Profile picture for eurozo

what credit score should I have before I decide to buy my first home?

  • July 24 2010 - Little Havana
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Answers (4)

The FHA minimum is only 580 (not 620) BUT almost ALL investors require a 620 or better to get a loan.  The better the score the better the interest rate can be but I think a 620-700 is a great goal... Keep in mind that your DTI (Debt to Income Ratio) is also very important, I think you should check with a local mortgage broker to see how you are looking...
  • July 26 2010
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Sky's the limit. for an FHA loan push towards atleast a 620 score. You will need at least 3.5% towards your down payment. Plus closing costs.
  • July 26 2010
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Profile picture for wetdawgs
620 is a minimum to target for getting an FHA loan (although a few lenders go lower). It doesn't hurt to get it up in the 700s so conventional financing is also a possibility.

Meanwhile, save up a good down payment, enough for closing costs and at least enough to cover home maintenance during the first year.



  • July 25 2010
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Profile picture for Mark LeMenager
You spend too much time listening to TV commercials.  Wether or not you EVER buy a home is not based on you credit score, but rather on your ability to take on the responsibilities of home ownership.
  • July 25 2010
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