Posted on: 05th Feb, 2011 02:18 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% connventional 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.
lenders require 680 for 10% down because the pmi companies need that score.
you only need a 620 for 20% down.
maybe your lender doesnt have a pmi company that goes down to 680
you only need a 620 for 20% down.
maybe your lender doesnt have a pmi company that goes down to 680
In what state is the property located?
As Tom noted above, not all lenders have access to the same Private Mortgage Insurance companiesand not all states, due to some in declining market areas, have the same Private Mortgage Insurance guidelines.
As Tom noted above, not all lenders have access to the same Private Mortgage Insurance companiesand not all states, due to some in declining market areas, have the same Private Mortgage Insurance guidelines.
