I wanted to briefly go over the minimum credit score you will need to get a conventional loan.
You will need a minimum credit score of 620 to get a 97% or a 95% loan up to $417,000. (conforming loan limit in Texas)
You will need a minimum credit score of 620 to get a cash out loan on owner occupied property in Texas. (max 80% loan to value ratio)
For Jumbo loans (amounts above $417,000) you will need a 620 score to get a 80% loan to value ratio loan. In other words you would have to put down 20% on a jumbo purchase with this credit score.
There’s more to getting a loan of course than just the credit score. …but it’s a good place to start, and at least now you know what you need.
Please call me or email me if you have additional questions about your situation.
That’s it for today!
I hope you have a great day! Thanks for reading!
Brett
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