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What credit score is needed to buy a home?

December 28, 2015 by Eric Lowry

FICO ScoresResearch shows that many Americans are not clear about what it really takes to qualify to buy a home in today’s market.  There is a significant population not looking to purchase a home simply because they don’t believe they can qualify for a mortgage. One major misconception affecting this is regarding what credit score is needed to buy a home.

A recent Ipsos survey reported that two-thirds of respondents believe they would need a very good credit score to buy a home, with 45% thinking that a “very good” credit score is over 780. In reality, however, the actual FICO score requirement is much lower and has been dropping steadily over the last several months. The average FICO score required depends on which type of loan you get. For an FHA mortgage, the average FICO score is 687. For a Convetional mortgage, the average FICO score is 754.

fico score requirements

Contact us today to evaluate your ability to purchase your dream home, you might be surprised at how much the requirements for a mortgage have eased.

The Lowry Team – Keller Williams Realty is an award winning, full service real estate firm specializing in West Chester, Liberty Township, Mason, Monroe and the Northern Suburbs of Cincinnati. The Lowry Team is “Different By Design”… taking a team approach to home buying and selling. The Lowry Team consists of members that are focused on areas of specialization including Listing Specialists, Buyer Specialists, Transaction/Listing Coordinator, Inside Sales Associate and a Marketing Director.

Don’t Hire an Agent…Hire a Team.  The Lowry Team.

Buyers and Sellers can reach The Lowry Team Keller Williams at 513-874-1830.

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Filed Under: Buyers, Eric Lowry's Articles, Financing, First-time Homebuyer Tagged With: Buying A Home, buying a home in mason ohio, buying a home in west chester ohio, FICO Score requirements, How to qualify for home mortgage, Keller Williams Realty West Chester, Keller Williams West Chester, Relocating To Cincinnati, Search homes for sale in Cincinnati, The Lowry Team, West Chester Ohio Real Estate, What credit score is needed to buy a home?, What credit score is needed to qualify for a mortgage

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