Credit Score Needed to Buy a House - FICO Score Requirements to Get Approved on a Home Loan

To begin with let us state some thing very happy. Those who have a bad credit score, who have filed a bankruptcy or are going through a foreclosure, can certainly buy a home. You need not get depressed that you shall never have your dream house. All that you need to be aware of is that it would cost you more than the usual borrowers.

What is the credit score needed to buy a house?

There is no exact definition of the credit score needed to buy a house. This actually depends on the lender. The specific lender that you consider would have his or her pre-defined eligibility criteria. Another deciding factor is the amount of down payment you are willing to make.

An average credit score in US is around 690. Above this number you are sure to get a cheap loan with out any issues. Below this range, the things might get a bit tough for you but certainly they are not impossible. First of all you should work hard to improve on your fico score.

Can you buy a home without credit check?

That might be a tricky one! Usually this is a just not possible with the secured loans. And unsecured loans are indeed not advisable enough. Being honest & candor perhaps in the best policy is such deals. In stead of praying that no one should check your credit score, you can try to getting a loan at a bit higher rate of interest by being honest and disclosing all about your bad FICO score.

Yet, it you wish to check out a means to buy a home without credit check probably declaring a bankruptcy under Chapter 7 would help you. Remember, filing a bankruptcy is not an easy gamble. You must check with your lawyer and know all the pros & cons of this step. One thing is sure - Chapter 7 Bankruptcy provides you a platform to start a fresh in life. At the same time it does reflect on your credit report for years together. So you must be very sure before taking this step.