This is a common concern among borrowers, especially those who are shopping for their first homes. But a perfect credit score is not a requirement to purchase a home, nor do you need one to qualify for affordable rates. If you have the ability to make a larger down payment, that can help you make up for a lower score. Other strong financial metrics can help too. These include your income, debt-to-income (DTI) ratio, and cash reserves. We also can connect you with loan programs specifically tailored to the needs of borrowers who do not have perfect credit. One example is the FHA loan program guaranteed by the Federal Housing Administration. This type of loan is available to borrowers without perfect credit, and features affordable rates and down payments as low as 3.5%. If you are a veteran, active duty service member, or eligible surviving spouse, another option is a VA mortgage. This type of home loan also has flexible credit qualification requirements and affordable interest rates. Unlike an FHA loan, a VA loan does not require mortgage insurance. There is no down payment required.