If I have a FICO around 620...

[soclose]

Are there conventional mortgage loans which require less than 5% or is that the custumary % down payment necessary at that level?

[firstsource]

There are some programs that will go as high as 97%, with 3% from the borrower, and has to be sourced.
they are called different things, but normally "Alt97" or Alt Gold 97"
Charles

[firstsource]

If your "broker pulled" credit mid score is at 620, you may qualify for a prime loan, but you will need lots of assets. If you do have a lot of assets, then tell the Loan Officer that "you heard somewhere that it may work if you run LP" This is the automated underwriting system that Freddie Mac uses and it grades a little differently than the Fannie Mae DU program.

Chances are you will qualify for a "level 1" approval. Then the rate is .625 higher than prime, but still pretty good.

Charles