What credit score do I need to buy a home?
There is no single magic number, because each program sets its own floor. Per HUD Handbook 4000.1, FHA allows 3.5 percent down with a 580 or higher, and 500 to 579 can still qualify with 10 percent down. Conventional loans typically start around 620, while VA and USDA leave minimums to each lender. Strength in income, savings or payment history can sometimes offset a lower score.
Which credit score do lenders actually use?
Lenders pull your file from all three bureaus, discard the highest and lowest, and qualify you on your middle score. With two borrowers, they use the lower of the two middle scores. These are mortgage-specific FICO versions, so they often differ from the free score in a banking app.
Will getting pre-approved hurt my credit score?
A pre-approval involves a credit inquiry, and the typical effect on a healthy file is small. Mortgage inquiries made while comparing lenders are grouped into a single shopping window by the scoring models, generally 14 to 45 days depending on the model, so shopping for your mortgage does not multiply the impact.
Can I buy a car or furniture after I am pre-approved?
Not until after closing day. A new car payment or store financing changes your debt-to-income ratio and your credit profile while the loan is in process, and it is one of the most common ways buyers lose their approval in the final week. Get the keys first, then go shopping.
Do lenders check my credit again before closing?
Yes. Most lenders run a final review, typically a soft pull 1 to 3 days before closing, to confirm nothing changed. New accounts, new inquiries, higher balances or missed payments discovered at that stage can delay or derail the closing.
What is a rapid rescore and how long does it take?
A rapid rescore is a lender-initiated update of your credit file, used after you pay down a balance or correct a documented error. It generally takes about 3 to 5 business days, versus the one to two billing cycles normal reporting can take. It records real changes faster; it does not erase accurate history.
I save in cash and have little credit history. Can I still qualify?
Often, yes. Some programs accept alternative credit references such as rent, utilities and phone bills paid on time. Cash savings can become usable funds with proper seasoning in a bank account, and family gift funds are documented with gift letters. Art builds this kind of file regularly, in English and Spanish.
How fast can I improve my score before applying?
It depends on what is driving it. Paying down revolving balances can move utilization quickly, disputed errors take time to resolve, and a thin file builds gradually. Two cautions: do not close old accounts, and do not pay charged-off collections without a strategy, since timing matters. Art maps the fastest safe path for your specific report.
Does Nevada down payment assistance have a credit minimum?
Yes. Nevada Housing Division's Home Is Possible program currently requires a minimum 640 score, or 660 for manufactured homes, and related programs carry their own requirements. Terms change over time, so Art confirms the current minimums when you apply.
Do you speak Spanish?
Yes. Art Loera is bilingual and works with clients in English and Spanish from start to close.
How long does a credit bureau have to fix an error?
Under 15 U.S.C. section 1681i, the bureau has 30 days from the day it receives your dispute, extending to 45 days if you send more documents during the investigation or the dispute came out of your free annual report. It must forward the dispute to whoever reported the information, and anything that cannot be verified has to be deleted. Results come to you in writing within five business days of the investigation closing.
Is medical debt still on credit reports?
Some of it, yes. The CFPB rule that would have removed medical debt was vacated by a federal court on July 11, 2025, so there is no federal ban. What still applies is the voluntary policy of the three bureaus: paid medical collections come off, unpaid ones under 500 dollars are not reported, and nothing appears until the account is at least 365 days old.
Which laws protect my credit rights?
Three of them. The Fair Credit Reporting Act of 1970 covers what appears on your report and how you dispute it. The Equal Credit Opportunity Act of 1974 bars discrimination in lending and requires a written reason when you are declined. The Fair Credit Billing Act of 1974 covers billing errors on credit card accounts. There is no Fair Credit Act of 1974, despite how often that phrase shows up online.
Where do I get my credit report for free?
AnnualCreditReport.com. It is the only source authorized under federal law to give you free reports from Equifax, Experian and TransUnion. A site that wants a credit card before it shows you a score is selling a monitoring subscription.
Will a credit freeze stop my mortgage application?
It stops the credit pull, and that stops everything behind it. A freeze blocks new inquiries by design, and your lender counts as a new inquiry. Lift the freeze at all three bureaus before your loan officer pulls credit, or give him the PIN. The thaw can be temporary, and you can refreeze after you close.
Do the credit bureaus offer help in Spanish?
All three do. Equifax at 888-378-4329 currently routes Spanish service through option 8, and TransUnion at 800-916-8800 through option 2. Experian at 888-397-3742 offers Spanish support on the same line. Phone menus change, so if one of them loses you, Art works through it with you in Spanish.
