What credit score do you need to buy a house?

Question

I'm going into my junior year of college and I've been saving my money for a down payment for a while. My mother is a real estate agent and she promised to help me buy my own house after my rental lease is over in 12 months. My neighborhood also has a lot of programs that match savings towards first time home buyers in DC. So money is not the problem. I've been establishing my credit since I turned 18, I've paid everything on time, and I monitor my credit reports for errors. What credit score should I be aiming for in order to be able to purchase a home?

I understand that I'm young and people normally don't purchase homes this early. But I have steady employment and I don't see the point in seeing my money wasted on rent without ownership.

Answer 1

There is no set credit limit in reality. There are several factors that determine if you get the loan or not, and they are all judged together. Down payment, employment history, bank account status, background checks, all these apply in determining if you get the loan.

And check with several places. When I got my new car, I had several banks approve my car loan, and several decline it (I'm 18 and have a short credit history. Just because one says no doesn't mean someone else won't say yes.

Answer 2

you have most of the data you need;

any score will allow you to buy a home; but the

% of the value lent will change and so will the points and

the interest rate offered.

[also, for the knowledge value, learn about county treasury dept

tax sales that occur every Spring.

Luck and congrats on your future purchase

Answer 3

I bought my first house last year (at the age of 45) with NO credit!  I had never bought anything on credit before.  I've never owned a credit card.  (Didn't believe in them.)

How?  Well, I put down a large down payment ($100,000... almost 30%) and I've worked for the same employer for the past 9 years.

So to answer your question, you CAN buy a house with a score of zero.  I did.