What Credit Score Do You Need to Buy a Home in GA?

Almost every type of mortgage loan in Georgia comes with a minimum credit score requirement. It might vary depending on the type of loan and the lender, but ultimately your credit score will play a huge role in determining whether you will get to own that Georgia dream home. That is why we at Moreira Team have prepared this guide to help you understand, what credit score is needed to buy a house in Georgia. Here are some guidelines:

  • Portfolio mortgage loan: this type of loan has the lowest credit score requirement. You can qualify with a FICO score as low as 500.
  • FHA and VA loans: most Georgia lenders will require a credit score of at least 530 for these two types of loans.
  • USDA, jumbo, and conventional loans: this category commands the highest credit score requirement – 620.

It is worth noting that the higher your down payment is, the lower the credit score requirement. Most Georgia lenders will also look at whether you have sufficient income that can warrant a reduction in credit score requirements. Also, keep in mind that your credit payment history is a big determinant of your credit score. It determines your score by 35%. The amount you are owed also carries almost a similar weight as your credit payment history at 30%. Those are the two areas to pay close attention to, in order to keep a clean credit history.

If you want more tips on how to manage your credit score effectively and qualify for any type of house in Georgia our team will be more than glad to help. Leave us an email or give us a call.