So you don’t have the most perfect credit score. Well, join the club of tons of other home buying people. A recent Fannie Mae survey showed that 59% of people from the US are confused about what credit score they really need in order to qualify for a home loan. Most people thought the score you would need would be 780 or above. While, yes, that’s a great score, a report that solely focused on approved/closed loans had a FICO score from 600 to 749. That’s a pretty large range, and a large range considered “good” for qualifying on a mortgage note. In fact, it was noted that the average “good” credit score was 721.
Don’t let your credit score discourage you! Even if you think it’s still not good enough, speak with a lender! They can set you on the right path of what to do to increase your credit score.
Not sure what you credit score is? Talk to a lender or a mortgage banker. Still not sure who to ask? Reach out, I’ll happily give you the names and numbers of a few “good” ones 😉