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A good credit score to buy a home is one that helps you secure the best mortgage rate and loan conditions for the mortgage you’re applying for. You’ll typically need a credit score of 620 to finance a home purchase.
Rocket Mortgage’s minimum credit score requirements are: 620 for a conventional loan; 580 for an FHA loan; 580 for a VA loan; 680 for a jumbo loan
Most lenders consider a score of 740 or higher to be excellent. However, the credit score needed to buy a house using a conventional loan can be as low as 620. For a government loan, like an FHA or VA loan, most lenders require a minimum credit score of 580.
You only need to have a credit score of 580 in order to qualify for an FHA loan with Rocket Mortgage ®. You may be able to get an FHA loan with a score as low as 500 points if you can bring a down payment of at least 10% to your closing meeting. Rocket Mortgage doesn’t offer FHA loans with a median credit score below 580 at this time.
The higher your credit score, the better the mortgage rate and the more house you can afford. Understand exactly what credit score you need to buy a house.
The minimum credit score to buy a house with a conventional loan is 620, but some loan programs have more lenient credit score requirements.
Very good credit score: Credit scores between 740 and 799 are considered very good and will help you qualify for the best rates and terms on your loan. Good credit score: If your credit score is between 670 and 739, it’s considered a good score and is still higher than the average U.S. consumer.
Minimum credit score. 580 to 680. Minimum down payment. 0% to 3.5% Available loan products and programs. Conventional, FHA, VA, jumbo, home equity loans, specialty loan programs. Our take. Rocket Mortgage offers a wide selection of home loans and specialty programs to meet the needs of various borrowers.
U.S. News Rating. Our Take. Rocket Mortgage is well-known for its easy online application process. Of note is Rocket’s variety of loan options, special programs and customizable loan terms. Min....
Several programs only require a minimum 580 FICO score or have low down payment requirements. Additionally, Rocket Mortgage services most of the loans they originate except for jumbo loans....