While the "magic number" can vary by lender, these were the standard industry benchmarks for 2017: : 580 or higher : Allows for a down payment as low as 3.5%.
Your credit score doesn't just determine if you can get a loan; it determines how much that loan will cost you over 30 years. credit score to buy a house 2017
: Borrowers with "Excellent" credit (760+) receive the lowest available interest rates. While the "magic number" can vary by lender,
: This is generally the absolute minimum. Scores below this are often considered too risky for standard conventional financing. VA Loans (Department of Veterans Affairs) : : This is generally the absolute minimum
: You may still qualify, but you are typically required to provide a 10% down payment. Conventional Loans (Fannie Mae and Freddie Mac) :
: Applicants with a score of 640 or higher often benefit from automated underwriting, while those below may face stricter manual review. Why the Score Matters
In 2017, the minimum credit score required to buy a house generally depends on the type of mortgage loan you are seeking, but most lenders look for a score of at least for conventional loans . Minimum Credit Scores by Loan Type in 2017