What credit score do I need to buy a house?

What credit score do I need to buy a house?

According to MSN Real Estate, the average credit score for approved mortgages dropped to 727 in December 2013, down from 748 one year prior. FICO credit scores run on a scale from 300 to 850.

It appears that borrowers are having an easier time applying for a mortgage compared to a year ago. Lenders may be getting more comfortable easing standards since home prices have been increasing over the past year.

All lenders have different requirements. Your credit score will determine the best mortgage loan product for you. In most cases, a higher score will allow for a lower interest rate resulting in an overall better loan.

If you are thinking about buying a home now or in the next 12 months, find out what your credit score is today! Meet with a mortgage professional to be prepared and plan for the best loan product for you. Call me for a referral if you need one! 402-305-4335