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Conventional loans are those issued by a lending institution to a borrower. Generally speaking, borrowers should have a âbare minimumâ credit score of 620, but ideally you should have a score closer to the 740 range, according to a Bankrate publication. FHA loans are different from conventional loans in that they are backed by the Federal Housing Administration.
To purchase a home, foreclosed or not, you need a score close to 600, 620 is where most of the banks need to be. Putting 10% down will make the bank feel better, but it wont help if your credit score is not where it needs to be.Speak with some lenders and see where you are and where you need to be.he minimum credit score needs to be at least 620 to qualify for a mortgage loan, regardless of the down payment amount or if the property is a foreclosure.