home buying
2 questions
- Finance
How do I save for a house down payment?
Save for a house down payment by opening a dedicated high-yield savings account, calculating your target (3–20% of your expected home price plus 2–5% for closing costs), and automating a fixed monthly contribution. The CFPB recommends keeping this money separate from your emergency fund.
- Finance
What credit score do I need to get a mortgage?
Most conventional loans require a minimum 620 FICO score. FHA loans allow scores as low as 580 with 3.5% down, or 500 with 10% down. Your score also affects your interest rate — a 760+ score typically gets the best available rates, which can mean tens of thousands of dollars in savings over the life of a loan.