What credit score do you need for a 500k mortgage?

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asked Jan 26 in Real Estate - Renting by Twisted5567 (2,420 points)
What credit score do you need for a 500k mortgage?

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answered May 28 by Beahnhead (6,060 points)
The credit score that is needed for a 500K mortgage is 700 or higher although you may be able to get a 500K mortgage with a 580 credit score if you have a good enough income.

A good credit score to buy a house is at least 620 although 700 or higher will get you better interest rates and a higher chance of being approved for the home mortgage.

It's also possible to buy a home with some lenders with a credit score as low as 500 but you'll pay higher interest rates.

A good credit score by age is ages 18 to 26 (679 credit score) ages 27 to 42 (687 credit score) ages 43 to 58 and above (707 to 800) credit score.

The average US credit score is a credit score of 717 which is a pretty good credit score.

The higher the credit score the better.

It used to be possible to  have a 900 credit score but now you can only have an 850 credit score for the highest credit score.

The highest credit score is 850 which is an excellent credit score.

While older models of credit scores used to go as high as 900, you can no longer achieve a 900 credit score.

The highest score you can receive today is 850. Anything above 800 is considered an excellent credit score.

The most your credit score can increase in one year is 100 to 200 points.

Raising your credit score takes at least a year to 2 years to see a significant increase in your credit score.

A good credit score is a credit score in the range of 670 to 739 although 600 can also be considered a pretty good credit score.

An excellent credit score is a credit score of 800 and above.

A credit score of between 670 to 739 is considered to be a good credit score.

Below 680 is considered an average credit score and 300 or less is considered a bad credit score.

Although ranges vary depending on the credit scoring model, generally credit scores from 580 to 669 are considered fair; 670 to 739 are considered good; 740 to 799 are considered very good; and 800 and up are considered excellent.

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