Valued Member
Posts: 33
Registered: ‎02-17-2009

Want to buy with 5% down



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)


Pl advise

Valued Contributor
Posts: 2,297
Registered: ‎08-25-2011

Re: Want to buy with 5% down

Middle score of 680 is what is needed for conventional.

Valued Member
Posts: 42
Registered: ‎01-19-2012

Re: Want to buy with 5% down

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.

EQ FICO score from here... EQ 716
USAA monitoring Experian Plus scores : EX 773 EQ 773 TU 785
Valued Contributor
Posts: 1,062
Registered: ‎05-26-2010

Re: Want to buy with 5% down

NACA offers conventional loans with 0% down, no closing costs, 30 year fixed at excellent rates.

BK7 Filed 8/11/2009 Discharged 11/23/2009. Purchased new home 4/11/2012
Starting Score:11/16/2009 EQ 566 11/16/2009 TU 538
Interim Score: 12/27/2012 EQ 683 09/17/2012 EX (lender) 670 1/01/2013 TU 701
Current Score: 11/06/2013 EQ 708 11/06/2013 EX 702 11/16/2013 702 11/06/2013 TU 729
Goal Score: EQ 740 EX 740 TU 740
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