What is the average credit score required to buy a house?

Your credit score reflects a lifetime of your financial management and influences your borrowing ability and interest rate.

Lenders use it to estimate your trustworthiness as a borrower and determine whether you can qualify for a loan. That's why it is essential to know how to boost your credit score.

Ultimately, no universal score can guarantee your approval for a loan to buy a house. When it comes to the credit score needed to qualify for a mortgage loan, the minimum credit score requirements will vary by lender and type of mortgage loan you are applying for.

What is the minimum credit score required?

If we look at the different types of loans and the minimum score they require, we can see that most conventional lenders do not require you to have 800 score. Instead, they typically require 620 to 640 to be the minimum. But, at the same time, some government-backed loans will view you as a borrower if your credit score is as low as 500, provided you meet specific other criteria.

In most cases, mortgage lenders consider the FICO® score for mortgage qualification. They use your score from three major credit bureaus: Experian & Transunion, and Equifax. As your credit score can vary slightly between them, it is up to a particular lender to determine which one from the range to use to estimate if you qualify for the loan requirements.

Generally speaking, the qualifying average credit score number usually ranges from 662 to 730. Therefore, you're in an excellent position to get the most favorable loan terms and interest rates on loans within that range or higher. Of course, this number may change depending on the state and city. However, the higher your score, the more affordable your mortgage loan will be.

What is the average credit score in your state required?

If you want to know the average credit score in your state, look at the table below.

Alaska

686

Alabama

668

Arkansas

667

Arizona

671

California

701

Colorado

694

Connecticut

689

District of Columbia

730

Delaware

669

Florida

673

Georgia

671

Hawaii

715

Iowa

682

Idaho

684

Illinois

684

Indiana

670

Kansas

684

Kentucky

669

Louisiana

667

Massachusetts

705

Maryland

680

Maine

683

Michigan

679

Minnesota

695

Missouri

676

Mississippi

662

Montana

693

North Carolina

683

North Dakota

696

Nebraska

690

New Hampshire

696

New Jersey

697

New Mexico

673

Nevada

682

New York

703

Ohio

678

Oklahoma

672

Oregon

700

Pennsylvania

688

Rhode Island

683

South Carolina

671

South Dakota

689

Tennessee

675

Texas

671

Utah

690

Virginia

688

Vermont

695

Washington

698

Wisconsin

689

West Virginia

672

Wyoming

671

 

This table can help you determine if your score is good enough to buy a house. If your credit score is in good standing, you may have multiple options for loan types to choose from. On the contrary, if your credit score is low enough, your options may be limited. 

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