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What kind of credit score so u need for a conventional loan

by Jaredpeters11473 from , California. Aug 15th 2013 Reply


James Mazzola (Mazzola)
#110 ranked lender in New Jersey - 313 contributions

Generally 640 of better, But the lower your score, the higher the rates

Aug 16th 2013
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Michael Zimmerman (MichaelZimmerman)
#62 ranked lender in Virginia - 36 contributions

Best practice would be to contact a local lender in your area, to discuss all options based on your current and future credit situation.

Aug 16th 2013
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Joe Metzler (JoeMetzler)
#18 ranked lender in Minnesota - 3,981 contributions

Generally speaking, most lenders will want a 660 or higher, but you can go down to 620 with a few lenders. Be very aware that your interest rate for a 620 score will be significantly higher than someone with a good score.

Aug 16th 2013
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Ernesto Marez (Ernesto)
#68 ranked lender in Maryland - 137 contributions

we can do a 620 conventional

Aug 16th 2013
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Carlo Sanchez (MortgageLendingPro)
#0 ranked lender in Utah - 1,163 contributions

620 but it really depends on the type up loan you are trying to get and if you need to get mortgage insurance it gets pricey under a 680 so you will really want to compare that to FHA. Also rates under a 680 on a conventional can skyrocket the closer you get to a 620 and some conventional loan programs you need a minimum of a 660 anyway.

Aug 16th 2013
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Dave Metsker (DaveMetsker)
#37 ranked lender in Oregon - 2,317 contributions

620, or better.

Aug 16th 2013
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Jason Vondrak (jvondrak)
#217 ranked lender in California - 1,741 contributions

Usually 620 or higher is required for a conventional loan. However, the lower your credit score, the higher the interest rate is that you will receive.

Aug 16th 2013
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