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What credit score do I need to get approved?

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It depends what type of mortgage you’re attempting to get, and also what down payment you have, or if it’s a purchase or a refinance.

The good news is that there are a lot of mortgage programs available for those with low credit scores, including VA loans and FHA mortgages.

For example, the FHA goes as low as 500 FICO, Fannie and Freddie 620, and the USDA and VA don’t technically have a minimum credit score, though most lenders want at least 620/640.

If you’re in good shape financially, a poor credit score may not actually be a roadblock.

But you can save a lot of money if you have excellent credit via the lower interest rate you receive for being a better borrower.

Simply put, loan rates are lower if you’ve got a higher credit score.

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