Know the minimum score needed It’s no secret that the higher your credit score the better, since a good credit score can get you a lower interest rate when you borrow. But even if you have a low credit score, you may still be able to qualify for a mortgage and obtain a decent rate.
Minimum credit score per loan type
Loan Type
Minimum Credit Score
580* Credit Score
580* Credit Score
620 Credit Score
*If the credit score is below 620 the Homebuyer must complete a pre-closing Home Buyer Education course. Information and requirements subject to change.
Fact: only 1% of Americans have a perfect credit score, but 62.9% own a home. The minimum credit score you need to have to get a mortgage approved depends on the loan type. Keep in mind, mortgage lenders look at more than just your credit score. A low credit score with an “acceptable” credit history may get you approved.

If you have questions about credit, Home Buyer Solutions Group (HBSG) is a team of Mortgage Credit Specialists who will answer your questions and offer free advice.
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