Are there any local lenders willing to offer a conventional loan (5% down) with a 669 credit score? Our current lender says they require a 680 score.

Asked by Liezaa, Sun Apr 29, 2012

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lendersnetwo…, Agent, Plano, TX
Sun Sep 1, 2013
Possibly, I know lenders that require a 640 score for conventional with 5% down. I would be happy to try and point you in the right direction..
2 votes
Alex Meguerd…, Agent, Valencia, CA
Tue Sep 3, 2013
Try Marcy James with Cross Country Mortgage!
Web Reference:
0 votes
Eugenia Wern…, Agent, Cranberry Twp, PA
Wed Mar 20, 2013
Any Lender or small bank that will sell your loan to the secondary market investors will have to comply with their guidelines and the secondary market investors require a credit score of 680. Speak with a qualified loan officer about your options.
0 votes
Crystal Shep…, Agent, Santa Clarita, CA
Tue May 1, 2012
Just wanted to say that I hope the info that Mike provided to you yesterday was helpful.

Good luck :) Please LMK if I can be of help as well.
0 votes
Michael Smith…, , Roseville, CA
Mon Apr 30, 2012
660 is the min for a 5% down deal Liezza!
You would need a 700 for a 3% down unless going FHA in which case 620 is fine.

Some lenders have their own internal overlays and as such it is not uncommon to see some lenders with different Fico requirements.

**Also Liezza, keep in mind that there are adds to the base rates for a 660 fico as well.
For example, the add today for a 660 fico for a 95% LTV deal is 2.75% points which will put you at a rate of 4.50% on a 30-year fixed.

I would strongly advise you take a look at FHA. Rate today is 3.75% on a 660 fico (apr 3.812%). At 3.75% today, I am paying you a lender credit of (.375%).

Something to consider.....

Of course if I were you, I would call me at 916-813-4003. I can walk you through the process and make sure you get the service you deserve!
0 votes
Once a dick always a dick!
Flag Wed May 2, 2012
Dan, Greg didn't say anything about the 3.75% rate, Greg said something about the 3.812% APR. If one were to look on my site I too have 3.75% available with a lender credit, the difference is that I actually know how to calculate and APR and the APR is NOT 3.812%.
Flag Tue May 1, 2012
Michael, I too have FHA rates that low so I am not sure why Greg says you are the only lender on the planet that does.
Flag Tue May 1, 2012
Dan Chapman, Mortgage Broker Or Lender, Kirkland, WA
Mon Apr 30, 2012
Its not a problem for us to do the loan with 5% at that credit scrore conventional.
Its can also be fairly easy to raise your credit score 15 points.
Let me know if you have questions on this.

Thanks, Dan
0 votes
Crystal Shep…, Agent, Santa Clarita, CA
Sun Apr 29, 2012
I reached out to Mike Meena of Augusta Financial (right here in Newhall) with your inquiry, and he believes 669 should be okay for 5% conventional. The final determination would be based on your whole financial picture, but it's likely that he could help you. If 669 still proves to be a challenge, Mike can assist you with credit score improvement to help you get your numbers in a more favorable range.

I always recommend that my clients give Mike a call before moving forward with their purchases, because he has so many products available to buyers...many that other lenders do not. Check him out at or call 661-260-2970. He's a no-pressure, no-hassle kind of guy, and he's a great team member for home buyers and their agents.

Here's to your successful purchase, Liezaa. Good luck!

Crystal Sheppard
Sheppard Properties
0 votes
Hi crystal, thanks for the sharing! I'll give Mike a call.
Flag Sun Apr 29, 2012
Tony Lewis, Agent, Valencia, CA
Sun Apr 29, 2012
There is a terific and honest local Santa Clarita lender that just let me know that he can get a conventional loan with a 680 FICO score and a 5% down payment. Visit my website which has the contact information and I'll have the lender speak with you and have your loan approval in less than an hour.

Tony Lewis
RE/MAX of Valencia
0 votes
Yes there is no problem with that credit score. Call or write and I'll put you in touch with Mr. Yang. Also lete me know if you would like me to put 32 years of local knowedge to word finding you the best priced and located homes to choose from!
Flag Mon Apr 30, 2012
Hi Tony, unfortunately our score is 669, not 680. Can your lender still offer a conventional loan to us?
Flag Sun Apr 29, 2012
Charles Dail…, Mortgage Broker Or Lender, St Paul, MN
Sun Apr 29, 2012
I'm in MN but licensed there. I can do conventional privately insured loans with a 669 fico but they're pricer that those with higher scores. If you can go FHA, that might be better.
0 votes
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