Posted on: 17th Aug, 2009 05:27 pm
Is a fico score of 766 good enough for this type of loan?
Hi LarryB, Yes a fico score of 766 is good enough for a conventional loan. But this is just one requirement of getting a loan. Other things they will look at is work history, debt, bank statements, pay stubs.
Larry,
A lender will look at all 3 scores to qualify...in most instances if one score is as high as 766, than chances are the other 2 will be close by...although this may seem that I am stating the obvious, I did a loan back in Jan, where the borrower was doing a 97% Conventional Loan, and he had a 750, 710, 718...the lender approved the loan, but the Mortgage Insurance Co would not.....
In today's mortgage market you have to expect the unexpected, if you have 20% down, verifiable income that supports the loan, and your other 2 scores are close to the one posted, there are not many more hurdles you will run into
A lender will look at all 3 scores to qualify...in most instances if one score is as high as 766, than chances are the other 2 will be close by...although this may seem that I am stating the obvious, I did a loan back in Jan, where the borrower was doing a 97% Conventional Loan, and he had a 750, 710, 718...the lender approved the loan, but the Mortgage Insurance Co would not.....
In today's mortgage market you have to expect the unexpected, if you have 20% down, verifiable income that supports the loan, and your other 2 scores are close to the one posted, there are not many more hurdles you will run into
LarryB
Welcome to the forum
766 is really an excellent score.
In additon to the credit score you will need to show somegood incoem alogn with good debt to incoem ratio.
You can have good credit score and also 20% for down payment, but if you have other loan commitments, then it will increase your DTI, which may result in loan denial.
Good luck and feel free to ask
Welcome to the forum
766 is really an excellent score.
In additon to the credit score you will need to show somegood incoem alogn with good debt to incoem ratio.
You can have good credit score and also 20% for down payment, but if you have other loan commitments, then it will increase your DTI, which may result in loan denial.
Good luck and feel free to ask