At The Glover Team, one of the most common questions we get from buyers is: “What credit score do I need to buy a home?” The truth is, most people either don’t know or overestimate what lenders are actually looking for. That can make some buyers think homeownership is out of reach even when it may not be.
There’s No One Magic Number
There isn’t a single credit score that guarantees you’ll qualify for a mortgage. Check out this graph showing the median credit scores recent buyers had among different home loan types.
Different loan types have different requirements, and every lender has their own criteria. What matters most is that you know where you stand and talk with a lender who can walk you through your options.
This flexibility means that even if your score isn’t as high as you’d like, you may still be in a position to buy.
Why Your Score Still Matters
While there’s no universal cutoff, your credit score still plays a big role in the homebuying process. Lenders use it to understand how reliable you are with managing debt and making payments. Your score influences: the types of loans you may qualify for, the terms of those loans, and the interest rate you’ll receive. Since your mortgage rate directly impacts how much home you can afford, a stronger credit score can give you more buying power.
Simple Ways To Improve Your Score
If you’d like to boost your score before purchasing a home, here are a few practical steps you can take:
· Pay bills on time. Consistency shows lenders you’re dependable.
· Pay down debt. The less you’re using of your available credit, the better.
· Review your credit report. Make sure there aren’t any errors pulling your score down.
· Hold off on new accounts. Too many new applications can temporarily lower your score.
The Bottom Line
Your credit score doesn’t need to be perfect to buy a home. But the higher it is, the more options and better loan terms you’ll have available to you. If you’re considering buying in Downers Grove or the surrounding area, the best next step is connecting with a trusted lender who can review your situation and explain your options. The Glover Team partners with some of the most knowledgeable local lenders and we’d be happy to connect you when you’re ready.
