What credit score is needed to buy a house with no money down?

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asked Oct 6, 2019 in Real Estate - Renting by 00089723 (420 points)
What credit score is needed to buy a house with no money down?

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answered Oct 7, 2019 by Carrie123 (4,500 points)
If you want to get a mortgage to buy a house with no money down then the bank will usually want a credit score of 600 or 650 or even more.

It can all depend on the bank.

But most times if you have at least a 600 credit score you can qualify for a mortgage with no money down to buy a house.

If a traditional mortgage lender won't qualify you for the mortgage you might look into an FHA loan to buy the home with little money down and sometimes no money down.

Getting an FHA loan is usually much easier for people with lower than 600 credit scores so you can check into that.

In some cases for some mortgage lenders if your credit score is at least 580 or above you can qualify with just 3.5% of the purchase prices needed to make the down payment to purchase the home.

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