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Can I get a conventional loan with a middle credit score of 629?

My debt to income ratio is fine, and no real hiccups in my credit report. I just want to know, if FHA is the only way to go or, if there are other loan options with my credit score. I am in Ohio. by tamparuth877 from Saint Cloud, Florida. Jan 27th 2017 Reply


There ia no exact rule on that. You would need to see if automated underwriting would approve it. Compensating factor like alot of equity and ample reserves do make a difference. I am licensed in florida. Tom@lendfm.com678-571-7433

Jan 28th 2017
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Thomas Dasta (lendfm)
#32 ranked lender in Georgia - 41 contributions

There ia no exact rule on that. You would need to see if automated underwriting would approve it. Compensating factor like alot of equity and ample reserves do make a difference. I am licensed in florida. Tom@lendfm.com678-571-7433

Jan 30th 2017
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John Burke (jburke)
#31 ranked lender in Texas - 187 contributions

Hi Tamparut877,It is possible to qualify for a a conventional loan with a 620 but your rate & PMI will be higher. An FHA loan will end up giving you the lowest payment. The is another option depending on where you want to live & how much you make. The No Money Down USDA mortgage.| Please feel free to contact me for more information or help. | John Burke | Senior Mortgage Banker | Great Plains National Bank http://www.valoansdoneright.com | (877)228-9069 | Lending in ALL 50 states

Feb 8th 2017
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Mike and Jill Kohler (LenderMike)
#31 ranked lender in Pennsylvania - 56 contributions

It really depends on the lender. Some lenders will go down to a 580 score. Contact a local mortgage professional, they will have a whole list of lenders they deal with and will try and match you up with the right bank for your scenario.

Feb 9th 2017
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