Conventional Loan Credit Score Requirements

Back to questions list

Conventional mortgage loans can be given to the borrowers who have the credit score exceeding 620. It’s a critical minimum you need to have to apply for a loan. Mind that you will need to make rather big down payment, covering about 35% of a house price.

However, you can consider the options how to buy a home with no down payment.

If your score is on such level you should better deal with small local banks, which have not so strict requirements. Also, keep in mind that you will get higher interest rate due to your low credit score.

Find also the answer to the question how can I buy a home with bad credit?

The credit score of 760 can guarantee you almost the best available financial options. You will get low interest rate and better other terms. If your score is between the minimal 620 and 760 points, you can negotiate for better conditions. Consider that requirements may differ from lender to lender, so you need to choose the most attractive terms.

Visit our site to get more professional information as to what credit score is needed to buy a home?