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Super Contributor
Posts: 6,460
Registered: ‎07-03-2007
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Re: Conventional Loan Minimum Credit Score

[ Edited ]

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.

 

 

* While I try to visit the forum often, please feel free to contact me directly with a link to your post if I fail to answer a follow up question.

* Lending across the entire 'Great State of Texas' since 2004
Valued Contributor
Posts: 2,300
Registered: ‎08-25-2011
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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..

Super Contributor
Posts: 6,460
Registered: ‎07-03-2007
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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

 

 

* While I try to visit the forum often, please feel free to contact me directly with a link to your post if I fail to answer a follow up question.

* Lending across the entire 'Great State of Texas' since 2004
Member
Posts: 45
Registered: ‎04-01-2013
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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

Valued Contributor
Posts: 2,300
Registered: ‎08-25-2011
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Re: Conventional Loan Minimum Credit Score

FHA took me..

Frequent Contributor
Posts: 492
Registered: ‎08-17-2013
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Re: Conventional Loan Minimum Credit Score

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

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