Posted on: 30th Sep, 2010 01:20 pm
What is the minimum credit score required to qualify for a conventional loan? Does the min credit score change depending upon the amount of money used for down payment?
Thank you
Thank you
It really depends upon the lender. Sometimes the score requirements change depending upon the down payment but also there are some lenders who do not have minimum score requirements.
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.
Welcome Kenney,
Your query has been replied to in the given page:
http://www.mortgagefit.com/inprocess/about49239.html#201374
Take a look at it. I hope it will help you.
Your query has been replied to in the given page:
http://www.mortgagefit.com/inprocess/about49239.html#201374
Take a look at it. I hope it will help you.