[{"data":1,"prerenderedAt":-1},["ShallowReactive",2],{"$f19c3aurl8wft8":3,"$ffeh0925h8cuz":43,"$fbwk2pqjjqsc7":47},{"item":4,"previous":31,"next":37},{"id":5,"slug":6,"title":7,"description":8,"excerpt":9,"contentType":10,"featuredImage":11,"bannerImage":9,"body":12,"agentsBottomLine":13,"bodyImage":14,"isInfographic":15,"categories":16,"isVideo":15,"videoThumbnail":9,"videoSource":9,"publishedAt":29,"updatedAt":30},1456,"what-fico-score-do-you-need-to-qualify-for-a-mortgage","What FICO® Score Do You Need to Qualify for a Mortgage? ","It’s common knowledge that your FICO\u003Cstrong>® \u003C\u002Fstrong>score plays an important role in the homebuying process. However, many buyers have misconceptions regarding what exactly is required to get the loans they need. ","","blog","https:\u002F\u002Ffiles.simplifyingthemarket.com\u002Fwp-content\u002Fuploads\u002F2019\u002F10\u002F03175256\u002F20191008-Share-KCM.jpg","It’s common knowledge that your FICO\u003Cstrong>® \u003C\u002Fstrong>score plays an important role in the homebuying process. However, many buyers have misconceptions regarding what exactly is required to get the loans they need. \u003C!--more-->\r\n\r\nWhile a recent announcement from \u003Ca href=\"https:\u002F\u002Fwww.cnbc.com\u002F2019\u002F09\u002F10\u002Faverage-fico-score-hits-all-time-high.html?__source=twitter%7Cmain\">\u003Cem>CNBC\u003C\u002Fem>\u003C\u002Fa> shares that the average national FICO\u003Cstrong>®\u003C\u002Fstrong> score has reached an all-time high of 706, the good news for potential buyers is that you don’t need a score that high to qualify for a mortgage. Let’s unpack the credit score myth so you can to become a homeowner sooner than you may think.\r\n\r\nWith today’s \u003Ca href=\"https:\u002F\u002Ffiles.keepingcurrentmatters.com\u002F2019\u002F08\u002F27\u002Fwhats-the-latest-on-interest-rates\u002F\">low interest rates\u003C\u002Fa>, many believe now is a great time to buy – and rightfully so! \u003Ca href=\"https:\u002F\u002Fwww.fanniemae.com\u002Fresources\u002Ffile\u002Fresearch\u002Fhousingsurvey\u002Fpdf\u002Fnhs-monthly-data-090919.pdf\">\u003Cem>Fannie Mae\u003C\u002Fem>\u003C\u002Fa> recently noted that 58% of Americans surveyed say it is a good time to buy. Similarly, the \u003Ca href=\"https:\u002F\u002Fwww.nar.realtor\u002Fsites\u002Fdefault\u002Ffiles\u002Fdocuments\u002F2019-q3-home-survey-09-23-2019.pdf\">\u003Cem>Q3 2019 HOME Survey\u003C\u002Fem>\u003C\u002Fa> by the \u003Cem>National Association of Realtors\u003C\u002Fem> said 63% of people believe now is a good time to buy a home. Unfortunately, fear and misinformation often hold qualified and motivated buyers back from taking the leap into homeownership.\r\n\r\nAccording to the same \u003Ca href=\"https:\u002F\u002Fwww.cnbc.com\u002F2019\u002F09\u002F10\u002Faverage-fico-score-hits-all-time-high.html?__source=twitter%7Cmain\">\u003Cem>CNBC\u003C\u002Fem>\u003C\u002Fa> article,\r\n\u003Cblockquote>\u003Cem>“For the first time, the average national credit score has reached 706, according to FICO\u003C\u002Fem>®\u003Cem>, the developer of one of the most commonly used scores by lenders.”\u003C\u002Fem>\u003C\u002Fblockquote>\r\nThis is great news, as it means Americans are improving their credit scores and building toward a stronger financial future, especially after the market tumbled during the previous decade. With today’s strong economy and increasing wages, many Americans have had the opportunity to improve their credit over the past few years, driving this national average up.