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Conventional loan credit score

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Guest	Posted: Fri Aug 26, 2011 1:23 am    Post subject: Conventional loan credit score Like 0 Dislike 0 Me n my spouse is planning to purchase a house. But all that we’re look at are above the FHA limits. I know banks are looking for 640+ for FHA, but what about conventional?
sara Moderator Joined: 05 Jul 2006 Posts: 2694 Location: New Brunswick, New Jersey 496.42 Dollars($)	Posted: Fri Aug 26, 2011 1:39 am    Post subject: Like 0 Dislike 0 Hi Guest, Conventional loans will require an higher credit score. You will require a credit score of 700-720 in order to get a conventional loan. Apart from that, you will have to offer a down payment of 20% in order to get a loan. Take care.
jimgilly Community Expert Joined: 28 Jan 2010 Posts: 145 Location: USA 36.21 Dollars($)	Posted: Fri Aug 26, 2011 4:34 am    Post subject: Like 0 Dislike 0 You need to provide more details. Do you know what your actual mortgage lender credit scores are? What home prices are you looking at and what do you have for a down payment (plus closing costs)? Also, what type of work history do you have and how stable is your income?
jveenstra Community Expert Joined: 10 Nov 2008 Posts: 1310 Location: River Edge, New Jersey 274.62 Dollars($)	Posted: Mon Aug 29, 2011 11:16 am    Post subject: Conventional Like 0 Dislike 0 Conventional maximum loan limit is $417,000 in all counties and states for single family homes.. The limit can be higher in some HIGH COST COUNTIES. Is the mortgage you want/need under $417,000? The minimum credit score is 620 (some Freddie Mac lenders can go down to a score of 580). However, the lower the score, the higher the mortgage rate and the down payment required may be higher. If your down payment is less than 20%, then Private Mortgage insurance will be required and the PMI companies have their own minimum credit score and down payment requiriments. Without knowing your down payment and mortgage amount and credit score, it is too cumbersome to write a book about all the combinations and possibiliites. If you can provide a little more information, we can be a little more exact on what is available for you. Need to know county and state, what % down payment, approximate mortgage amount, and what area your credit score is in. _________________ John Veenstra, Sr Mortgage Consultant Approved Funding Corp Licensed NJ NY CT PA 201-833-0123x278

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