There’s no denying that good credit can help you get a better interest rate on a mortgage. And because your mortgage will likely be one of largest, if not the largest, debts you’ll ever incur, it’s in your best interest to get your credit in the best shape possible before you apply for one.

Having said that, you don’t always need to have sterling credit to purchase a home. You might not qualify for the best interest rates available, but you may still be mortgage-eligible even if you have average, or below average, credit scores.

Credit Score Ranges

Lenders depend on credit reports and credit scores to help predict the risk of doing business with their new applicants. The lower your credit scores, the greater the risk that you won’t pay back your loan as agreed.

Most lenders have different credit score ranges or “tiers” they set up when they evaluate the credit…

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