Guys, if you listen to mainstream media, they’re going to tell you, you need a perfect credit score, a 720 credit score to get home loans. And that is absolutely not the case. In today’s market, there are so many different ways to be able to obtain financing on a conventional home loan.
All you need is a 620 credit score to be able to purchase a house, a minimum credit score of 620. On an FHA with a minimum down of three and a half percent, you just need a 580 credit score. And if you’re below that, you can put 10% down. You can go all the way down to a 500 credit score.
USDA looks for a 640 credit score, and VA is looking for a 600 credit score. There are so many different ways to obtain financing, guys, without a perfect credit score. And just so you know, you have three credit scores. How we calculate that is we take the middle. We throw out the high score, throw out the low score, and we use the middle credit score for qualifying. So definitely not a 720. You can get it done with as little as a 500 or 580 with a very minimal down payment.