Real Estate Myth: I need a 780+ FICO Score to buy

Financing

Real Estate Myths 

House

 

“We hear it all the time. First time home buyers calling us and asking what kind of credit score do I need to buy my first house. Many think "I need a 780 FICO Score or Higher to Buy”

 

 

A recent survey revealed that 59% of Americans either don’t know (54%) or are misinformed (5%) about what FICO score is necessary to qualify. Hopefully this short article clears some of this up. Our goal is to help as many people as possible in Rhode Island Accomplish their goal of home ownership.

 

 

Many Americans believe a ‘good’ credit score is 780 or higher.

 

Credit Cards

 

The good news is this is simply not true. According to the latest Ellie Mae Origination Insight Report, which focuses on recently (approved) loans. 54.1% of approved mortgages had a credit score of 600-749. This means you might be much closer to buying your Rhode Island Dream home then you might have thought before! Call us today for more information.