Sure, you should deal with little problem for the qualifying having home financing that have your 696 credit score, given your revenue, a job state, and you can property meet the requirements. Conforming mortgage loans (conventional funds you to meet the requirements off Fannie mae or Freddie Mac) wanted a rating of 620, when you find yourself FHA mortgages that have low-down repayments want a great 580. Their get comfortably exceeds each other thresholds.
not, you are unrealistic in order to be eligible for an effective lender’s greatest mortgage pricing. Loan providers generally speaking set-aside their finest costs to own individuals which have very good otherwise exceptional fico scores. However, having good 696 credit rating, you ought to be eligible for costs one to make with national averages.
In addition, remember that the reduced your credit score, the better lenders could possibly get predict the rest of your official certification so you’re able to end up being. Including, considering Fannie Mae’s latest lending standards, you could secure home financing having a loans-to-income proportion (DTI) as high as forty five% and you will a basic 20% advance payment whether your credit rating are over 720. If you don’t, their DTI is actually capped from the thirty six%.
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