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

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Trevor Curran’s answer
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

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0 votes Thank Flag Link Tue Aug 13, 2013
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!
5 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
Hello Monica,

I see where you are getting a lot of conflicting story so i thought i would chime in and set the records straight. Yes you can get a conventional loan with a minimum of 620 credit score and other compensating factors, as also you can get loans such as Community 97 and My Community with 3% down payment without knowing the full details of the situation and avoiding FHA with its high MIP/PMI.

Not only can I help you get a great mortgage loan, I also have the technology to ensure you can qualify with the healthiest credit file possible. Did you know your credit file may contain errors or other issues that are holding down your credit score? Instead of simply qualifying based on your current credit score, we’ll use our credit proofreading software to give your credit file a checkup and ensure your credit score is as strong as it can be.

Whether you’re, buying, building or Re-Financing your dream home, you have a lot riding on your decision. Market conditions and mortgage programs change frequently, and I welcome the opportunity to serve your needs with quick and accurate real estate financing advice. I have the expertise and knowledge to help you determine the absolute best loan program to meet your objectives. Get my Top 25 Questions for FREE that you should be asking your lender before you choose them to secure a mortgage along with a FREE copy of The 8 Deadly mistakes to avoid when buying a Home. If you are already working with a lender, don’t be shy to give me call so I can price the same mortgage for you with less cost. What do you have to lose but your money? Do you want to save even more money towards closing cost? If so sign up for the Relocation club and the Realtor will comp you up to 20% of their commission towards your closing cost. See link for details…

Ensuring that you make the right choice for you and your family is my ultimate goal. I am committed to providing my customers with mortgage services that exceed their expectations.. As always, you may contact me anytime by phone, fax or email for personalized service and receive expert advice from a Bank Mortgage Banker who is responsible for the decisions on all mortgages coupled with over 17 years of experience in the industry.

I look forward to working with you! And making your dreams a REALITY
Lowell Sterling
Mortgage Banker
NMLS# 968898
1910 Firman Dr, Suite 104 | Richardson, TX 75081
Phone: 469-347-3572| Fax: 469-519-8765
1 vote Thank Flag Link Wed Aug 7, 2013
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
Hi Monica,

With a 20% down payment, the minimum credit score required will be 620 for a conventional mortgage. Depending on whether or not you get approved through an automated underwriting system, your debt to income ratio can be as high as 50%.

If you think your ratios are going to be a problem then we should look at other options.

For example: FHA only requires a down payment of 3.5% which would allow you to use your down payment to pay off other debt.

Here's another way to look at it. You'll save about $190 per month on a conventional loan VS an FHA mortgage BUT you're going to put an extra $19,800 down on the conventional loan. IF you can apply that money to other debt and reduce you monthly payments by over $190 you'll set your self up in a better situation.

Please feel free to contact me for more information or help.

John Burke
Senior Mortgage Banker
Peoples Bank & Trust Co.
0 votes Thank Flag Link Mon Aug 19, 2013
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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