09/02/2021
Time for a game of true or false! What do you think about this statement: You need to have perfect credit to be a homeowner. Is it true or false? Make your guesses in the comments! ⬇
It’s false!
While credit is very important and can affect whether or not you are eligible to purchase a home, you don’t have to have *perfect* credit.
According to Business Insider, the minimum credit score you need to buy a home will vary by lender and loan type, but for a conventional loan, you’ll need a credit score of at least 620. And to qualify for the best interest rates on a mortgage, you should aim for a credit score of at least 740.
Additionally, there are more options if you have a low credit score.
Did you get it right?