What fico score do you need for a conventional loan?

620 on conventional with most of us, others are at 640 and even 660.....the higher the score, the rate gets a bit better....probably a .25% difference between say a 621 and a 721 credit score....

Hi Jill,620 is the minimum for conventional. We can go lower on FHA. Please let me know if you would like a free, no obligaion analysis and credit check.Robert GaragusiNMLS #170077BancStar Mortgage, LLC8120 Woodmont Ave. Suite 830Bethesda, MD 20814240-644-6243 Direct301-346-6471 Mobile301-656-1005 Faxrgaragusi@bancstarmortgage.com

620 minimum

The other comments are correct, a 620 middle credit score for all borrowers on the loan is required for a Fannie Mae or Freddie Mac conventional loan. Spouses do not need to be on a conventional loan unless their income is necessary to qualify. Title for the property is a separate idea and spouses can remain on title without being on the loan (the NOTE).If a borrower's credit score is less than 620 and their income is necessary to qualify, you could consider a FHA loan. There are sources that will go down to 550 on FHA financing (if the score is lower than 580 the downpayment required is typically 10%). Most FHA lenders will go down to a 580 score with a 3.5% minimum downpayment, which is the FHA standard minimum downpayment.

It varies from lender to lender. We lend down to a 620 score on conventional loans. Let's discuss your loan scenario in more detail. Contact me at 800 315 8803. My name is Jamie and I have been lending nationwide since 1989. I am happy to answer your mortgage questions, 7 days a week and review your loan scenario. Until then, I look forward to hearing from you. Jamie Lynne - www.bartprequalifies.com - email Jamie@bartprequalifies.com - 800 315 8803

Great day to you! Generally you would need at least a 620 fico score. Please contact a local mortgage broker in your state and you can find a professional at www.namb.org The Association of Mortgage Professionals. They can talk to you about the best options for you. Thank you and have an amazing day!

Fannie Mae and Freddie Mac both require a 620 or greater, however, with a score that low, it's probably best to use FHA financing. For conventional, there are some pretty severe pricing hits for low score borrowers and if your not putting 20% or more down, the mortgage insurance is nearly as expensive as FHA's, but FHA will have a much lower rate.. This is why I always suggest you sit down with a mortgage professional and let him look at your complete loan scenario. After he see the complete profile, he can guide you to the right loan product. Typically, you wont get this type of service with your local bank.. the loan officers there are merely application takers, and typically don't have the training to decipher what's best for you.. I'm a Broker here in Scottsdale AZ and I only lend in Arizona. If you or someone you know is looking for financing options, feel free to contact me or pass along my information. William J. Acres, Lender411's number ONE lender in Arizona. 480-287-5714 WilliamAcres.com