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Can I buy a home with a low credit score?

By Bob Millaway, South Jersey Community Expert & REALTOR®

Yes, but your options are more limited. FHA loans accept scores as low as 580 with a 3.5 percent down payment. Some conventional loans allow scores down to 620. A lower score typically means a higher interest rate. Work on improving your credit before applying to get better terms.

Why It Matters

Even a small improvement in your credit score can save you tens of thousands of dollars over the life of your mortgage.

Related Questions

What should I look for during an open house? How much should I save for a down payment? What are closing costs and how much are they? What loan options are available for first-time buyers? What questions should I ask my real estate agent when buying?

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