Can I get a conventional mortgage with a credit score below 700?

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I applied for a conventional mortgage at a bank and I was informed that I had to have a minimum credit score of 700 to qualify for a conventional loan. Is this a standard mortgage minimum or just the limit set by that particular bank?

4 Comments
  1. Reply
    ibu guru
    May 2, 2011 at 6:16 am

    Qualifications for getting a mortgage are obviously much stricter than they were a few years ago. It is no longer uncommon to require a minimum FICO of 700, tho it is not a universal requirement. Do you have 20% down? Plus all closing costs? Do you have at least 3 years on the job, and would your employer be likely to write an employment verification letter which specifies your chances of continued employment as “excellent”? If you are in the high 600’s, close to 700, but have cash, etc, you might find a mortgage lender. The rates might not be as good as your own bank where you have a relationship and track record of managing your money.

  2. Reply
    jewel_leeee
    May 2, 2011 at 7:00 am

    This is a good site to get a start on some answers.

    http://www.fhaloansfhamortgages.com/

    Scroll down to this link
    FHA loans vs Conventional loans – A real comparision with 5% down – Using a 659 credit score

  3. Reply
    Noneya
    May 2, 2011 at 7:27 am

    It really depends on what you are trying to do. A lot of the guideline changes for conventional loan right now are being dictated by the PMI companies.
    If you are looking for a purchase loan on a primary home with 20% then the score requirement is specific to that bank.
    If you are putting 10% down or less and you don’t have have a 740+ score it really doesn’t make sense to do a conventional loan.

  4. Reply
    clay
    May 2, 2011 at 7:57 am

    freecreditreport.hotusa.org – try this service to boost you credit score before getting loan. After credit repair you can get the loan with minimal interest rate.

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