Conventional Loan Minimum Credit Score

[DallasLoanGuy]

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@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.

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

depends on automated

just about anyone should have the same.

[tooleman694]

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..

[DallasLoanGuy]

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@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..

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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

[primeonetx]

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

[tooleman694]

FHA took me..

[Peter1142]

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

[Anonymous]

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.