7 Unexpected Hurdles to Financing a New Home ...


Financing a new home is an exciting time, but unfortunately, several hurdles can destroy your plans. If you don't familiarize yourself with the home buying process, you might not fully understand what lenders expect from you. And if you don't have your ducks in a row, getting the keys to a new house can be more challenging than you anticipated. Here are seven hurdles to financing a new home.

1. Some Banks Require a 700+ Credit Score

There was a time when you could get a conventional mortgage loan with a credit score of 650 or higher when financing a new home, and get a relatively decent interest rate. Unfortunately, banks have tightened the belt in recent years. And today, many banks require a 700 credit score minimum for conventional loans β€” some require higher scores, such as 720+.

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