If you are shopping for a new home, it is an excellent idea to preview your credit before you apply for a loan.
Acceptable Credit Scores for Home Loans
Credit score is the prime determining factor in whether an application is accepted or declined at the pre-approval stage. The reason? Lenders must follow guidelines set by the investors they sell their loans to and all investors have a minimum credit score they will accept.
For example, US Bank's minimum credit score for FHA or VA purchase loans start at 640, and Chase's minimum credit score for a USDA Rural Housing Guaranty Program loan is 620. While it is true that these loan programs have allowances for credit scores that fall below these guidelines, most investors still have their own minimum credit score guidelines (called overlays) that they find acceptable as a standard for reducing risk of default.
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