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New Visitor
pokeymommy
Posts: 4
Registered: ‎05-17-2007

What does your FICO score need to be to buy a house?

Just wondering if anyone knows what your FICO score should be in order to buy a house. My husband has been repairing his credit so we can buy a house and his FICO is currently at 550. I am sure that it has to be higher but just wondered how much higher? Please let me know.....Thanks in advance for your help.
 
Thanks,
PokeyMommy
Moderator Emeritus
Tuscani
Posts: 6,182
Registered: ‎03-29-2007

Re: What does your FICO score need to be to buy a house?

Every lender has different requirements. At a min all unpaid collections will need to be paid. Can we get more info on what's on your reports? The good and bad please. Thanks! 
New Member
becka
Posts: 4
Registered: ‎06-12-2007

Re: What does your FICO score need to be to buy a house?

I've been told by some friends in real estate that 620 is required to get a good rate, but you can get home loans with a lower rate. If you are a first time home buyer you can get good assistance thru VA and some other avenues. 
Regular Contributor
ctrob
Posts: 186
Registered: ‎06-06-2007

Re: What does your FICO score need to be to buy a house?

I bought my present house 4 yrs ago.  Don't know my score then but it had to have been bad.  I just refinanced and my fico was about 580 (NOW is 595!!!).  but because of the 580 and some co's and other issues hanging my interest rate was 8+%, plus they banged me for large closing costs knowing I was in a bind.   That's pretty much when I decided that I had to fix my credit scores.  
 
I would do whatever you can to get it up before applying, or hold off a year if possible while repairing your credit a little.  It will save you some money.
 
I'm within spitting distance of 600!
 
Moderator Emerita
Community Leader
Epic Contributor
haulingthescoreup
Posts: 28,115
Registered: ‎04-01-2007

Re: What does your FICO score need to be to buy a house?

[ Edited ]

kcalarco's post has been moved to start a new thread on Rebuilding Your Credit board.

 

 

eta: goodness, I just noticed that this is an ancient thread, and I don't know what it was doing on this board in the first place. I'm locking it to keep it from starting up again.

 

For anyone interested in this topic, check out the Mortgages board.


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