what’s the lowest your fico score can be to qualify for a 80/20 home mortgage and which company’s offer them?
by Mortgage Rates on Saturday, September 18th, 2010 | 6 Comments
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usually a 500 mid score. Just find a broker in the book and start asking away.
The lowest Fico score to go full documentation for 100% financing would be 580 and to go stated you need a score of 620 or above.
You can try the online services that get you competitive quotes from several lenders. That will let you know whether you qualify and it will find you some lenders if you do. There’s no cost or obligation to use these services. Here’s a page that will tell you more – http://finance.necessaryvirtues.com/debt-resources/mortgage-and-other-loans/
the lowest is a 580 but you need to go full doc.(Showing W2′) For stated deals you need a 620.
580 is the industry average for 100% financing, providing you can prove you make enough to justify the loan. A few lenders with higher rates will go as low as 560.
If you can’t prove you make enough (stated income), most lenders are still at 620 minimum if you’re self-employed, 640 if you’re an employee of someone else, although they have been raising it of late. A good fraction of lenders are now at 640/660.
580 Full doc, 620 stated….pretty universal