What is the average credit score of a first time home buyer?

Asked by Tian Sivak, Hobart, IN Sun Mar 21, 2010

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Joanna Sharp, , Indianapolis, IN
Mon Mar 22, 2010
There is no "average" credit score; it varies depending upon what type of credit the individual has had in the past. 620 is the normal score needed in order to get a mortgage. If you are going FHA, then your interest rate will competitive with someone having a 740 score but going with a conventional loan.
Hope that answers your question.
Joanna Sharp
Mortgage Loan Consultant
MetLife Home Loans jsharp@metlife.com
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Dan Chase, Home Buyer, Texas City, TX
Sun Mar 21, 2010
Average, I have no idea. 620 is the most often quoted fico score needed. Some say 580 . Either way the interest rate at that low of a fico score will hurt you,. WOrse at 580 and a bit less at 620.

somewhere around 740 to 750 seems to be when you get the best rates.
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