What Credit Score Is Needed to Buy a House in Florida
If you are thinking of buying a home, it’s better if you first take a look at your credit score before you start looking for your home or mortgage. This is because lenders will assess your income, debt, and savings before deciding if they should grant you a loan or not. This is why your credit score has such a big effect in determining if you will get approved or rejected for your financing.See How Easy it is to Get Your Custom Rate!
However, if you wonder what credit score is needed to buy a house in Florida, you need to know that there is no fixed, minimum credit score. It all depends on the type of loan you are thinking of getting.
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For example, if you will be applying for a Freddie Mac or Fannie Mac backed loan, then you need to have a minimal credit score of 620. However, if you are planning on getting an FHA loan, it comes with the lowest credit score requirement of 580.
Credit ratings tend to change quite often, especially during recessions or when the economy is slipping. In fact, it’s quite often that lenders end up tightening their loan requirements and restrictions when the economy trends downward. There is also a chance of different lenders raising their credit score requirement based on the down payment amount you will be making or based on your income.
Generally, the average credit score you should have to buy a house is 600 or above. If you have less than perfect credit, you may still be eligible with just a little improvement. The Moreira Team can help you learn how to improve your credit score so that you can get a better mortgage rate.