\r\n\r\nSince Americans with stronger credit are now entering the housing market, we are seeing an increase in the FICO® Score Distribution of Closed Loans \u003Cem>(see graph below):\u003C\u002Fem>\u003Ca href=\"https:\u002F\u002Ffiles.keepingcurrentmatters.com\u002Fwp-content\u002Fuploads\u002F2019\u002F10\u002F20191008-MEM.jpg\">\u003Cimg class=\"aligncenter wp-image-40929\" src=\"https:\u002F\u002Ffiles.keepingcurrentmatters.com\u002Fwp-content\u002Fuploads\u002F2019\u002F10\u002F20191008-MEM.jpg\" alt=\"What FICO® Score Do You Need to Qualify for a Mortgage? | Simplifying The Market\" width=\"650\" height=\"488\" \u002F>\u003C\u002Fa>But hang on – don’t forget that this \u003Cem>does not\u003C\u002Fem> mean you need a FICO\u003Cstrong>®\u003C\u002Fstrong> score over 700 to qualify for a mortgage. Here’s what \u003Cem>Experian, the\u003C\u002Fem> global leader in consumer and business credit reporting, says:\r\n\r\n\u003Ca href=\"https:\u002F\u002Fwww.experian.com\u002Fblogs\u002Fask-experian\u002Fwhat-is-an-fha-loan\u002F\">\u003Cstrong>FHA Loan:\u003C\u002Fstrong>\u003C\u002Fa> \u003Cem>“FHA loans are ideal for those who have less-than-perfect credit and may not be able to qualify for a conventional mortgage loan. The size of your required down payment for an FHA loan depends on the state of your credit score: If your \u003Cstrong>credit score is between 500 and 579\u003C\u002Fstrong>, you must put 10% down. If your \u003Cstrong>credit score is 580 or above\u003C\u002Fstrong>, you can put as little as 3.5% down (but you can put down more if you want to).”\u003C\u002Fem>\r\n\r\n\u003Ca href=\"https:\u002F\u002Fwww.experian.com\u002Fblogs\u002Fask-experian\u002Fwhat-is-a-conventional-loan\u002F\">\u003Cstrong>Conventional Loan:\u003C\u002Fstrong>\u003C\u002Fa> \u003Cem>“It's possible to get approved for a conforming conventional loan with a \u003Cstrong>credit score as low as 620\u003C\u002Fstrong>, although some lenders may look for a score of 660 or better.”\u003C\u002Fem>\r\n\r\n\u003Ca href=\"https:\u002F\u002Fwww.experian.com\u002Fblogs\u002Fask-experian\u002Fwhat-is-a-usda-loan\u002F\">\u003Cstrong>USDA Loan\u003C\u002Fstrong>\u003C\u002Fa>\u003Cstrong>: \u003C\u002Fstrong>\u003Cem>“While the \u003Cstrong>USDA doesn't have a set credit score requirement\u003C\u002Fstrong>, \u003Cstrong>most lenders\u003C\u002Fstrong> offering USDA-guaranteed mortgages \u003Cstrong>require a score of at least 640\u003C\u002Fstrong>.”\u003C\u002Fem>\r\n\r\n\u003Ca href=\"https:\u002F\u002Fwww.experian.com\u002Fblogs\u002Fask-experian\u002Fhow-to-qualify-for-a-va-loan\u002F\">\u003Cstrong>VA Loan:\u003C\u002Fstrong>\u003C\u002Fa> \u003Cem>“As with income levels, \u003Cstrong>lenders set their own minimum credit requirements for VA loan\u003C\u002Fstrong> \u003Cstrong>borrowers\u003C\u002Fstrong>. Lenders are likely to check credit scores as part of their screening process, and most will set a minimum score, or cutoff, that loan applicants must exceed to be considered.”\u003C\u002Fem>\r\n\u003Ch3>\u003Cstrong>Bottom Line\u003C\u002Fstrong>\u003C\u002Fh3>\r\nAs you can see, plenty of loans are granted to buyers with a FICO\u003Cstrong>®\u003C\u002Fstrong> score that is lower than the national average. If you’d like to understand the next steps to take when determining your credit score, let’s get together so you can learn more.","\r\nAs you can see, plenty of loans are granted to buyers with a FICO\u003Cstrong>®\u003C\u002Fstrong> score that is lower than the national average. If you’d like to understand the next steps to take when determining your credit score, let’s get together so you can learn