The Minimum Credit Score Needed To Buy A House 

There is no minimum credit score to buy a house. You can buy a house with a terrible credit score or no score at all.

What Is A Credit Score?

A credit score also referred to as a FICO score, is a number given to you based on your credit history. This number will generally rise and fall throughout your life and is calculated based on a number of different factors.

What Is The Highest Credit Score Possible?

Strictly talking about the FICO credit score system, the . However, with all the factors involved in the scoring system, anything over 800 is considered, “perfect.”

If 850 Is The Highest Score, What Is The Lowest?

In contrast to a score of 850, is the lowest possible credit score. However, you may have terrible credit and still be nowhere near 300.

Credit Score Scale And Ratings

According to Investopedia, credit scores fall into the following ranges:  “Excellent” credit is defined as a score of 800 to 850 and is a difficult goal to achieve. “Very good” credit is defined as a score between 740 and 790. A “good” credit score is considered to be between 670 and 739. “Fair” credit is defined as a score between 580 and 669.   “Poor” credit is defined as a score between 300 and 579

The 5 Categories That Determine Your Credit Score:

– Your payment history (weighted at 35% of your overall score) – How much debt you have (weighted at 30% of your overall score) – Your length of credit history (weighted at 15% of your overall score) – How many new lines of credit have been opened (weighted at 10% of your overall score) – The types of credit you have open (weighted at 10% of your overall score)

Guidelines For Credit Scores And Home Loans

Your credit score is also a  factor for the interest rate you will be charged. The lower the credit score, the higher the interest rate.

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