Posted on: 26th Aug, 2011 01:23 am
Me n my spouse is planning to purchase a house. But all that we’re look at are above the FHA limits. I know banks are looking for 640+ for FHA, but what about conventional?
Hi Guest,
Conventional loans will require an higher credit score. You will require a credit score of 700-720 in order to get a conventional loan. Apart from that, you will have to offer a down payment of 20% in order to get a loan.
Take care.
Conventional loans will require an higher credit score. You will require a credit score of 700-720 in order to get a conventional loan. Apart from that, you will have to offer a down payment of 20% in order to get a loan.
Take care.
You need to provide more details. Do you know what your actual mortgage lender credit scores are? What home prices are you looking at and what do you have for a down payment (plus closing costs)? Also, what type of work history do you have and how stable is your income?
Conventional maximum loan limit is $417,000 in all counties and states for single family homes..
The limit can be higher in some HIGH COST COUNTIES.
Is the mortgage you want/need under $417,000?
The minimum credit score is 620 (some Freddie Mac lenders can go down to a score of 580).
However, the lower the score, the higher the mortgage rate and the down payment required may be higher.
If your down payment is less than 20%, then Private Mortgage insurance will be required and the PMI companies have their own minimum credit score and down payment requiriments.
Without knowing your down payment and mortgage amount and credit score, it is too cumbersome to write a book about all the combinations and possibiliites.
If you can provide a little more information, we can be a little more exact on what is available for you.
Need to know county and state, what % down payment, approximate mortgage amount, and what area your credit score is in.
The limit can be higher in some HIGH COST COUNTIES.
Is the mortgage you want/need under $417,000?
The minimum credit score is 620 (some Freddie Mac lenders can go down to a score of 580).
However, the lower the score, the higher the mortgage rate and the down payment required may be higher.
If your down payment is less than 20%, then Private Mortgage insurance will be required and the PMI companies have their own minimum credit score and down payment requiriments.
Without knowing your down payment and mortgage amount and credit score, it is too cumbersome to write a book about all the combinations and possibiliites.
If you can provide a little more information, we can be a little more exact on what is available for you.
Need to know county and state, what % down payment, approximate mortgage amount, and what area your credit score is in.
