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.
Your lender will take the middle, or median, score as your credit score for VA loan qualification purposes. The VA doesnât set a minimum credit score requirement for the VA loan, but also does not make the loan. Lenders who do make the loans will typically have a credit score benchmark. That benchmark varies by lender, but a 620 FICO score is a common credit score requirement for a VA loan. In addition to credit score, your lender will consider past credit patterns to determine willingness to repay.