cancel
Showing results for 
Search instead for 
Did you mean: 

Conventional Mortgages Score Requirements

burghboy
Established Member

Conventional Mortgages Score Requirements

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. 

3 REPLIES 3
dragontears
Senior Contributor

Re: Conventional Mortgages Score Requirements


@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. 


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

Message 2 of 4
MauiMan85297
Established Contributor

Re: Conventional Mortgages Score Requirements

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.....



Message 3 of 4
ShanetheMortgageMan
Super Contributor

Re: Conventional Mortgages Score Requirements

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.

Helping people with mortgages (FHA, VA, USDA, Fannie, Freddie, Non-Prime, Construction, Renovation/Rehab, Commercial) since 2002
Located in Southern California and lending in all 50 states
Message 4 of 4
Advertiser Disclosure: The offers that appear on this site are from third party advertisers from whom FICO receives compensation.