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Posted on: 01st Jul, 2012 11:44 pm
Hello everyone. In the next 2 months, I need a mortgage. I have no debt. My salary is around $120k annually. But I don’t have good scores - 627 TU 612EQ 595EX. Can I get a conventional mortgage?
Conventional mortgages are available at a credit score of 700 or more. With the credit scores that you have, it will be difficult for you to get qualified for a conventional loan. You can apply for FHA loans with these credit scores.
Posted on: 02nd Jul, 2012 01:26 am
I think your salary are enough to get a mortgage loan so please provide me a more information about it in this thread so than I can assist you on this matter.
Posted on: 02nd Jul, 2012 02:48 am
Conventional mortgages require a minimum credit score of 620.

Same for FHA, except, there are some lenders, not many, who do credit scores below that. Scores below 620 may require 10% down payment rajhter than the minimum 3.5%.

I have no idea where those responding to your question above me get their information from. They have very little idea what they are talking about.
Posted on: 02nd Jul, 2012 02:29 pm
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