I love the internet, yet I hate the internet because so many people have attempted to replace the expert knowledge of a licensed mortgage professional with simply reading web pages. Generally speaking, you may be able to find conventional financing with a 640 credit score from numerous lenders, but score alone doesn't mean you get a loan. There are so many variables beyond simply meeting a minimum score requirement. Debt-to-income ratios, down payment, mortgage insurance, credit history, property type, owner occupied vs investment, and more. I suggest all customers sit down with their local LICENSED NMLS Loan Officer to discuss their individual situation and allow the professional to give their personal situation a proper review. Verify you are speaking with a licensed loan officer by running their name at www.nmlsconsumeraccess.org.

Hello. If your middle score is actually 640, you should have no issues getting a loan approved, provided everything else is in order. Let me know if you need additional information!

Good Morning,There are many lenders that will do conventional financing with a 640 credit score. The difficult part may be obtaining mortgage insurance if you are putting down less than 20%.If you can provide more details it will allow me to best assist you.Purchase or refinance?Down payment percentage?Property type? (single family, condo, multi family)Owner occupied residence?Jeff Drew

Why do you need a conventional loan? Is it just to aviod MI? Depending on where you live you may be eligble for a USDA loan.Call me for deatils 610 768 7788 Mike

There are many lender that allow 640. If you are putting less than 20% down it might be the mortgage insurance carrier that will not qualify you?www.guidetomortgageplanning.com

For a conventional loan you will need to have 20% equity or have a 20% down payment on a purchase. PMI companies will require a minimum 660 score to write the required insurance for any loan more than 80% of the homes value. With that said, and assuming you have 20% equity, a 640 score will qualify you for a conventional loan. In certain cases, you may be better off with an FHA loan if the rate difference is enough to offset the cost of the FHA insurance. This will greatly depend on the amount of equity in your home because conventional financing will require you to pay a higher rate depending on how much equity you have. I'll be glad to present you with all options. You can reach me at 866-766-1918.