What Credit Score Do You Need To Buy A House?

By
Real Estate Agent with The Pamela Madore Group 573760
Pamela Madore
The Pamela Madore Group
http://pinkhouseteam.com
 

What Credit Score Do You Need To Buy A House




Before we talk about how much of a credit score you need. Let's talk about what a credit score is.

There are 3 credit bureaus that are used to determine your credit rating.  They are Equifax, TransUnion, and Experian. Each bureau reports a score from each credit source you have.

Generally 2 out of the 3 have to be above the minimum credit score for the lender.  
The formula that is used to determine the score is like that professor that has all of these formulas written all over the chalkboard.  

"This is the most important number that you will never understand." 

 David Luna

Here are the ranges:

Equifax---300 to 850
TransUnion--336 to 843
Experian--300 to 900
 

It has been years since I have seen a score in the 800's.  After the mortgage meltdown it is rare to find a score in the 700's.   Most people range somewhere between 580 and 680.  That is the target of lenders.
 
 
The score needed depends on the mortgage program that you may have chosen and the bank/lender that you go to.
 
For instance, one lender may require a 600 score for a program and another bank might require a 660 score for the same program.

A lender could be looking at one of 49 credit scores issued by the credit reporting company FICO. That is why if you look at credit Karma or free credit reports or any of those other sites their scores could be  significantly  different than the credit scores that a lender relies on.  


The only sure way to know why your credit score is in relation to a home loan is to have a bank/lender run it for you.


What credit score do you need to buy a house?   It depends.  


Call me today for help in choosing the right lender for the right score.



Specializing in finding buyers for our sellers.
 

Pamela Madore

Keller Williams Realty

3955 S Soncy Amarillo TX 79199

http://www.iloveamarillo.com/

806-290-1920  

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Helping Buyers And Sellers 
 
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Pamela Madore
The Pamela Madore Group 
Pink House Team
Keller Williams Realty
3955 S. Soncy
Amarillo, TX 79119
806-340-7630  Office
806-290-1920 Cell 
http://myamarillohomes.com
pam@pinkhouseteam.com
 
 
 
 
 
 
 

 

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