Do I need a good credit score to buy a new home?
It’s a fact that for most people, buying a home requires a good credit score. Credit scores range from 300 on the low end to 900 on the high end. Traditionally, a poor credit score is between 300 and 560, with fair credit sitting in the 560 to 660 range. A good credit score in Canada is between 660 and 725, and very good is between 725 and 760. A great or excellent credit score is above 760 all the way up to 900.
Technically, for most lenders, your score should be above 640 to qualify for a mortgage, but some lenders may qualify you for a loan even if your credit score is lower — like 620. However, other lenders may require a credit score upwards of 700.
Learn more about credit scores here: What is a Good Credit Score in Canada?