Question 1

What credit score do I need to qualify for a mortgage?

Accepted Answer

Credit score requirements vary by loan type. Conventional loans typically require 620+, FHA loans accept scores as low as 580 with 3.5% down, VA loans have no minimum score requirement but lenders typically prefer 620+, and USDA loans generally require 640+.

Question 2

How much should I save for a down payment?

Accepted Answer

Down payment requirements depend on loan type: Conventional loans can go as low as 3%, FHA loans require 3.5%, VA loans offer 0% down for eligible veterans, USDA loans offer 0% down for rural properties, and jumbo loans typically require 10-20%.

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