Conventional Loan: Requirements For Approval | CCMC

Credit Score Requirements for a Conventional Loan

The higher your credit score, the easier it will be to get approved for a mortgage. In addition, a high credit score (within the 700 or 800 range) helps you get a low mortgage rate. This can reduce the overall cost of the loan and lower your monthly payment.

But while good credit is a plus, you don’t need “great” credit to get a conventional loan. You do need to meet certain credit requirements, though. To qualify for a conventional loan, you must have a minimum credit score of 620.

Conventional loans also have waiting period guidelines following a foreclosure and bankruptcy. Typically, you can get a conventional loan four years after a bankruptcy, two years with extenuating circumstances. The wait period after a foreclosure or short sale is generally seven years.