Credit Score in San Antonio>Question Details

Monica Burgos, Renter in San Antonio, TX

what is the minimum credit score to qualify for a conventional loan?

Asked by Monica Burgos, San Antonio, TX Mon Aug 5, 2013

Help the community by answering this question:


I know a lender that can do conventional loans with a 620 credit score and 3% down. If you would like a referral visit our site or email me anytime.

Good Luck!
7 votes Thank Flag Link Sat Sep 28, 2013
620 minimum credit score for 95% financing, to qualify for the lowest down payment.

Check if you qualify for a mortgage. Try
1 vote Thank Flag Link Sun Aug 18, 2013
Good evening Monica,

We see many credit reports with low credit scores (anything less than 620), and often many scores in the 500's. This is BAD credit. If you are one of the folks affected by this terrible economy, you have a low credit score and you have a dream of buying a home, here's some simple advice for you.

It is unlikely you could be approved for mortgage financing with that credit score at this time.

Beware of any mortgage professionals promising you an approval with such a low score. Wait on buying a home. I recommend you take the time to resolve your credit issues.

First, settle any outstanding debt. If you owe money on collection accounts, charge-offs and/or judgments, make payment arrangements and get these accounts paid promptly.

Next, begin rebuilding your credit. If you have current accounts with good payment histories, or even some previous late-payment-blemishes, make sure you continue to pay those accounts on time. If you do not have any existing credit accounts then you'll need to establish several in order to create a viable credit history.

I have found that CONSUMER ACTION is an excellent resource for objective advice on all things credit related. You'll find free and sincere advice on everything from settling collection accounts to rebuilding credit to building credit from scratch on their website.

Beware of anyone offering to "repair" your credit! The Federal Trade Commission issued a stern warning last year that such offers are scams. Find more from the FTC HERE.…

The best way to buy a home is to have a decent credit history combined with sufficient Income and Assets for a home purchase.

The best way to have a decent credit history is to settle negative outstanding obligations and pay all your bills on time for at least two years.

Trevor Curran
NMLS #40140

*If you thought my answer was helpful, please give me a “Thumbs Up” or “Best Answer.” Thanks!
1 vote Thank Flag Link Tue Aug 13, 2013
I really appreciate the link to Consumer Action. It has helped me immensely; no longer do I feel stuck. Thank you!
Flag Tue Sep 16, 2014
Hi Monica
There is not a black and white answer. It depends

The basic things it depends on are:
-Down Payment
-Debt-to-income ratio
-Purpose of loan: Purchase, Rate/Term Refinance, or Cash Out Refinance
-Type of home: Primary Residence, 2nd/Vacation Home, or Investment Property
-Number of units

The minimum allowable in any instance is a 620, although you may need a higher credit score depending on the variables listed above. For example, if you are only putting 5% down or if your debt-to-income ratios are high (over 36%) then you may need higher credit scores to qualify.

Your best bet is to speak with a lender well in advance of purchasing a home so we can go over your situation and lay out the best options for you, and also to troubleshoot and put together a gameplan to put you in the best shape possible to get a low rate and qualify for a home loan.

Hope this helps! Call me or email me if I can be of assistance to you.

Tony Grech

Loan Officer -NMLS #977416

WCS Lending, LLC
Toll Free: 866.936.5363 ext. 278
1 vote Thank Flag Link Mon Aug 5, 2013
That helps a lot.
We are looking to purchase 1 primary home in the $120,000 range
We have 20% down.
635 credit score.
debt to income may be our downfall, but sounds like it may be something we could work with.
Flag Mon Aug 5, 2013
The lending world is ever changing so your best bet is to reach out to a company like Home Loans For All or The Lender Spot. We send a ton of clients to Home Loans For All specifically and we highly recommend them.
0 votes Thank Flag Link Wed Feb 17, 2016
620 for me with as little as 5% down.

Tom Burris
Mortgage Banker
(214) 763-4629 cell/text/nights/weekends(Really!!)
Lending all across the entire Great State of Texas!!
NMLS# 335055
Search Dallas area MLS for FREE. No registration =>
0 votes Thank Flag Link Tue Aug 6, 2013
Most lenders require a 620 credit score. There are a few that my take lower, but then there are other item that have to be good. I can refer you to lender and it wouldn't cost you anything to get pre-qualified and if your score is not up there yet, he could tell you what is on your credit report bringing it down and tell you what you could do to get your credit score up.

Kay Kirby, Realtor

9514 Console Dr. Suite 103
San Antonio, TX 78229
Cell (210)317-0017
Phone: (210) 377-0300
Fax: (210) 377-0018
0 votes Thank Flag Link Mon Aug 5, 2013
Good afternoon, Ms. Burgos.

Tony did a wonderful job of breaking it down! If you're looking for someone local to speak to, I can help you identify someone through my network of professionals. As Tony alluded to, this is an important step to take prior to starting your house hunt. While all Realtors vary, like most I typically require that my clients obtain pre-approval/qualification before viewing any properties. It sounds like you're on the right track!

Best of luck, and let me know if I can be of any assitance when ready to find a home!

Liz Petroff, REALTOR®
Texas Premier Realty
(210) 464-8100

0 votes Thank Flag Link Mon Aug 5, 2013
It really depends. Technically I have lenders I broker with that can go as low as 580 but those are difficult if not impossible to get done because usually there are other issues that make the loan impossible with a score that low.

Hope this helps.

Don Groff | REALTOR® & Mortgage Broker
Austin Real Estate Pros & 360 Lending Group
o 512.669.5599 | m 512.633.4157 |
websites: |

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0 votes Thank Flag Link Mon Aug 5, 2013
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