Not so Good Credit with 20% down. Can we qualify for a conventional loan? (PMI, approved)

[solanoMan]

Hello everyone.

Can we qualify for a conventional loan if we just have 20% down and not so established credit history? I have an established credit history and a credit score of 700-720 but I don't make enough to get a loan for the the price range of the houses we are considering. My wife's credit score is 730 but she does not have sufficient credit history (less than a year working here in the U.S.). She makes enough to get a loan on her own for the price range we are considering.

We have been approved for an FHA loan but would like to get a conventional loan with 20% down payment to eliminate the PMI fees.

Is the Nehemiah program available for conventional loans?

What are the advantages of buying a foreclosed property?

[renriq02]

I think all conventional loans require at least 2yrs for employment, credit, and residency. FHA only requires 1yr for credit.

Nehemiah can only work with government loans, and not conventional.
If you have to use Nehemiah, then you really dont have 20% down.
Nehemiah is to help you structure a down payment assistance.
On regular conventional loans, the seller can pay for your closing costs without the help of Nehemiah.

The advantage of buying a foreclosure is that you may find a nice home for a very good price.

Originally Posted by solanoMan

Hello everyone.

Can we qualify for a conventional loan if we just have 20% down and not so established credit history? I have an established credit history and a credit score of 700-720 but I don't make enough to get a loan for the the price range of the houses we are considering. My wife's credit score is 730 but she does not have sufficient credit history (less than a year working here in the U.S.). She makes enough to get a loan on her own for the price range we are considering.

We have been approved for an FHA loan but would like to get a conventional loan with 20% down payment to eliminate the PMI fees.

Is the Nehemiah program available for conventional loans?

What are the advantages of buying a foreclosed property?

[sonarrat]

No bank will lend to you if you don't make enough money to afford the house, or haven't consistently for at least two years or so.

[NJ987654]

Need the income to justify the loan. We are requesting 580 credit on conv. Some banks may go below this still at an 80 ltv