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  • Condos For Sale | Charleston Real Estate Happenings Blog

    Tuesday, March 19, 2019   /   by Steve Smith

    What Credit Score Do You Need To Buy a Home?

    What Credit Score Do You Need To Buy A House?

    There are many misconceptions about the credit score needed to buy a house. Recently, it was reported that 24% of renters believe they need a 780-800 credit score to be considered for a mortgage. The reality is they are misinformed!
    Only 25% of the Americans have a FICO® Score between 740 and 800. Here is the breakdown according to Experian:

    16% Very Poor (300-579)
    18% Fair (580-669)
    21% Good (670-739)
    25% Very Good (740-799)
    20% Exceptional (800-850)

    Randy Hopper, Senior Vice President of Mortgage Lending for Navy Federal Credit Union said,

    “Just because you have a low credit score doesn’t mean you can’t purchase a home. There are a lot of options out there for consumers with low FICO® scores,”

    There are many programs available with low or no credit score requirement. The Federal Housing Administration (FHA) now requires a minimum F ...

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