+1 vote
I've been hearing you need a 640 credit score and 20% down from my lien holder!
asked Nov 12, 2017 in Conventional Loans by Dustin perdew

2 Answers

+1 vote
You can get a Conventional 97 loan (3% down) with as little as a 620 credit score. https://themortgagereports.com/17168/fha-conventional-97-low-downpayment-comparison

Some lenders might require a 640 score, however. With a credit score below 660-680, you might opt for an FHA loan. FHA does not charge higher interest rates for lower scores. And, many lenders approve loans at lower credit levels. Some home buyers try to stay away from FHA at all costs due to mortgage insurance for the life of the loan. But you can cancel your mortgage insurance via a refinance into conventional. https://themortgagereports.com/7570/fha-mip-cancel
answered Nov 13, 2017 by anonymous
0 votes
You should qualify for Conventional Loans.  However, you should try to boost credit scores up so you get a better rate. 640 credit scores is considered very low for Conventional Loans.

Gustan Cho NMLS 873293
Branch Manager of USA MORTGAGE
The Gustan Cho Team at USA MORTGAGE
answered Feb 11, 2018 by GustanCho (106,540 points)

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