What is the minimum credit score needed for 5% down on a conventional loan?

Good Evening. I just confirmed that we can finance a Condo (Must be an approved condo with FHA, Fannie/Freddie) with 5% down and a 640 FICO Score. Other restrictions apply, but this is a quick answer to your basic question about the down payment and credit score. Looking to increase your score to 660 will open up more options for better interest rate offerings. I can help you with this directly, so please let me know if you would like assistance! Thank you and have a good evening!

It's actually 660. If you're looking to purchase a condo in NY with less than 20% down, please let me know how I can help. Co-ops and condos in NYC and outer boroughs are my niche. I've worked with numerous developers in qualifying first time home buyers into conventional loans with less than 20% down. Carrying costs are cheaper for the client and the developer doesn't have spend time and money in getting the building FHA approved. I hope I can help. Sincerely,Mohammad516-567-7457

660 is the minimum. Some may require higher because of just 5% down. Because you'll need mortgage insurance too... the mortgage insurance companies many times will require the higher 680 score at 5% down. www.MortgagesUnlimited.biz

Feel free to call or email with specifics. I have an extensive co-op and condo list for NYC and surrounding boroughs to make sure the buildings would accept the 5% down as well.Thanks,Mohammad Hussainmhussain@elyons.com516-567-7457

suggest you look into looking into a fha loan you can put slightly less down which will increase your liquid reserves. the credit depositories have programs available to us that show what you need to do to increase your score. paying off a collection account or reducing a credit card balance under 50% can increase perhaps 20 points and the credit company takes care of your paperwork and usually you will see the correction within 30 days from the three bureaus. if you want to pq your loan come in for an appointment at the bank. the lender is in east meadow. you can e-mail if you are interested