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What is credit score for 10% and 20% downconventional loan?

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KC

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Post Posted: Sat Feb 05, 2011 3:18 pm    Post subject: What is credit score for 10% and 20% downconventional loan?
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I have a median credit score of 680. I have the money to do both 10% and 20% conventional loan if needed. I was just declined on a 5% connventional loan because of the 680 credit score. I was told I needed a 720. With 10% down I am having difficulty getting a lender. Do all conventional loans require a 720 median credit score? I need to close my deal.
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Post Posted: Sun Feb 06, 2011 12:20 pm    Post subject:
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lenders require 680 for 10% down because the pmi companies need that score.

you only need a 620 for 20% down.

maybe your lender doesnt have a pmi company that goes down to 680

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Tom Burris
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Post Posted: Mon Feb 07, 2011 12:19 pm    Post subject: Credit Score
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In what state is the property located?

As Tom noted above, not all lenders have access to the same Private Mortgage Insurance companiesand not all states, due to some in declining market areas, have the same Private Mortgage Insurance guidelines.

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John Veenstra, Sr Mortgage Consultant
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