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.
Minimum credit scores for FHA loans depend on the type of loan the borrower needs. To get a mortgage with a down payment as low as 3.5 percent, the borrower needs a credit score of 580 or higher.Those with credit scores between 500 and 579 must make down payments of at least 10 percent.People with credit scores under 500 generally are ineligible for FHA loans.o get a mortgage with a down payment as low as 3.5 percent, the borrower needs a credit score of 580 or higher. Those with credit scores between 500 and 579 must make down payments of at least 10 percent. People with credit scores under 500 generally are ineligible for FHA loans.