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

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KC Guest	Posted: Sat Feb 05, 2011 3:18 pm    Post subject: What is credit score for 10% and 20% downconventional loan? Like 0 Dislike 0 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. _________________ Need help choosing the right loan? Get free consultation from community lenders/consultant
tomburris Community Expert Joined: 03 Oct 2007 Posts: 135 Location: North Dallas 19.12 Dollars($)	Posted: Sun Feb 06, 2011 12:20 pm    Post subject: Like 0 Dislike 0 lenders require 680 for 10% down because the pmi companies need that score. you only need a 620 for 20% down. maybe your lender doesnt have a pmi company that goes down to 680 _________________ Tom Burris Mortgage Banker 214-763-4629 cell/text/nights/weekends http://www.dallasloanguy.com/ Location: North Dallas, TX Coverage: The entire Great State of Texas NMLS# 335055
jveenstra Community Expert Joined: 10 Nov 2008 Posts: 1310 Location: River Edge, New Jersey 274.62 Dollars($)	Posted: Mon Feb 07, 2011 12:19 pm    Post subject: Credit Score Like 0 Dislike 0 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. _________________ John Veenstra, Sr Mortgage Consultant Approved Funding Corp Licensed NJ NY CT PA 201-833-0123x278

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