Here’s what Jordan Crist from Crist Credit Consulting, an expert on this subject says:
In 2020, the average minimum credit score required to successfully complete a home purchase can range from 580 on the low end to 640 for some lower-rate loans.
Minimum Credit Score Requirements For Different Loan Types
FHA Loan
Average Minimum Score: 580
FHA 203K Loan
Average Minimum Score: 620
Conventional Loan
Average Minimum Score: 620
The average minimum score for accessing Conventional Loan funds fall in the middle of the credit score range.
VA Loan
Average Minimum Score: 620
USDA Loan
Average Minimum Score: 640
Elements To Consider For Your Credit Score
To increase your chances, continue to keep in mind the following factors of your financial situation:
- Keep a decreased loan-to-value ratio.
- Ensure that your Debt-to-Income ratio is low (DTI).
- Continue to keep up with your credit and pay your payments on time.
- Show employment history and financial sustainability.
- how employment history and financial sustainability.
By showing that you are working hard to boost your financial situation, you can increase your chances of receiving a loan to help you purchase the home of your dreams.
To learn more visit the expert on this subject Crist Credit Consulting.