Credit & Qualification Questions

What credit score do you need to buy a home in Michigan? The answer depends on the type of mortgage you’re using, your overall financial situation, and the specific loan program you qualify for. We can go down to a 500 credit score! However there are specific qualifications to make this happen, and a larger down payment is required. Not everybody will be approved.

Your credit score can affect more than whether you qualify. It may also impact your interest rate, mortgage insurance, down payment requirements, and the loan options available to you.

And if your credit isn’t perfect, don’t automatically assume you can’t buy a home. There may be options available, and sometimes having a plan to improve your credit can put you in a better position to become a homeowner.

I’m Shelby Weller, a Michigan mortgage loan officer helping first-time homebuyers and experienced buyers throughout Michigan understand their mortgage options and prepare for homeownership.

📞 Wondering if your current credit score is enough to buy a home? Reach out to me directly and I can do a soft credit pull, which doesnt hurt your credit score at all, and we can see if you qualify now OR create a customized plan to get you ready to buy.

General Minimum Credit Scores Needed: This is just a rough guide to follow and isnt a gaurantee as there are other qualifying factors than just your credit score. However, these are the minimums allowed.

0: Theres still loan options for no credit score, reach out for the specifics

1-499: Not available with me, however we can work on creating a customized credit plan to get your credit score higher to qualify

500-579: Conventional with 20% down OR FHA with 10% down

500+: VA loans

580+: FHA loans

580+: USDA Rural Development loans

620+: Conventional loans

640+: MSHDA down payment assistance loans

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