Can I obtain a conventional loan with a 640 credit score?

Asked by Isabella Grazia, Bronx, NY Mon Mar 11, 2013

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Maria Cipoll…, Agent, Coral Springs, FL
Thu Mar 14, 2013
BEST ANSWER
With home affordability is at the highest level ever and mortgage rates the lowest in 40 years, lenders are very strict and they are looking at everything, not only at your credit score.
They will need to check your employment history, debts levels, credit history and how much money you have in your account for downpayment and closing costs.

Best of Luck,

Maria Cipollone
http://www.Flahomespecialist.com
3 votes
lendersnetwo…, Agent, Plano, TX
Tue Sep 24, 2013
Yes, you will need a 620 credit score and 3% down for conventional loans with the Lenders I know that have helped my clients.. If you would me to refer you to a Lender please email me or visit our website..

https://thelendersnetwork.com/conventional-mortgage/
6 votes
Maria Cipoll…, Agent, Coral Springs, FL
Thu Mar 14, 2013
Yes, if everything else is good, the minimum credit score that your need to get a mortgage loan is 580.

All the best,

Maria Cipollone
http://www.Flahomespecialist.com
3 votes
Keith Jean-P…, Agent, East Brunswick, NJ
Mon Mar 11, 2013
Dear Isabella:

Depends on your situation but I will give you absolute mininums:

FHA - 580
VA - 620
Conventional - 620
Jumbo - 680

Now once in these programs, the higher the score the better the rate. So for example if you go Conventional at 620, for the better rate you need 720+. There are also tiers for rates. For example from 620-639, a different rate, 640-659, a different rate, etc. Hope this helps.
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