That depends on whether you’re a veteran, first-time homebuyer or you’re applying for a government, bank or commercial mortgage. They vary. You can check out the going FHA and VA credit requirements in Florida in your own internet search. But your Lang Realty agent is an instant expert on credit score eligibility, and what price home or condo your money will buy today.
Emphasis on today. Most lenders not only consider your current FICO score and credit history. Other factors may include your downpayment, work history and the length of the mortgage you need. They all add up to your ability to repay the loan. And don’t forget to factor that in, too. The higher the credit score translates into lower mortgage rates and a lower monthly payment. The minimum credit score to buy a home in Florida alsodepends on the fluctuating housing market, especially in your desired south Florida locations.
There’s lots of new construction on homes or condos close to traditional towns and cities, so areas you weren’t even considering may be less costly but retain or have future value. What is a good credit score to buy a house in south Florida? That’s a good question for your Lang Realty agent.
