Can I get a conventional loan with bad credit?
Below 620, conforming conventional usually does not work — that's a hard floor for most lenders. FHA is generally more flexible at lower credit. Some non-QM and portfolio products accept lower credit at higher rate and down payment.
What this actually means.
Conventional is not the right path below 620 in most cases. The right move is usually FHA (down to 580 with most lenders, technically 500 with 10% down at a small set), or alternative non-QM products that accept lower credit at the cost of higher rate and stricter cash/reserves requirements. Recent late payments, collections, fresh bankruptcy, and foreclosure within seasoning windows can also trip files even when the score is above 620. Subject to lender overlays.
Where this can move.
Recent late payments, thin credit history, disputed accounts, lender overlays, and AUS findings can change the answer.
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More conventional questions on Credit.
Educational only. Conventional loan guidelines, lender overlays, rates, fees, PMI, LLPAs, and underwriting requirements can change. Final eligibility depends on full underwriting review. Mortgage Expert, Inc. is not affiliated with Fannie Mae, Freddie Mac, FHFA, or any government agency.