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What Credit Score Do You Need To Buy A House? 

credit scores

**** Introducing a New Program in the Palm Bay Area ****

Would you love a new home, one that is beautiful as well as practical for your family? But can’t afford it because of your credit score? Tired of seeing other people enjoy new homes, while you are suffering from having to live in a home that doesn’t really work for your family? Tired of renting? Having to live by HOA rules?

We have a solution for you! We market for a Builder, who also is a Lender, who is willing to work with customers, with a credit score as low as 580.

Imagine living in your own brand newly constructed home with stainless steel appliances, garage door opener, granite countertops & more! With 5 different models to choose from, you can find the home that fits your needs.

FHA or VA available. What about closing costs? They are paid by Builder! 

What are you waiting for? These homes are moving fast!

Call Dan immediately (321) 749-0462 to schedule an appointment.


There are many misconceptions about the credit score needed to buy a house. Recently, it was reported that 24% of renters believe they need a 780-800 credit score to be considered for a mortgage. The reality is they are misinformed!

Only 25% of the Americans have a FICO® Score between 740 and 800. Here is the breakdown according to Experian:

* 16% Very Poor (300-579)
* 18% Fair (580-669)
* 21% Good (670-739)
* 25% Very Good (740-799)
* 20% Exceptional (800-850)

Randy Hopper, Senior Vice President of Mortgage Lending for Navy Federal Credit Union said,
“Just because you have a low credit score doesn’t mean you can’t purchase a home. There are a lot of options out there for consumers with low FICO® scores,”

There are many programs available with low or no credit score requirement. The Federal Housing Administration (FHA) now requires a minimum FICO® score of 580 if you want to qualify for the low down payment advantage. The US Department of Agriculture (USDA) does not set a minimum credit score requirement, but most lenders require a score of at least 640. Veterans Affairs (VA) loans have no credit score requirement.

As you can see, none of them are above 700!

It is true that the average FICO® score for all closed loans in January was 726, but there are plenty of people taking advantage of the low credit score requirements. Here is the average FICO® Score of closed FHA Loans since April 2012 according to Ellie Mae:

As you can see, that number has been dropping for the last seven years. As a matter of fact, the average FHA Purchase FICO® Score reported in January 2019 was 675!

One of the challenges is that Americans are unsure about their credit score. They just assume that it is too low to qualify and do not double check. confirmed that only 57% of individuals sought out their credit score at least once last year.

FICO® reported,
“Since October 2009, the average year-over-year FICO® Score has steadily and consistently increased, from a low of 686 in 2009 to the latest high of 704 as of 2018.”

Here is the increase in the average US FICO® Score over the same period of time as the graph earlier.

Our Conclusion: 

At least 84% of Americans have a score that would allow them to buy a house.

If you are unsure what your score is or would like to improve your score in order to become a homeowner, sit down with McWright Realty -we can help you to set a path to reach your dream!

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