The English prefixes syn-along with its variant sym-, derived from Greek, mean âtogether.â You can remember syn-easily by thinking of synonym, which is a word that goes âtogetherâ with another word because it has a similar meaning. You can remember sym-by thinking of symphony, which is a group of instruments making sound âtogether.â
Conventional construction loans usually require credit scores of at least 680, usually 720 plus. And, any loan where you put less than a 20% down payment will require that you pay mortgage insurance. An FHA construction loan sounds like it would work well for you. There are few lenders that do those loans, but my lenders does.
Different lenders can have different credit score cutoffs. But a 620 FICO score is a pretty good barometer for many VA lenders. For a conventional loan, itâs often more like a 660 minimum score, although to get the best rates and terms you may need at least a 740 FICO. Itâs important to know, too, that everyone on the loan will need to meet the lenderâs credit score requirement.