Having a good credit score is essential for securing a mortgage. It helps lenders to determine the level of risk associated with giving you a loan. A good credit score will increase your chances of getting approved for a loan, and may even get you a better rate.

But what credit score do you need to get a mortgage? While there is no definitive answer, most lenders use the following criteria when considering a prospective borrower’s credit history:

• A FICO score of at least 620-640

• A minimum of 3 open and active trade lines on your credit profile

• A debt-to-income ratio of 43% or less

• A steady income and employment history

While meeting these criteria is important toward getting approved for a mortgage, having a good credit score will help your chances immensely.

So what are the benefits of a good credit score?

1. Lower Interest Rates - The higher your credit score, the lower your interest rate. A higher score can help you save money in the long run by reducing how much you have to pay in interest.

2. Higher Loan Amounts - A good credit score also allows you to borrow more money and potentially qualify