In a contributed post from Trulia on Forbes, the real estate listing company identifies the magic number that could be the best credit score for those looking to buy a home and take out a mortgage. A credit score comes in at the top of the list of things buyers should think about when entering home ownership.

Luckily, the perfect credit score can vary based on different kinds of loans and their terms. For example FHA loans have some of the lowest credit score requirements at 580 with a 3.5% down payment, but some other loans can require scores of up to 640. For most conventional loans, lenders look for a minimum credit score of 620. A credit score over 740 is considered to be in the "perfect" range for mortgages.

Credit scores also greatly influence what kind of interest rate a buyer can get and the amount owed for private mortgage insurance (PMI).

The approximate difference in rates for a conventional loan with a 680 credit score versus a 740-plus credit score could be 0.25% to 0.0375%, Chris Hauber, a mortgage loan originator with Hallmark Home Mortgage in Denver says. But the PMI premium in this scenario would double. "For PMI, the high bracket in terms of credit score is 760-plus — meaning you’ll pay less in monthly premiums with this score or higher.”

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