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Frequent Contributor
What type of credit score needed to buy your first home? What do they expect? Thanks.

2 REPLIES

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Probably depends on the amount of the mortgage and the down payment that you are furnishing. Certainly a higher credit score may be advantageous, but there are other factors.

 

Borrowers with high credit scores tend to get lower interest rates on mortgages than borrowers with low credit scores.

  • A credit score of 740 or higher qualifies for the best interest rates from most lenders.
  • It is difficult, but possible, to get a mortgage with a credit score under 620.
  • The difference between the best and worst rates can vary by a full percentage point and a half.

 

Check this out: http://www.bankrate.com/finance/mortgages/how-credit-scores-impact-your-mortgage-rate-1.aspx

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God_is_good,

Thank you for posting in the Community! USAA considers many different factors when you apply for a mortgage loan. Although credit is a component which goes into our decision making, it is not the only factor we consider.

 

We strongly recommend you call and speak with a mortgage specialist at 1-800-531-8722 to discuss your options.