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Profile picture for Robin1972

What is the minimum credit score to be approved for a conventional loan?

Fico scores are 613 591 598. I have 1 year to raise my score before I will be applying for a mortgage. I'm trying to plan ahead any suggestions on raising my scores to an acceptable level in time?
  • June 13 2012 - Tampa
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Answers (20)

Profile picture for Brent Tye
Credit score requirements vary with each lender, but a 640 score with a large down payment should get you in a home.
  • December 19 2013
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In most cases you will be required to possess at least a 640 or better. But if you are buying a home and intend on placing a 20% down payment then we can accept scores below 600 just as long as you have a strong payment history. Let me know if you have questions or want to review your options.
  • December 19 2013
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You have quite a bit of time to work on your scores and should fine in a year. You need to know exactly why your scores are in that range so visiting with a reputable credit repair company might be a great idea.
  • December 16 2013
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Profile picture for getpreapprovedfast
620 would be the minimum score needed.
  • December 15 2013
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Conventional 97% loans were eliminated when Fannie Mae updated Desktop Underwriter 11/16/2013.  Certainly possible to do a 95% conforming loan (sometimes without monthly PMI if loan is structured correctly), but no 97% conventional loan options exist today.
  • December 12 2013
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Yes there is a conventional 97, which requires a 620 score and 3% down there are a few lenders that offer this program that I know personally.
  • December 12 2013
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Profile picture for user1570309
All your advice is full of bull. I have been on time with every account, never late, and always paying 1.5 times the minimum balance. My credit rating went DOWN because of the following: 

1. each time a Credit Card was bought up by another bank I got a [new] card and therefore my CREDIT HISTORY was revised now to the point that I have only 4 years of credit history out of 45 years of paying my credit cards...ON TIME.

2. When the Bank was compromised and I was issued another credit card number, I was punished by a lower credit score as well as shortened credit history.

Therefore, be honest in what you are telling the new kids on the block. Paying on time is a myth. I was denied from Wells Fargo simply for not having a credit history... I am 61... During the last year I saw my rating drop from the low 700's to 638... not only because of no credit history but also for Hard Inquiries... that I never authorized in the first place...


  • August 31 2013
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Profile picture for aglobalsolution
Hi, My name Phil, I would like some help. I have be makeing improvments on my credit, I could use some exstra advice, in fixing my credtit better.  If you could share any info, or her info? Does she charge money for some basic consultation advice...
  Thank You, Phil
  • September 13 2012
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Rapid Rescore is excellent advise Jason!

Obtaining new items of paid as agreed credit can really help your scores.
 
I know.... what to do.... when you have low scores and no one will approve my credit application?

It is really simple ....  Google secured credit cards for bad credit.

Generally, you can secure a credit card with $100.00 or more.

Once you have paid the account as agreed you can, often time, get your security deposit back.

I would apply for several secured credit cards  3 - 4 if you do not have any good credit on your credit report....or what ever the Rapid Rescoring suggests you do.

Good Luck to You!!
  • July 12 2012
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with those scores you can buy with and FHA loan.  Of course there are more elements than just FICO.  I have a great lender that will go down to a 570.  Send me a message if you would like thier information
  • July 12 2012
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Rapid rescoring will also help bring up your scores quickly, contact me through my profile and I can show you how it's done.
  • July 12 2012
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Profile picture for LynneHolloman
Do the rapid rescore!! Search for mortgage brokers on google. That way they work with multiple banks. 
  • July 10 2012
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Go to Credit Karma.  You can pull an Experian report for free, and it has a simulator that will give you points up or down for specific actions to your credit accounts.
  • June 29 2012
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If I pulled your credit report and the scores came in too low I could run a rescore program that will tell me exactly what you can do to gain more points and will tell me the approx. points you will gain by preforming each action suggested.  Let me know if I can help, my contact info is on my profile.

Regards,
Brynn Sorenson
  • June 28 2012
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Profile picture for getpreapprovedfast
620
  • June 24 2012
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In a years time, you can have scores close to 700 if not beyond.  You just need to do a few things.

1. Pay your credit accounts on time.
2. Reduce all of your credit card balances to 30% or less of their credit limits and maintain those levels at least 2 months prior to applying for the home loan.
3. Settle all collections, either in full or negotiate a lesser payment.
4. Dispute all negative items on your credit NOW to work as many off as possible over a year.  Keep disputing them (in writing) every month regardless of what anyone tells you (especially the credit bureaus).
5. Maintain at least 3-5 revolving credit card accounts, and at least 1 installment account.

This is the basic principle of credit repair.  You can either do it on your own, or hire a company that is aggressive to do it for you.  Stay away from Lexington Law, they will not help you in an aggressive manor.  They dispute slow (only a couple items per month), and don't advise you on how to raise your scores.  Their business model is to keep you making monthly payments by dragging out the process. 

I've helped plenty of clients that have used them for years with little success.
  • June 14 2012
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The current minimum score is 620 for conventional loans.  
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with the exception of HARP in which case there is no minimum score.
  • June 14 2012
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I have raised our scores about 130 points in less than a year. I learned virtually everything I know about credit from reading and asking questions on the forums at www.myfico.com.

It was really just doing a few things consistantly. Good luck.
  • June 13 2012
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The current minimum score is 620 for conventional loans. 

  • June 13 2012
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Profile picture for Tami Roth

I will be happy to make a recomendation to someone who can tell you exactly what you need to do...she is a lender.  Please send me a note and let me know if you are in the Middle TN area, I will pass along her info to you.  She is fabulous!  Let me know if I can help.
Tami

  • June 13 2012
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