What credit score is needed for first time homebuyers?

Although credit is important, it's just one of many things a lender looks at when determining one's eligibility.. but in general, FHA for most lenders will require a 620 or better.. for VA you need to be 640 or better, and for most conventional programs, you need to be at 660 or above.. There are lenders out there that will approve someone with a lower score than the above mentioned, but understand that the lower the score the more strict the guidelines are, and few that apply actually get approved.. As first time home buyer's, you should try to contact a LOCAL mortgage broker and apply with them. Once they see your complete loan profile, they will be better equipped to advise you properly. Also, by applying with your LOCAL Broker, you have an advantage because he's familiar with local customs and works with many lenders with each one offering a different type of lending program. This is unlike the local bank which typically only has a few lending programs. The more lenders, the more lending options, and the more likely your scenario will be accepted.. Plus, the broker is experienced in seeking out the best loan terms for your particular scenario, and he has lower overhead which typically results in lower rates and fees than most of the larger lenders.. I'm a Broker here in Scottsdale AZ and I only lend in Arizona. If you or someone you know is looking for financing options, feel free to contact me or pass along my information. William J. Acres, Lender411's number ONE lender in Arizona. 480-287-5714 WilliamAcres.com NMLS# 226347