Myth versus fact: I need perfect credit to qualify for a loan. Today I am debunking this myth for you.

After the last recession, a lot of lending guidelines were tightened up and the perception was that you needed a perfect credit score in order to qualify for a loan. While this was true then, things have really loosened up over the last few years.

As long as you have a 620 credit score or higher, you will qualify for most loan programs. The exception to this rule will be for most jumbo loans. For a conventional loan, however, 620 is going to be the cutoff.

“If you have a less-than-perfect credit score, you should consider improving it with the help of a credit repair specialist.”

This is not to say that you will not qualify for other programs if you do not have a 620 credit score. A VA loan is an option if you are a veteran. There is no standard minimum score to qualify for it, although certain lenders do have their own internal minimum scores, which they will not lend to if you are below.

The FHA loan is another option for someone with a lower credit score. This is a great loan program which lends to very low credit scores. Although, any score lower than a 620 will result in you having some difficulty getting approved, while anything below 580 will make it very difficult for you to get approved.

So, if you have a less-than-perfect credit score, you should consider improving it, and perhaps speak with a credit repair specialist. If you need an introduction to a credit repair specialist, I will be more than happy to assist you with that. They will take great care of you, as will my own team throughout the process.

And, if you are one of the people who is not monitoring your credit score on your own, you should definitely start. There are numerous consumer sites where you can pull up your credit report. You should know, though, that the report you see and the version that a lender sees are not going to be the same. Expect that there will be a difference between the two numbers.

The higher your credit score, the easier you will reach your goals, and I want to help you reach your buying goals. If there is anything that I can do to help you on your path to buy, please feel free to reach out. I would be happy to assist you in any way that I can.