CREDIT SCORE NEEDED TO PURCHASE A HOME

I get a lot of emails and calls asking what is the minimum credit score needed in order to purchase a home. This is going to vary lender by lender but here I can talk about so good basics. The following is what we can do here at Quality Mortgage Lending in Bolingbrook.

FHA- 600 middle credit score for all borrowers. (3.5% down payment required) There are also some FHA programs that only require a $100.00 down payment.

USDA- 620 middle credit score for all borrowers ( 0% down payment required) Conventional-

**The higher the better! (680 or more you should be good)

There are some conventional programs that require only 3% down payment. There are others that only require 5%. Generally, those wishing to go conventional put down more money.  

Remember, if you are ready to buy a home, the first thing you need to do is get prequalified. Feel free to call me directly and we can get you started.

Sean Cochran Quality Mortgage Lending 402 West Boughton Road Bolingbrook, Il. 60440 630-330-2229 direct sean@qualitymortgagelending.net www.qmlending.com (apply securely online)