What does my credit score need to be to buy a house?
A GOOD credit score improves your chances of getting a mortgage to buy a home. This is because it shows the lender you're likely to repay your loan on time. 1 A good credit score improves your chances of getting a mortgage to buy a home Credit: Alamy  If your score is low, banks may refuse to lend you cash - or you'll be given a worse rate or deal than is advertised. We explain what your credit score needs to be to buy a house. Credit scores typically range from 300 and 850, with 300 the worst possible and 850 the best. While you dont need a perfect credit score to get the best mortgage rates, there are general requirements you'll need to meet. The minimum credit score requirements vary based on the type of loan you take out. FICO, the most widely known credit scoring system, and its rival VantageScore both use a range of 300-850 points. Below we list what's considered a good and bad credit score, according to both systems. FICO Poor: 300-579  Fair: 580-669  Good: 670-739  Very good: 740-799  Exceptional: 800 or above VantageScore Very poor: 300-499  Poor: 500-600  Fair: 601-660  Good: 661-780  Excellent: 781-850  The so-called FICO score is the most common one among lenders, although there are also other options such as VantageScore. Below are the minimum credit score requirements for several mortgage loans, using estimates from FICO. Keep in mind a wide range of other factors also have an impact before you get a mortgage, such as wages and affordability. Conventional mortgage - Minimum score: 620  Conventional mortgages aren't insured by a government agency, but instead follow standards set by government-sponsored mortgage loan firms called Fannie Mae and Freddie Mac. The conventional loans may be secured by one of these companies or a private lender. The minimum FICO score you'll need to for a conventional mortgage is currently 620. Jumbo loan - Minimum score: Typically 680  A jumbo loan exceeds the maximum loan amount limits set by the Federal Housing Finance Agency. For most of the US, the 2021 maximum loan limit for one-unit properties is $548,250, an increase from $510,400 in 2020. It means that any mortgage that is larger than that is a jumbo loan. The loans aren't eligible to be insured by Fannie Mae or Freddie Mac, which means they're riskier to lenders if you can't afford the repayments. There's no official requirement, but most lenders require a credit score of at least 680 to get a jumbo loan. FHA Loan - Minimum score: 500-580  A Federal Housing Administration (FHA) loan is for borrowers with smaller down payments and with worse credit scores. These loans require two mortgage insurance premiums: one is paid upfront and the other is paid annually for the rest of the loan if you put down less than 10%. The required minimum score depends on the down payment: If you put down 10%, you only need a credit score of 500. But if you only have enough for 3.5%, you need a credit score of 580. VA Loan - Minimum score: Typically 620  A Veteran Affairs (VA) loan is a mortgage issued by private lenders and it's partially backed by the Department of Veteran Affairs. Eligible borrowers can use this type of loan to purchase a property as their main home or refinance an existing mortgage. You don't need to give a down payment for this mortgage. Again, there's no official required minimum score although most lenders require a FICO score of at least 620. If you have a low credit score  If your credit score is below the requirements, you may struggle to get a mortgage, unless someone you know can help you out. Having a co-signer with a better credit score, for example, could help you secure the loan. It's also worth improving your credit score - you can check out our guide on how to build it. However, it's important to keep in mind that your credit score isn't the sole factor when lenders consider you for a mortgage. They'll also look at how much you have available for a down payment, if you're in debt and how much you earn - just to mention a few examples. How to check credit score and report for free  There are plenty of ways to check your credit score for free. For example, many credit card companies, banks and lenders have started providing credit scores for their customers. It may be on your statement, or you can access it online by logging into your account. Wells Fargo customers, for example, can get access to their FICO score for free online. There are also other free credit scoring websites, such as Credit Karma, Creditwise, Credit Scorecard and WalletHub. Meanwhile, the credit report is the information that lenders and companies use to calculate your credit score. You're typically entitled to one free copy of your credit report every 12 months from each of the three nationwide credit reporting companies. These agencies include Equifax, Experian, and TransUnion. However, due to the Covid pandemic, you can get free credit reports every week until April 2022. You can order this from annualcreditreport.com, the only authorized website for free credit reports, according to the Federal Trade Commission. Alternatively, you can call 1-877-322-8228  Most read in Money HOUSE MONEY Homeowner checks ARE coming as calls for all Americans to get more money grow IN THE BANK New 'stimulus checks' to start arriving in exactly one month to help families IN CREDIT Child tax credit: Low-income families can now register for up to $3,600 payments CHECK MATE Millions sign petition demanding $6,000 monthly stimulus check for US families PAYDAY! IRS sends out over 2.3m overdue stimulus checks worth $4.2b to eligible Americans CHECK YOURSELF Families in line for $2,000 MONTHLY payments after 2.3million sign petition  In 2020, a new credit scoring system was introduced - and it can stop you from getting accepted for cards and loans. A few months ago, a super saver revealed how she bought her first home aged 23 on a low income and with an average credit score. Meanwhile, a real estate expert has shared how to buy a house if you have a bad credit score.