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Credit score required for conventional loan with 5% down?

Profile picture for user5546110
Hello! What creidt score is necessary to qualify for a conventional mortgage with 5% down? My husband and I have credit scores approximately 680 range and are looking to buy a house around 350k in the San Francisco bay area. We have been preapproved with FHA for a bit over 400k, but most sellers won't even consider FHA these days. Getting to 20% down isn't really goign to work for us, but we could certainly do 5%. Is this even a remote possibility with our credit score? Thanks in advance!
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September 10 2012 - Hayward
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Answers (2)

Profile picture for Ivan at PlazaLoans

5% down is definitely an option with that credit score. there are several MI companies that you can get a quote online. With rates so low...you can get a single premium insurance (no monthly) with a lender credit and a rate under 4% with that score!

With that said: Your Agent may have to get creative and sweeten the  pot for the seller...like paying some title costs. I have several FHA buyers getting offers accepted with no additional out of pocket costs. Have your Mortgage Professional work with your Real Estate Agent to make it happen. 
 
If you have any questions...do not hesitate to reach out to me!

Ivan

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September 13 2012
Profile picture for Brian GFL Capital
if you are willing to pay monthly mortgage insurance your scenario will work with your 680 credit score and 5% down
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September 10 2012
 

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QuestionCredit score required for conventional loan with 5% down?
  • Latest answer by Ivan Diaz
  • September 13 2012
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