Your credit score doesn't just determine if you can get a loan; it determines how much that loan will cost you over 30 years.
Following the tighter credit restrictions after the 2008 financial crisis, 2017 saw a slight loosening of credit standards. However, the average credit score for closed mortgages remained high, often averaging above , as lenders remained cautious and prioritized "prime" borrowers. credit score to buy a house 2017
: For FHA and conventional loans with low down payments, your credit score can influence the cost of your Private Mortgage Insurance (PMI). Your credit score doesn't just determine if you
: The VA doesn't set a score, but most lenders require a 620 to approve the loan. USDA Loans (U.S. Department of Agriculture) : : For FHA and conventional loans with low
: You may still qualify, but you are typically required to provide a 10% down payment. Conventional Loans (Fannie Mae and Freddie Mac) :
While the "magic number" can vary by lender, these were the standard industry benchmarks for 2017: : 580 or higher : Allows for a down payment as low as 3.5%.