What Credit Score Do You Really Need To Buy a Home?
According to Fannie Mae, 90% of buyers don’t actually know what credit score lenders are looking for, or they overestimate the minimum needed.
Let that sink in. That means most homebuyers think they need better credit than they actually do – and maybe you’re one of them. And that could make you think buying a home is out of reach for you right now, even if that’s not necessarily true. So, let’s look at what the data really says about credit scores and homebuying.
There’s No One Magic Number
There’s no universal credit score you absolutely have to have when buying a home. And that means there’s more flexibility than most people realize. Check out this graph showing the median credit scores recent buyers had among different home loan types:
Think about that. Just in the time it took you to read this, 8 homes sold.
If you’ve been holding off on selling your house because you think buyers aren’t out there, let this reassure you – there are still buyers looking to buy.
Every day, thousands of people need to buy homes. So, while higher home prices and mortgage rates have slowed the market down and forced some buyers onto the sidelines, that doesn’t mean the market isn’t active. Many buyers are still eager to make a move because life doesn’t wait for perfect market conditions.
With the right agent by your side, you can get your house in front of those buyers while other hesitant homeowners are still putting their plans on pause because they’re worried buyer demand has disappeared. Let’s get your house sold.
Bottom line
On average, over 11,000 homes sell every day, and yours could be one of them. In the time it took you to read this, another 8 homes sold. When you’re ready to take the next step, let’s connect so you have an agent to create that perfect strategy.
