Credit score for conventional mortgage
Does my credit need to be spectacular to get a Conventional mortgage? Many ask us this question, and the answer will depend on many factors.
While having great credit does help you get better rates and deals, the average U.S. consumer today has a 650 credit score. Showing your ability to repay your debts, and not having recent issues that are negatively affecting your score can help. Your loan approval all depends on your application and financial standing. Your credit can rise very fast depending on factors in your credit report. Our goal is to help you get approved. We’ll help guide you with improving your credit score and history as well to help you get the best rates and programs available.
So, what is a good credit score for conventional mortgage?
Typical Credit Scores for Conventional Mortgage
To qualify for a conventional loan, you’ll typically need a credit score of at least 620. Borrowers with credit scores of 740 or higher can make lower down payments and tend to get the most attractive conventional loan rates.
Credit score for conventional mortgage – Final Takeaway
-> We specialize in Conventional Mortgage Loans and will help you get approved with 620 credit score and more!
-> We have many types of loan programs that help you purchase real estate.
The best thing you can do is contact me today to help you get questions answered and get the process started on obtaining a conventional mortgage loan.
The quicker we intake your information, the faster we can work with our lending institutions on getting your loan approved.