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What credit score do I need to buy a home in New Jersey?

By Bob Millaway, South Jersey Community Expert & REALTOR®

Most conventional loans require a minimum credit score of 620. FHA loans can accept scores as low as 580 with a 3.5 percent down payment. VA loans have no official minimum but most lenders look for 620 or higher. A higher score gets you better interest rates. Check your credit report before starting the home search process.

Why It Matters

Your credit score directly affects your mortgage rate and how much home you can afford. Even a small improvement can save thousands over the life of your loan.

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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