Monday, June 22, 2015

Do I Need Perfect Credit to Buy a Home?

One of the questions that I hear most from anxious buyers is if their credit score is good enough to obtain a home loan. To be honest I am not a “credit expert” but I do know that lenders handle each application on an individual basis. Regardless of your credit history it never hurts to try and as always I strongly suggest that a person receive pre-approval from a lender before they begin searching for the home of their dreams.

The chart below is a good point of reference and if you are in the market for a new home, keep in mind that each lender has different criteria and even with a less than perfect credit score it is possible to obtain a mortgage loan in many situations.

Some Highlights:

  • The average FICO score of Approved Conventional Loans was 757 in May
  • The average FICO score of Approved FHA Loans was 688 in May
  • Since April 2013, the ability of Americans to obtain a mortgage has increased substantially!

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