613 Credit Score – What Credit Score Do I Need to Buy a House in 2020? (lower than you might think)
613 Credit Score – 5 Tips
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What’s the necessary credit score to buy a house in 2020? Well, there’s no one-size-fits-all answer to that question, but in this video, I share some credit score tips that will help you figure out what your best financing options are based on your credit.
For most people, buying a house is the biggest investment they’ll make in their lives. Whether or not a bank will lend you money depends on your credit score. Your credit score can also affect your interest rate.
So, what credit score do you need?
Well, to qualify for a FHA loan, the minimum score necessary is 500 and you need a down payment of 10 percent. If you’re looking for a loan of 765,000 or more, that’s called a jumbo loan and the necessary credit score to buy a house like that is at least 680.
One of the credit score tips I tell my students is to make sure you compare mortgage rates before applying for a loan. Your score is an asset that lenders will compete for.
But, what do you do if your credit score is low?
If your credit score is below 500 you won’t get a bank loan. You can improve your credit score over time, or you can bypass the banks and forget the credit altogether.
If you don’t have the credit score to buy a house, there are options such as seller financing and private money that require some know-how, but can be highly effective ways to acquire money.
No matter what your credit score is, you can start investing in real estate if you know what to do. Use these credit score tips to figure out your path to buying property.
My name is Matt Theriault. When aspiring, frustrated investors are stuck in the proverbial “rat race,” they come to me.
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