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My credit score 637 . Can I get approved for conventional loan ? I'm already pre qualify for fha thank you

by Martinianoj497 from , Massachusetts. Aug 27th 2013 Reply


William J Acres (William_Acres)
#73 ranked lender in Arizona - 8,726 contributions

Unfortunately, most lenders require a 660 or greater for conventional financing.. however there are other options available to you.. you could work on improving your credit score.. a qualified mortgage consultant can show you how to improve your credit score marginally and all within 30 days.. a cosigner will never help someone with a low score. They are intended for no score borrowers or insufficient income borrowers.. I'm a Broker here in Scottsdale AZ and I only lend in Arizona. If you or someone you know is looking for financing options, feel free to contact me or pass along my information. 480-287-5714 WilliamAcres.com

Aug 27th 2013
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Robert Oliveira (roberto)
#13 ranked lender in Massachusetts - 89 contributions

Hi Martin, No you can not but if you let me look at your credit and I may be able to help you increase that so that you may get a conv loan. Please get in touch with me 508 802 0935 or email robertoliveira51@gmail.com

Aug 27th 2013
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Even with co borrower

Aug 27th 2013
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Hi you can't be on loan conv with score that low if coborrower can do on own be best but if you wait for 30 days or discuss with me you will see is best to wait and do it right as conventional will also save you money monthly... Does not take long to bring score up

Aug 27th 2013
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Kiernan Brown (KiernanBrown)
#51 ranked lender in Michigan - 149 contributions

Yes you can do a conventional loan with a 637 credit score (down to 620). You would require at least 10% down provided you can qualify for Mortgage Insurance. I recommend Radian. I just priced it and you monthly MI would be based on a rate of .76% (.0076). If you have the 10% down this may be a good option for you. Call me with any questions 517-240-3015. I will try to find a lender for you.

Aug 27th 2013
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Patrick Slattery (pslattery)
#39 ranked lender in Massachusetts - 5 contributions

Hi, I can write a conventional loan down to 620 and an FHA loan down to 600. I also offer a free credit analyzer and rapid re-score to get your score up. In many ways your credit score can affect your rate so a higher score is worth working on. I closed a purchase loan for borrowers last month. When I received the application the borrowers score was 584. In a month we had his score up to 661 and he qualified for a conventional loan. Please contact me if you'd like to proceed with a credit report. 978-375-1489 cellular, slatteryteam.com. Thanks.

Aug 27th 2013
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Steven Karp (stevek81)
#9 ranked lender in Rhode Island - 139 contributions

yes , absolutely, minimum needed is 620, but because you are a 637, expect to pay about .25% to.375% more than current market rate come lock in time, but you can absolutely do this as long as you qualify income , asset and ratio wise....if any interest please feel free to contact me Steve Karp at 781-640-5592 or via email skarp@emeryfs.com.

Aug 27th 2013
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Sara Deere (Mortgagequeen2)
#1 ranked lender in Missouri - 550 contributions

I suggest getting some assistance in raising your credit score in order to qualify and obtain a lower rate loan.

Aug 27th 2013
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A 620 credit score does qualify for conventional loan financing. You may reach me at gdevine@atlantichomeloans.com

Aug 28th 2013
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