March 9th, 2016 6:38 AM by Jackie A. Graves, President
Buying a home may no longer be the American Dream (now people just want to get
out of debt someday), but it’s still a huge goal for many. But if you don’t
have a good credit score, that dream might go up in flames.
A lot of things factor into getting
a mortgage, but it starts with your credit score. If your credit
score isn’t good enough, nothing else matters. Depending on the loan program,
lender and an applicant’s specific credit history, the minimum credit score
necessary to buy a home varies. Heather McRae, a senior loan officer for
Chicago Financial Services, said 580 is the lowest score she’s seen in recent
loan approvals, and she hasn’t seen anything lower than that in a long time.