Lenders use these benchmarks to determine if you can realistically afford a mortgage. : Minimums vary significantly by loan type: Conventional Loans : Generally require a 620 or higher.
: Your total monthly debt payments divided by your gross monthly income should ideally stay below 36% to 43% . Some conventional programs may allow up to 45–50% for high-credit borrowers. what are the requirements to buy a house
Buying a house in 2026 requires a blend of financial readiness, rigorous documentation, and legal safeguards. At a minimum, you must demonstrate a (usually two years of history), a viable credit score (typically 580–620+), and sufficient cash reserves for a down payment and closing costs . 1. Financial Eligibility Standards Lenders use these benchmarks to determine if you
How to buy a house: Your step-by-step guide to buying in 2026 Some conventional programs may allow up to 45–50%
Beyond the sticker price of the home, you need liquid savings for several immediate expenses.