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WHAT CREDIT SCORE DO YOU NEED TO BUY A HOME?

What Credit Score Do I Need to Buy a Home

WHAT CREDIT SCORE DO YOU NEED TO BUY A HOME?

Chris Fiamengo of The Madrona Group real estate team answers the question... "What Credit Score Do You Need To Buy A Home?"

Different banks and different loan types vary but there are some minimums that we recommend for our clients.

They are:

580 minimum for FHA.

620 minimum for Conventional.

There are some programs that will let you go lower than that but the terms will not be as favorable.

The higher your score the more favorable your loan terms become including less fees and lower interest rates.

Interested in learning more about what makes your credit score go up and down? https://www.themadronagroup.com/makes-credit-score-go/

Want to learn more about what loan programs would work best for your needs?

Contact our preferred mortgage advisor.

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WHAT CREDIT SCORE DO YOU NEED TO BUY A HOME? Real Estate FAQ [VIDEO TRANSCRIPT]

Hey everyone it's Chris Fiamengo with
The Madrona Group and I'm answering
frequently asked questions about real
estate. One of the ones I get all the
time is... "What does my credit score need
to be to buy a home?" It depends on if
you're going FHA or conventional.
Right now at a minimum FHA's need a
credit score of 580. Conventional is a
minimum credit score of 620. Now you
can go lower than that
but the terms aren't as favorable for
the buyer. Obviously, the higher your
credit score goes the more favorable the
terms and that includes fees and
interest rates.

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About the Author

Jason Fox

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"The best way to find yourself is to lose yourself in the service of others." ~ Gandhi [ Recognized as a top 3.5% agent in the United States. ] [ Jason Fox was born in Everett, WA currently lives in the Meadowdale neighborhood in Lynnwood and has lived in different parts of the Puget Sound area in between. He has been in the real estate industry for 20 years in many different capacities. From General Manager of a real estate CRM engagement business, Founder of 2 real estate marketing agencies, nationally recognized blogger with the Jason Fox Real Estate Marketing Blog, Marketing Manager for a top title and escrow service. ] [ Jason is now an award winning residential real estate sales agent, Co-Founder of The Madrona Group, Co-Owner of John L. Scott Ballard and John L. Scott Westwood. ] [ Active in the community, Jason is a proud part of the Autism Speaks effort to raise awareness for autism. This project is very dear to him as he has an 8 year old son, Hudson, diagnosed ASD. Jason is also involved with Neighbor's in Need, the Forgotten Children's Fund, WELD Seattle and the Union Gospel Mission assisting the homeless population in the greater Seattle area. ] [ "My passion is being able to give back to the community that has given so much to me." ] [ When he is not assisting his friends and family with the services of home ownership he loves being a dad to his 4 children, Carter, Rowen, Tyler and Hudson and being a husband to his amazing wife Sarah. Hiking, working around the house, cheering for the Seahawk's, Mariners and Huskies and golfing. ]

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