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A credit score of 640 or higher is required, with a debt-to-income ratio of 50% or lower. Indiana Housing & Community Development Authority Down payment assistance, low-interest rate loans and tax ...
Conventional loans (620): Many conventional loans—mortgages that aren’t part of government-backed programs—require a credit score of at least 620. Jumbo loans (680 to 720): Large ...
Credit score needed to buy a house, by mortgage type ... You might qualify for an FHA loan with a credit score of 500 to 579, with a 10 percent down payment, or with a 3.5 percent down payment if ...
Credit score: For a conventional loan, you’ll need at least a 620 FICO score. If you don’t qualify, you might consider an FHA loan , which allows scores as low as 580.
Minimum credit scores. All banks that offer home loans have different credit score thresholds. These vary but in general, the minimum required for a conventional mortgage is 620, analysis by ...
FHA loan: Insured by the Federal Housing Administration, FHA loans allow you to buy a home with a minimum credit score of 580 and as little as 3.5 percent down, or a credit score as low as 500 ...
Jumbo loans: If your loan amount exceeds the limits set by the federal government, you may need a jumbo loan. (For reference, in 2024, the limit is $766,550 for most parts of the country.)
Here’s an example: Let’s say you’re buying a $400,000 house with a 20 percent down payment, and your high credit score qualifies you for a 30-year fixed mortgage at an interest rate of 6.2 ...
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