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Your credit score is important, but it's only one factor in a mortgage application. A credit score (also called a FICO Score, so named for the company that provides the score used by 90% of lenders) helps lenders determine their risk in lending you money.Your history of paying bills on time and your monthly debts determine your credit score, which can range from 300 (worst) to 850 (best).our credit score is very important but it is only one factor in a mortgage application. Lenders also consider your income, employment history, your current monthly debts, the size of the loan and your down payment.
If you are trying to buy a new home, you have probably heard that your credit score or home buying credit affects this process. However, you may be wondering exactly how it affects your ability to buy a home. Generally, you will need a credit score of 660 to obtain a mortgage. The qualifying credit score used to be as low as 580 points. However, since the mortgage crisis of 2008, banks are becoming more conservative in their lending practices.