Can I get a conventional loan with a credit score of 692, 639, and 648? I have the required 20% to pay down, I currently have a FHA loan

Asked by jessica.and.james, Memphis, TN Fri Apr 5, 2013

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Kevin and Ju…, Agent, Wildomar, CA
Fri Apr 5, 2013
BEST ANSWER
Best way to know is to visit with a reputable mortgage lender and have them pre-qualify you. Bring income and asset info with you. On the surface, it looks like you could qualify, but your debt-to-income ratio will need to be considered. They will compare everything from your credit report to see if it will work -

Good luck!
1 vote
Anna M Brocco, Agent, Williston Park, NY
Sat Apr 6, 2013
Visit with any licensed loan officer, after reviewing your overall financials, he/she can better explain all your options.
1 vote
Powerhouse S…, , Great Neck, NY
Wed May 8, 2013
Yes. Email us at solutions@phsloans.com. You will LOVE Powerhouse Solutions!

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Javier Menes…, Mortgage Broker Or Lender, Melville, NY
Fri Apr 5, 2013
Jessica, you can absolutely get a conventional loan, no doubt about it. Obviously, as long as you qualify with all other determining factors (credit, income, assets, etc.).

I will however suggest that you allow a Loan Officer to review your credit and see if there is anything you can do to improve your scores, why? So that you get a better rate. Often it takes something small to quickly increase your scores. Perhaps lower the balance on one of your cards, or something like that. Us Loan Officers have systems that allow us to see exactly what you can do and how much more your credit scores will increase as a result. This allow us together to determine if its worth doing a rapid rescore, which means we have our credit company to provide an updated report with the new balances and the higher credit scores, which usually takes 3 or so business days.

I'll be more than happy to speak with you and give you more information on your options. Good luck!

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Javier Meneses
Senior Loan Officer
NMLS #23130
STERLING NATIONAL BANK
310 Crossways Park Drive
Woodbury, NY 11797
jmeneses@snb.com
(516) 606-9648
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