12-21-2012 07:39 AM
I have a credit score of TU 696 and Eq 690 as of now. I want to buy a condo in NJ with 5% down. Is it possible to get a conventional with credit score
I dont have any debt as of now(just closed a personal loan, not reflected in credit report yet) and have credit card payments which I mostly pay in full or have less than 10% of credit limit as balance(The minimum payment will be less than $100)
12-21-2012 09:31 AM
Not sure if it's different in NJ, but in CA you have to do 10% down on a condo or townhouse with a conventional loan. That's the route I'm going. The PMI is a lot less as well. Especially with the changes to FHA loans coming up. Good luck to you.
12-21-2012 10:50 AM
NACA offers conventional loans with 0% down, no closing costs, 30 year fixed at excellent rates.
Copyright ©2001-2013 Fair Isaac Corporation.
All rights reserved.
IMPORTANT INFORMATION: All FICO® Score products made available on myFICO.com include a FICO® Score 8, along with additional FICO® Score versions based on Experian or Equifax data (additional FICO® Score versions based on TransUnion data are not currently available on myFICO.com). Your lender or insurer may use a different FICO® Score than the versions you receive from myFICO, or another type of credit score altogether. Learn more
FICO, myFICO, Score Watch, The score lenders use, and The Score That Matters are trademarks or registered trademarks of Fair Isaac Corporation. Equifax Credit Report is a trademark of Equifax, Inc. and its affiliated companies. Many factors affect your FICO Score and the interest rates you may receive. Fair Isaac is not a credit repair organization as defined under federal or state law, including the Credit Repair Organizations Act. Fair Isaac does not provide "credit repair" services or advice or assistance regarding "rebuilding" or "improving" your credit record, credit history or credit rating. FTC's website on credit.