Conventional Mortgages Score Requirements

[burghboy]

I know the credit score guidelines for a conventional mortgages are 620 mortgage, however are there banks that will actually work with 620 credit score on a $800k mortgage and $220k plus annual income? It just seems like they say 620 score but are really looking for at lease 660 otherwise you have a hard time finding a bank to close with. 

[dragontears]

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@burghboy wrote:

I know the credit score guidelines for a conventional mortgages are 620 mortgage, however are there banks that will actually work with 620 credit score on a $800k mortgage and $220k plus annual income? It just seems like they say 620 score but are really looking for at lease 660 otherwise you have a hard time finding a bank to close with. 

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Do you have 20% down payment? PMI will eat you alive with those scores. 

[MauiMan85297]

That's most likely a JUMBO loan and you don't qualify with a 620 score (unless you're in a high value area).  Doesn't matter what the income is.....

[ShanetheMortgageMan]

If your county loan limit goes that high then you'd technically meet the requirements of Fannie Mae or Freddie Mac and it's possible to get an Approve/Eligible through automated underwriting (the first part of the process of getting approved).  If your county loan limit doesn't go that high then it's a jumbo loan and there are lenders that will go down to that credit score but the down payment requirements increase.