5 myths regarding credit scores getting basic-date home buyers
According to You.S. Federal Houses Government (FHA), the credit rating necessary to qualify for mortgages is 580 having an effective step 3.5 % advance payment of your own complete home speed. Having source, the greatest FICO score offered is actually 850 while the lowest borrowing rating try 3 hundred, considering Experian.
Be aware, first-big date home buyers: The fact is, the greater your credit rating, the simpler it is to purchase a property, therefore the smoother it is so you’re able to qualify for a reduced interest rates. (more…)