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

[Anonymous]

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

[Tuscani]

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! 

[Anonymous]

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. 

[Anonymous]

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!