That is true for Fannie Mae. …However, it’s not necessarily true for Freddie Mac.
If we can get an automated approval with Freddie Mac with a credit score under 620 – we can do the loan!
Keep in mind you won’t be able to get mortgage insurance on a Conventional loan with a score under 620, so the loan to value ratio would have to be 80% or less.
So, if your credit score is in the high 5’s or low 6’s, and you want a Conventional loan – give me a call or shoot me an email. …maybe we can help you out!
That’s it for today!
Have a good day today! …and thanks for reading.