You might think that having a credit score in the 500s would keep you from buying a home.
But that isn’t always the case.
Depending on your circumstances, you may have lending options that make it possible to overcome that bad credit barrier when buying a home.
This guide will teach you how to buy a house with bad credit,
and where to go to find financing that will work for you.
What Credit Score is Needed to Buy a Home?
The minimum credit score you need to buy a home will vary based on a few factors:
3. Who you are
1. The type of mortgage you want
2. The lender you’re asking
Certain types of home loans allow you to qualify with a lower credit score while others require a higher score.
Minimum Credit Score Needed for Different Mortgages
Adjustable-rate mortgages require a minimum score of 600
Traditional fixed-rate loans typically require a minimum score of 620
FHA loans require a minimum score of 580
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