Sabrina Telles

In order to gauge you as a borrower, your lender will likely pull your credit report (with your written permission).

Different loan programs will have different qualifications as far as your credit score and history.

• FHA loans – This type of loan is commonly known as the first-time homebuyer loan, but you don’t need to be a first-time buyer to use it always. These loans are backed by the government and require a minimum credit score of 500 to be approved. However, your credit score will also affect your down payment. If your score is below 580, you will need to put down 10%, whereas if it’s above that, you can generally put down as little as 3.5%.
• VA loans – VA loans don’t require a certain credit score to qualify so individual lenders can set their requirements. Low credit scores are likely easier to get away with on a VA loan than a conventional loan.
• USDA loans – Another government backed loan program, there aren’t set credit requirements from USDA. Also, this is a zero-down program is popular in more rural areas (outside Twin Falls City generally).
• Conventional loans – Conventional loans are not government-backed loan programs and will likely require a credit score of at least 620 and around the mid-700s to qualify for better rates.
• Jumbo loans – The credit requirements for jumbo loans are typically the strictest because of their large amounts. You may need a score in the low-to-mid 700s or above to qualify.