A conventional home loan is a loan provided in a necessary amount by a lending institution to the borrowers with the interest rate depending on their credit history. So, what credit score is needed for a conventional loan?
For such a mortgage type the credit rating requirements differ from lender to lender.
However, in most cases the borrower will be required to have the score of at least 620 to apply for a conventional mortgage. Bear in mind if you buy a home and ready to invest as high as 20 percent down payment, then the loan provider will most likely allow the score below 600 on the condition you have a good payment history.
Additionally, the great thing about conventional loans is that the procedures can go faster than with other loan types.