Technically there are no credit score requirements to buy a home in Michigan, but there’s a catch. You’d have to pay cash for the home plus closing costs.
However, when looking into financing a home in Michigan and qualifying for a mortgage, there are several factors that will determine the minimum credit score required.
These qualification factors include, but may not be limited to;
1. The type of loan you are applying for (conventional, FHA, VA, etc.)
2. The size of your down payment
3. Your debt-to-income ratio
4. Your employment history
5. Your credit history and payment history
6. The amount of money you have saved for closing costs
7. The type of property you are buying (single family home, condo, etc.)
Generally speaking, most lenders will require a minimum credit score of 620 for conventional loans and 580 for FHA loans. However, this is not set in stone and can vary depending on the lender and other factors.
It’s important to shop around and compare rates from different lenders to find the best deal. Additionally, it’s always a good idea to work on improving your credit score before applying for a mortgage.
At Treeside Financial, we understand that buying a home can be an intimidating process. That’s why we make it our mission to provide personalized service and competitive rates to help you get the best deal possible on your mortgage.
We’ll work with you every step of the way to ensure that you get the best rate and terms available.
So don’t let your credit score hold you back from owning your dream home in Michigan – click Apply Now at Treeside Financial and start the pre-approval process today!