What is the lowest credit score needed for a conventional loan? | TigerDroppings.com

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bringonusc
LSU Fan
Katy, TX
Member since Aug 2007
3626 posts

What is the lowest credit score needed for a conventional loan?


Is it 720 or can you get one with a 675?






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TheTigerZone
LSU Fan
Moss Bluff ,La
Member since Dec 2009
2343 posts

re: What is the lowest credit score needed for a conventional loan?


680 is the lowest allowed. Anything over 715 would be best.





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bringonusc
LSU Fan
Katy, TX
Member since Aug 2007
3626 posts

re: What is the lowest credit score needed for a conventional loan?


Perfect! Thanks!





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JonTheTigerFan
LSU Fan
Central, LA
Member since Nov 2003
4668 posts

re: What is the lowest credit score needed for a conventional loan?


The credit score for conventional isn't the problem. The problem is finding someone to do your PMI through if you want to put less than 20% down. My credit union goes down to 640 or 660.





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bringonusc
LSU Fan
Katy, TX
Member since Aug 2007
3626 posts

re: What is the lowest credit score needed for a conventional loan?


quote:

My credit union goes down to 640 or 660.


Is this with 20% down or without?






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ragacamps
LSU Fan
Member since Jan 2011
2138 posts

re: What is the lowest credit score needed for a conventional loan?


Whats the lowest for VA,FHA,rurual????





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wegotdatwood
Arkansas Fan
Member since Aug 2009
17094 posts

re: What is the lowest credit score needed for a conventional loan?


quote:

Whats the lowest for VA


620






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JonTheTigerFan
LSU Fan
Central, LA
Member since Nov 2003
4668 posts

re: What is the lowest credit score needed for a conventional loan?


quote:

Is this with 20% down or without?


I think they require 5% down.






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novabill
LSU Fan
Crossville, TN
Member since Sep 2005
5474 posts

re: What is the lowest credit score needed for a conventional loan?


Here you can see the cost of MI based on amount of down payment and credit score. Lots of misunderstanding about what you can and cannot do regarding a home loan.
LINK






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novabill
LSU Fan
Crossville, TN
Member since Sep 2005
5474 posts

re: What is the lowest credit score needed for a conventional loan?


quote:

Whats the lowest for VA,FHA,rurual????

Most will tell you 640, however we just lowered our minimum to 620.






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foshizzle
LSU Fan
Washington DC metro
Member since Mar 2008
29699 posts

re: What is the lowest credit score needed for a conventional loan?


quote:

we just lowered our minimum to 620.


Surely you are selling these off as soon as possible.






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JonTheTigerFan
LSU Fan
Central, LA
Member since Nov 2003
4668 posts

re: What is the lowest credit score needed for a conventional loan?


The lender I just went through would go down to 620. They sell them off within 3 months.





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