06/05/2026
I had a lot of questions on a previous post about not needing an 850 credit score to buy a home, so let me clarify.
First, I never recommend buying a home until you’re ready, both mentally and financially. Purchasing a home is one of the biggest decisions you’ll make, and my job is to help guide you through the process every step of the way!!
According to a mortgage lender I work with every day, Amanda McGill, here are some general loan guidelines:
🏡 VA Loans
• No down payment required for eligible veterans and their families.
• VA does not set a minimum credit score requirement, though individual lenders may have their own guidelines.
🏡 FHA Loans
• Credit scores of 580+ typically require only 3.5% down.
• Credit scores below 580 generally require 10% down.
• There are down payment assistance programs available that may help with the 3.5%, with a credit score of 640.
🏡 Conventional Loans
• Many conventional loan programs work best with credit scores of 620 or higher.
• Down payment options can be as low as 3–5%, depending on the program and borrower qualifications.
🏡 USDA Loans
• No down payment required.
• Property must be located in an eligible rural area.
• While USDA does not technically set a minimum credit score requirement, most lenders prefer to see a score around 600 or higher because lower-score files can be more difficult to approve.
Every buyer’s situation is different. Credit score is only one piece of the puzzle. Income, debt, employment history, savings, and overall financial readiness all play a role.
If you’re curious about your options, I’m here! I’m happy to connect you with lenders that my clients have been happy with!!
Jaylynn Stringer
Realtor®, MRP, ASL Friendly
Knox Native Real Estate
C (865) 206-6904
O (865) 333-4680
E [email protected]
