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what is the average credit score to buy a house

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– What is the average credit score needed to buy a house? To get the answer, we decided to see what one of the three major credit reporting agencies, Experian, has to say on this subject. On the official experian website , the answer to this question might surprise you: "There is no set minimum score to buy a house."

According to most sources, the minimum credit score for a conventional bank mortgage is 620. This number is generally based on the fact that Fannie Mae and Freddie Mac, the government-sponsored programs that buy up private mortgages to sell to investors, require borrower scores be at least 620.

You’re happily married and ready to buy your first house, but you and your spouse both have different credit scores. So what does this mean? By now, you’re probably worrying about whose credit score is used on a joint mortgage. Don’t worry, because we have all you need to know about getting one. Whose Credit Score Is Used On A Joint Mortgage?

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When you’re buying a new home, there are a lot of things to consider, but whether your mortgage will be approved is the big one. Your credit score is something you’ll probably have heard mentioned, whether on a television advert, or through your bank, but it’s something you’ll need to take into consideration when looking to buy a house.

You didn’t really answer the question of what is the minimum credit score to buy a house and you didn’t broach the topic of bankruptcy and buying a house which is precisely the situation I am in. I had to declare bankruptcy 3 years ago and am working to build back my credit, but it’s a very slow process.

Fannie Mae also offers a 3% down payment option with the HomeReady loan, as long as you have a credit score of at least 620. What else do you need to buy a house? In addition to your credit score, your lender looks at a few other factors to approve your home loan.