What do you need for a first-time homebuyer loan?
You need a good credit score to qualify for a home loan. This is the most important factor for banks when assessing the financial situation of first-time homebuyers.
A good credit score is anything above 610.
Here’s a more detailed breakdown:
- 781 to 850. Excellent.
- 661 to 780. Good.
- 610 to 660. Fair.
- 500 to 610. Poor.
- 300 to 499. Very poor.
You can find out your credit score by getting prequalified with ooba Home Loans. Our prequalification process will help determine how likely you are to qualify for a home loan and what you can afford.
You can get prequalified by contacting an expert at ooba Home Loans or by using our free, online prequalification tool, the Bond Indicator.
Some banks are more likely to grant home loans to lower credit scores. You can improve your chances by applying to multiple banks with ooba Home Loans.
