Mortgage Mythbuster: You DON’T need perfect credit to buy a house.

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Your credit may not be perfectly spotless, but that doesn’t mean you can’t buy a home. While Conventional loans require a score of at least 620, FHA and VA only require a score of 580 for approval. There are options like finding a co-signer or agreeing to make a bigger down payment that can help reassure your lender and reduce the risk. Certain down payment assistance programs, such as CHFA, require a 620 credit score, but the good news is that with CHFA, the interest rate is the same whether you have a 620 or a 720.

That said, you can raise your credit score by carrying a balance of no more than 1/3rd the max allowable balance on your credit cards. Reducing the amount of the balance could raise your score 20-40 points in a matter of days and could cost very little. I offer my credit improvement services for free, so if you have a score of a 560 or higher and you are needing assistance in getting over the hump to the 600 or 620 mark, please reach out, I would be happy to assist you.