Is this number calculated by the 3 bureaus added together and then averaged, the middle number, or is it just dependent on the lender. I have heard several things, but I would like to know what the real deal is in most cases when you have good to excellent credit.
2006-08-01 10:35:32 · 8 answers · asked by Amber T 2 in Business & Finance ➔ Renting & Real Estate
That's up to the lender. Each one has their own criteria. One may go with 720 and another may require 750.
Most use the middle number, but a few average the scores. I've heard that a few use the lowest. Again, it's up to the lender. As long as they apply their criteria across the board with all customers they are free to set their own standards.
2006-08-01 12:13:18 · answer #1 · answered by Bostonian In MO 7 · 1⤊ 0⤋
NINA is a very aggressive product and the rates are not very good especially if you have good credit but the product is there so I do offer it. Acutall y did one on a First Time Homebuyer who was working at a Temp agency for couple of months. Loan went through and they were happy. I was not happy about the rate but they were happy with the home. Hey not my payment. But to answer your questions:
Credit Score: Most take the middle
Some: Will average the first two if you are having fico problems to qualify. This is only for subprime candidates who have hard time qualifying.
Credit Score for No Doc/NINA: Lowest is 660. Most take 720 above but again the LTV's or Loan To Values are not that high so be prepared to pay a downpayment or high points if you want a lower rate.
2006-08-01 11:06:46 · answer #2 · answered by Openthathouse.com 4 · 0⤊ 0⤋
It is completely different depending on the lender you are talking to...
They do in fact use the middle score from the three bureau's to determine what you qualify for though...
A good rule of thumb is having a credit score above 660.... But, there are exceptions if there are other stron qualifcation factors..
For instance.. You have a 640 but you have a 401k with $50k, you make good income, and your LTV is under 80%...You would qualify with certain lenders,,,
The main thing to realize is that there are more thing staken into account then just your credit score...all are equally important as well...
The other thing is that remember...Every lender has different guidelines in which they lend money...
One lender may make an exception that another would never think to...
What i suggest to you is that you work with LICENSED mortgage officer that is partnered with MULTIPLE INVESTORS!!! There are main reasons i say that:
1: they can pull just ONE CREDIT REPORT, and then shop among their investors to find the best offer... If you do this on your own, you will damage your credit report because every time it is pulled, it hurts your credit...
2: If the broker has realations with multiple investors, and they realize that, you will find their lenders competing for your loan... If I myself have 2 lenders approve you, i will negotiate with both of them back and forth until one gives in... This leaves you with the best possible rate, costs, etc...
My name is Jason Fry, i work for Providential Bancorp, a nationwide mortgage lender.. We are partnered with over 80 investors that range from good credit conforming lenders, to terrible credit bankruptcy buyout lenders...
Feel free to contact me for more information at 312-264-6448, or email me at jasonf@providential.com
thanks, and good luck!
Jason Fry
Senior Mortgage Specialist
Providential Bancorp
312-264-6448
2006-08-01 10:58:08 · answer #3 · answered by Anonymous · 0⤊ 0⤋
It depends on the LTV and the lender's guidelines. Usually you can get it with a 720 score, sometimes 700 but again this depends on the LTV. There are programs for lower scores but usually the interest rate is much higher and you're better off with a different program.
2006-08-01 10:52:19 · answer #4 · answered by Anonymous · 0⤊ 0⤋
This depends on the Loan-To-Value ratio. All lenders except Argent use the midscore of three, (well, except a few HELOC co's that use the high, or 1 co that averages all scores).
Also, keep in mind there's a whole spectrum between "No-Doc" and "Full-doc" - there's "Stated income" or "No Ratio" or "No Asset"...there's even no fico loans.
2006-08-01 20:50:01 · answer #5 · answered by rogerv_dotcom 1 · 0⤊ 0⤋
generally the middle score has to be 640 or higher with a perfect mortgage history for at least 2-3 years. I've seen it done with lower scores and compensating factors though.
Also, there is only one bank that I know of that takes your three scores, adds, and divides. It's useful every once in a while, but not so much for someone with good credit.
2006-08-01 14:34:11 · answer #6 · answered by Jonathan S 2 · 0⤊ 0⤋
It all depends on your income, your credit and your equity. (I.C.E.) If your credit is at least a 680 (middle score- not average) you should qualify.
If you are looking for the best lender, I can place you with anyone. Email me for more information.
2006-08-01 11:15:38 · answer #7 · answered by jake_deyo 4 · 0⤊ 0⤋
I am a mortgage broker who has a particular lender who will do a nina at a 620 fico for 90% ltv. Please feel free to drop me a line Jcorreahq@yahoo.com if you have any questions or want me to take a look at your particular situation.
2006-08-02 09:26:34 · answer #8 · answered by jcorreahq 2 · 0⤊ 0⤋