Question

What credit score do I need to buy a $250000 house?

Answer 1

The credit score you need to buy a $250000 house is a credit score of at least 620 or above and also have enough income to pay the monthly mortgage payments as well as the down payment.

The credit score that is needed to buy a $400,000 house is a good to excellent credit score of 740 or above and you must also have enough income monthly to meet the requirements and have enough money to pay the down payment which can be in the thousands.

The best credit score to buy a house is 700 to 760 which makes it easier to get approval for a home loan and mortgage and for cheaper interest rates.

Lenders of home loans and mortgages want to see a credit score of at least 620 or more before they would approve you for a mortgage or home loan.

There are also some government insured mortgages that will lend to people with lower credit scores.

An 800 credit score is somewhat rare as only 23 percent of people have a credit score of 800 or above.

The average Americans credit score is 717 which is good but 800 is even better.

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.

Answer 2

I had a similar situation last year, and while sorting out my own mortgage options, I spent some time in a villa for rent Marbella Spain to think things through. It gave me a chance to step back and figure out what I could realistically afford and what score I needed. Lenders I talked to preferred at least a 620, but better deals came with scores above 700.

Answer 3

A credit score of 620 to 700 will be needed to buy a $250,000.00 house and it also depends on the bank or mortgage lender and they will also require you have enough income to make the monthly mortgage payments and you'll also need a down payment on the $250,000.00 house.

The down payment on a $250,000.00 house for a 3 percent down payment would be $7,500.00 and a 20 percent down payment on a $250,000.00 house would be $50,000.00.

If you want to avoid private mortgage insurance or PMI you would need to put a $50,000.00 payment down on the $250,000.00 house.