What is the credit score needed to buy a house? | U.S. Bank (2024)

FAQs

What is the credit score needed to buy a house? | U.S. Bank? ›

The minimum credit score needed for most mortgages is typically around 620.

Minimum credit score

For U.S. Bank customers: 660. For non-U.S. Bank customers: 720.

You need a credit score of at least 750 to get most U.S. Bank credit cards, but the actual credit score requirements vary by card. One of the easiest U.S. Bank credit cards to get is the U.S. Bank Secured Visa® Card, which accepts applicants with bad credit and has a $0 annual fee.

U.S Bank uses an applicant's FICO® Score to check their creditworthiness. FICO® Score is the type of credit score that's most widely used by lenders.

The required credit score to buy a $300K house typically ranges from 580 to 720 or higher, depending on the type of loan. For an FHA loan, the minimum credit score is usually around 580.

U.S. Bank may give high credit limits to people with good-to-excellent credit, a lot of income, and relatively little debt, but it does not have any cards that guarantee a $5,000+ credit limit. The highest minimum credit limit on a U.S. bank credit card is $1,000 on the U.S. Bank Altitude® Go Visa Signature® Card.

Once you submit your application, U.S. Bank will request a full credit report, which may affect your credit score. How long does it take for a loan to process? Typically we'll notify you with your loan approval status in less than a minute.

Applying for a personal loan only takes a few minutes. Personal loans are issued based on your creditworthiness. Usually we'll notify you with your loan approval status in less than a minute.

Does the U.S. Bank have pre-approval? ›

Applying for pre-approval can put you one step ahead while you're shopping for your next vehicle.

Once you submit your application, U.S. Bank will request a full credit report, which may affect your credit score.

The U.S. Bank Cash+® Visa® Secured Card is easy to get, even with poor credit or no credit, because it is a secured credit card and requires an upfront deposit. But unlike many other secured credit cards, it has a generous rewards structure.

The median downpayment on a home is 13%, but if a buyer wants to avoid fees, including private mortgage insurance, they may have to put at least 20% down. If a buyer puts 20% down and takes out a $350K mortgage, they're likely putting down around $87,500.

Conventional loan | Credit score: 620

To qualify for a conventional loan, you'll need a credit score of at least 620, though some lenders may choose to approve conventional mortgage applications only for borrowers with credit scores of 680 and up.

Conventional mortgages, like the traditional 30-year fixed rate mortgage, usually require at least a 5% down payment. If you're buying a home for $200,000, in this case, you'll need $10,000 to secure a home loan.

Credit Score Requirements

Borrowers applying for a personal loan through U.S. Bank will need a credit score of at least 660 to qualify, but you'll likely need a score of at least 720 to qualify for the lowest rates.

Yes, you can get a personal loan with a 600 credit score — there are even lenders that specialize in offering fair credit personal loans. But keep in mind that if you have a credit score between 580 and 669, you'll generally be considered a “subprime” borrower — meaning lenders might see you as a more risky investment.

The easiest banks to get a personal loan from are USAA and Wells Fargo. USAA does not disclose a minimum credit score requirement, but their website indicates they consider people with scores below 640, so even people with bad credit may be able to qualify.

HDFC Bank offers pre-approved loans to customers in 10 seconds flat*. Non – HDFC Bank customers can get loans in 4 hours.