average credit score to buy a house
According to a survey by Home Buying Institute, on average, borrowers need a 620 to 640 minimum credit score in order to get a loan with most home loan lenders. This could be bad news for borrowers falling below that range and looking to buy a home in 2015.
If you want to use a conventional mortgage loan to buy a house, you will probably need a credit score of 620 or higher. In 2015, we've been seeing some lenders set the bar even higher, at 640. When using a government-backed loan (such as an FHA or VA loan), you might get approved with a score below that range.