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Conventional Loan Minimum Credit Score

Super Contributor

Re: Conventional Loan Minimum Credit Score


tooleman694 wrote:

Last time I looked, if you had under a 680 and less then 20 percent down then the backend ratio tops at 35 percent going conventional.


 

in April i did a 626 with 5% down at 45.5%

 

depends on automated

 

just about anyone should have the same.

 

 

Retired Lender
Message 11 of 18
Highlighted
Valued Contributor

Re: Conventional Loan Minimum Credit Score

I had a middle score of 670 something with 10 percent down and when I tried conventional I got an EA1 or something like that..

Message 12 of 18
Super Contributor

Re: Conventional Loan Minimum Credit Score


tooleman694 wrote:

I had a middle score of 670 something with 10 percent down and when I tried conventional I got an EA1 or something like that..


 

EA1 = expanded approval....  think of it as a downgrade to manual underwrite. those are going away.... in January I think.

 

you got that as a result of the whole file..... NOT because of score and down payment

 

 

Retired Lender
Message 13 of 18
Member

Re: Conventional Loan Minimum Credit Score

I close loans with scores lower than 670 with 5% down without a problem.  The EA-1, meaning not approvable by most standards today, indicates that there are other issues that the automated system found.  You have to have some compensating factors to outweigh the weaknesses.

 

Scott Drescher

Message 14 of 18
Valued Contributor

Re: Conventional Loan Minimum Credit Score

FHA took me..

Message 15 of 18
Established Contributor

Re: Conventional Loan Minimum Credit Score

The LO I just spoke to told me 45% max for conventional.

Message 16 of 18
Member

Re: Conventional Loan Minimum Credit Score

 
Message 17 of 18
New Visitor

Re: Conventional Loan Minimum Credit Score

For the conventional loans: How does student loans play into the DTI when the payments are $0?  Also, with a conventional loan, can you do it by yourself or do you have to put your spouse or include anything from them?  thanks.

Message 18 of 18