception that Sydney Hahn, loan officer at Cliffco Mortgage Bankers, dispels in this short video.

The minimum credit score depends in fact on the type of loan program that you apply for, and it is also depends on your down payment.

For instance, the minimum credit score for a conventional mortgage loan is currently 620. But the minimum credit score for an FHA loan is currently 580 if you make a 3.5% down payment.

What if you can make a higher down payment? On an FHA loan, with a 10% down payment, your minimum credit score to qualify is currently 500.

You can see here that the "620" minimum often talked about does not apply to all types of loans, and all sizes of down payment.

In addition, specialized mortgage bankers such as Cliffco Mortgage, offer other types of loan programs which are more flexible on the qualification criteria.

Bottom line: it pays off to discuss the particulars of your situation with one of our loan officers. They are highly qualified professionals who can assess very accurately your situation and advise you on the type of loan that would be most beneficial to you.

Cliffco Mortgage Bankers specializes in the Long Island, NY market, which we know very well. This helps our loan applicants at the time of appraising the price of a property. We also make our own in-house credit decisions, and your loan officer will accompany you from start to end, helping you at every step to complete the documentation and qualification process for your mortgage loan.

Call us to get the right advice.

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