Top 4 Mortgage Myths - Myth #2 You Need A Perfect Credit Score

Know the minimum score needed

It’s no secret that the higher your credit score the better, since a good credit score can get you a lower interest rate when you borrow. But even if you have a low credit score, you may still be able to qualify for a mortgage and obtain a decent rate. 

Fact: Only 1% of Americans have a perfect credit score, but 62.9% own a home.

The minimum credit score you need to have to get a mortgage approved depends on the loan type. Keep in mind, mortgage lenders look at more than just your credit score. A low credit score with an “acceptable” credit history may get you approved. If you have questions about credit, Home Buyer Solutions Group (HBSG) is a team of Mortgage Credit Specialists who will answer your questions and offer free advice.