more.","https:\u002F\u002Ffiles.keepingcurrentmatters.com\u002Fwp-content\u002Fuploads\u002F2019\u002F10\u002F20191008-MEM.jpg",false,[17,21,25],{"id":18,"name":19,"slug":20},5,"For Buyers","buyers",{"id":22,"name":23,"slug":24},11,"First-Time Buyers","first-time-buyers",{"id":26,"name":27,"slug":28},38,"Move-Up","move-up","2019-10-08T10:00:38Z","2019-12-03T18:00:25Z",{"id":32,"slug":33,"title":34,"featuredImage":35,"publishedAt":36,"contentType":10,"isVideo":15},1455,"62-of-buyers-are-wrong-about-down-payment-needs","62% of Buyers Are Wrong About Down Payment Needs","https:\u002F\u002Ffiles.simplifyingthemarket.com\u002Fwp-content\u002Fuploads\u002F2019\u002F10\u002F03110033\u002F20191007-Share-KCM.jpg","2019-10-07T10:00:55Z",{"id":38,"slug":39,"title":40,"featuredImage":41,"publishedAt":42,"contentType":10,"isVideo":15},1457,"homeownership-is-the-top-contributor-to-your-net-worth","Homeownership is the Top Contributor to Your Net Worth","https:\u002F\u002Ffiles.simplifyingthemarket.com\u002Fwp-content\u002Fuploads\u002F2019\u002F10\u002F07135937\u002F20191016-Share-KCM.jpg","2019-10-09T10:00:04Z",{"cover":44,"open":45,"shareSpread":46},"https:\u002F\u002Ffiles.keepingcurrentmatters.com\u002FKeepingCurrentMatters\u002Fcontent\u002Fimages\u002F20260603\u002F2026-Summer-Buyers-Guide-Cover-original.png","https:\u002F\u002Ffiles.keepingcurrentmatters.com\u002FKeepingCurrentMatters\u002Fcontent\u002Fimages\u002F20260603\u002F2026-Summer-Buyers-Guide-Spread-original.png","https:\u002F\u002Ffiles.keepingcurrentmatters.com\u002FKeepingCurrentMatters\u002Fcontent\u002Fimages\u002F20260603\u002F2026-Summer-Buyers-Guide-Magazine-original.png",[48,52,53,57,61,65,69,70,74,78,79,83,87,91,95,99,103,107,111,115,119,123,127,131,135,139,143,147,151,155],{"id":49,"name":50,"slug":51},1,"Uncategorized","uncategorized",{"id":18,"name":19,"slug":20},{"id":54,"name":55,"slug":56},6,"For Sellers","sellers",{"id":58,"name":59,"slug":60},7,"Foreclosures","foreclosures",{"id":62,"name":63,"slug":64},8,"Infographics","infographics",{"id":66,"name":67,"slug":68},9,"Home Prices","home-prices",{"id":22,"name":23,"slug":24},{"id":71,"name":72,"slug":73},34,"Senior Market","senior-market",{"id":75,"name":76,"slug":77},35,"Mortgage Rates","mortgage-rates",{"id":26,"name":27,"slug":28},{"id":80,"name":81,"slug":82},41,"For Sale by Owner","for-sale-by-owner",{"id":84,"name":85,"slug":86},42,"Featured","featured",{"id":88,"name":89,"slug":90},45,"New Construction","new-construction",{"id":92,"name":93,"slug":94},52,"Luxury \u002F Vacation","luxury--vacation",{"id":96,"name":97,"slug":98},53,"Rent vs. Buy","rent-vs-buy",{"id":100,"name":101,"slug":102},80,"Time-sensitive","time-sensitive",{"id":104,"name":105,"slug":106},81,"Outdated","outdated",{"id":108,"name":109,"slug":110},147,"Internal","internal",{"id":112,"name":113,"slug":114},148,"Do Not Autopost","do-not-autopost",{"id":116,"name":117,"slug":118},320,"Inventory","inventory",{"id":120,"name":121,"slug":122},321,"Agent Value","agent-value",{"id":124,"name":125,"slug":126},322,"Affordability","affordability",{"id":128,"name":129,"slug":130},323,"Buying Tips","buying-tips",{"id":132,"name":133,"slug":134},324,"Downsize","downsize",{"id":136,"name":137,"slug":138},325,"Economy","economy",{"id":140,"name":141,"slug":142},326,"Equity","equity",{"id":144,"name":145,"slug":146},327,"Forecasts","forecasts",{"id":148,"name":149,"slug":150},328,"Selling Tips","selling-tips",{"id":152,"name":153,"slug":154},339,"Expired\u002FWithdrawn\u002FCanceled","expiredwithdrawncanceled",{"id":156,"name":157,"slug":158},340,"Price It Right\u002FOverpricing","price-it-rightoverpricing"]