What is the minimum credit score for a construction loan?

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Holden Quitzon asked a question: What is the minimum credit score for a construction loan?
Asked By: Holden Quitzon
Date created: Tue, May 18, 2021 8:19 AM
Date updated: Sat, Sep 24, 2022 8:49 AM

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While the requirements vary by lender, construction loan lenders may require a credit score of 680 or higher, a down payment of up to 30% and for your debts to total no more than 45% of your income.

To qualify for your loan, you'll need: A minimum credit score of at least 500 (or 580 for the lower down payment) A down payment of at least 10% for credit scores 500 and above and at least 3.5% for credit scores 580 and above.

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