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what does your credit score have to be to buy a house

What Credit Score do You Need to Buy a Home? – What credit score do you need to buy a home? It’s a common question for first-time homebuyers. In this article we look at the FICO score you need to qualify and how it affects your mortgage rates.

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Buying a House in 2018: What Should My Credit Score Be. – What Credit Score Is Needed to Buy a House in 2018? The credit score needed to buy a house in 2018 varies. If you’re not planning on putting any money down or paying cash upfront, then you’ll be taking out a pretty substantial loan for your new home.

The standard 620 credit requirement applies, and you will need at least 20 percent equity in your home; otherwise, you will have to pay private mortgage insurance. Your Credit Score Is Not the.

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Whose Credit Score Is Used On A Joint Mortgage? All credit scores are used on a joint mortgage (and you can have more than 2 people). Financial and credit information is collected from all parties who wish to be on the mortgage and the loan approval is based on the collective results.

Buying a house is no different and knowing the credit score needed to buy a house is an important first step in your home ownership. Your credit score helps determine the interest rate and other costs you pay on a mortgage loan .

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Poor credit scores often lead to higher mortgage rates and increased closing costs leading to a higher monthly payment.Obviously the higher your credit score the lower you rate will be. 579 and lower – If you are approved for a mortgage with this low of a score you will have a credit score as much as 2% higher than the current lowest rate.

If you’re planning to buy a house, your credit score has a big impact on your monthly payment. Take these steps from Bankrate.com to get the best score and lowest mortgage rate.

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