Posted on: 05th Feb, 2011 01:44 pm
I have a median credit score of 680. I have the money to do both 10% and 20% conventional loan if needed. I was just declined on a 5% conventional loan because of the 680 credit score. I was told I needed a 720. With 10% down I am having difficulty getting a lender. Do all conventional loans require a 720 median credit score? I need to close my deal.
How long ago and where did you get your credit scores from? If you applied for a home loan then you should request a copy of Notice to Home Loan Applicant and Consumer Score Disclosure from whoever took your application. This form will also include the main 4 factors that adversely lowered your score.
First, with that information, you can check to see if there were any errors on your credit reports. Even if there are no errors you could possibly make some changes on the credit you current have that could quickly raise your scores.
An example could be to pay down some balances on a credit card to reduce the utilization ratio. There are several other things you might be able to do that could raise your middle credit score by 20 or more points. Some lenders can use what is called rapid rescoring and in a matter of days get these changes made for you. Bottom line is to first know what the key factors are and then you could move ahead. Otherwsie you could get a FHA loan with the 680 credit score you now have. Also possibly a rural development loan depending on the area you are looking to buy.
First, with that information, you can check to see if there were any errors on your credit reports. Even if there are no errors you could possibly make some changes on the credit you current have that could quickly raise your scores.
An example could be to pay down some balances on a credit card to reduce the utilization ratio. There are several other things you might be able to do that could raise your middle credit score by 20 or more points. Some lenders can use what is called rapid rescoring and in a matter of days get these changes made for you. Bottom line is to first know what the key factors are and then you could move ahead. Otherwsie you could get a FHA loan with the 680 credit score you now have. Also possibly a rural development loan depending on the area you are looking to buy.
