I am new here!
I have been reading and need some feedback regarding the best banks to obtain a conventional loan at a 620 credit score? Right now.. I am going to try Wells Fargo's 1st Mortgage program. I have a opportunity to buy a home but FHA is not an option.
620 is typically good enough for a conventional loan and rates and fees should be similar across the board and you will get what you pay for.
If you want high quality service, don't be afraid to pay a little extra.
Buy bargain brands at Wal-Mart and Ollie's Outlet at a discount, but don't discount the value in obtaining a experienced and knowledgeable mortgage professional for your first home.
Sorry, I reckon I misunderstood your inquiry. You stated FHA is not an option---so I figure it must be due to the condition of the subject property not being able to pass the appraisal qualifications or that you are looking for an Investment Property.
Because; generally speaking, with a credit score below 680, FHA will more than likely be a better loan program for a consumer when it comes to the APR thanks to HUD insuring the loan for your lender.
Your rate will be high and the cost of getting the loan (discount points) will be high as well. Sounds like it may be a condo that's not FHA approved.
No, the property does not accept FHA loans.. so I need a conventional loan.
Most sellers are clueless about FHA loans. What is the reason they aren't accepting FHA loans? Is it because of the condition of the property? If so, then FHA has a rehab loan called FHA 203(k) that can finance any needed repairs/renovations.
It's possible to qualify for conventional with a 620 score. If I had a 620 score and was looking for a mortgage, I'd use a mortgage broker so they can shop around to find a lender who is OK with your situation.
Correct, FHA only allows deed restrictions if it meets one of the following exceptions listed at https://www.ecfr.gov/cgi-bin/retrieveECFR?gp=&SID=edeb747250479b13cc6f26239fbb7bf8&mc=true&n=sp24.2.....
Any company that has a minimum score of 620 or below will tell you that it's a possibility. You'll want to ask friends, family and your real estate agent for a referral.