How will your credit score impact you buying a home?

Most people think you have to have top notch credit in order to obtain a mortgage, and this just isn’t the case. Every loan program has a different credit score requirement. For example, a Conventional loan requires at least a 620, but FHA only requires a 580! When pulling credit, we pull all three bureaus…Equifax, Transunion, and Experian. Whatever your middle score is, is used as your qualifying score….meaning, if you have a 585, 623, and a 670…well, then the 623 would be your qualifying score. Nowadays there are a ton of options to obtains a free score, whether that be through your credit card or perhaps an app like Credit Karma. However, these scores may have some variance from a Mortgage Inquiry. There are a vast number of scoring models, and a mortgage inquiry is a specific one.