2007-04-20 05:28:23 · 10 answers · asked by osan60 1 in Business & Finance ➔ Renting & Real Estate
645 is so so credit. 660 plus is A and 680 plus is A+ credit.
You can get a 100% financing mortgage with a 645 credit score if your loan is Full Documentation - which means with all your income and asset documents.
So your employment history must be ok. You will need a minimum of 2 months PITI (Principal/Interest/Taxes/HOA Fee) reserves after closing costs. The assets need to be sourced and seasoned.
Your credit will also need a minimum number of trade lines and 24 month credit history. Score is not the only factor on credit.
The better 100% programs require 660+ or 680+ scores. So your rate will be higher.
Most likely you cannot get a 1st and 2nd loan know as an 80/20. You will probability only qualify for one loan of 100% with a 645. 2nd mortgage have high requirements these days.
Go see a good Loan Orginator.
2007-04-20 06:11:37 · answer #1 · answered by Anonymous · 0⤊ 0⤋
The credit isn't too bad, but what will really determine if you qualify for 100% is now going to be your annual income. If you can go full documentation, (W2's, 1099's, pay stubs) then you can get approved. If the program has to go stated for some reason they will require at least 5% down, as the guidelines for the "high risk" loans are getting tighter and tighter with each day that passes. I am a loan officer for 7 years now, and I get updates sometimes 8 to 10 a day now from investors changing their requirements. If you would like a no obligation consult to see if this would be possible for you, soot me an email. Otherwise, Best of Luck!!
2007-04-20 05:38:02 · answer #2 · answered by novastarbanker 3 · 0⤊ 0⤋
Its average. But there are plenty of people who will take a chance on you with that kind of score. You should go through a mortgage broker as they will know the best banks for a credit score that is touch or go.
Of course you didnt mention your income, other debt, or price you are looking for. All of those are factors that will need to be considered.
Just be adivsed that zero down loans are very risky in this market. You will be going into the house with zero equity. So if the home doesnt increase a good amount you may end up taking a loss on it.
2007-04-20 05:33:41 · answer #3 · answered by Anonymous · 0⤊ 0⤋
hi i'm a private loan broking provider and have some adventure with FICO rankings. 645 is mediocre (honest credit). on an identical time because it isn't any longer a score to be embarrassed approximately, no person is going to bounce via hoops on your enterprise. What this quite skill is which you will desire to have the skill to obtain loans and credit taking part in cards with out too lots project, despite in case you will no longer obtain best costs. seven hundred is powerful, 740+ is optimal.
2016-12-26 16:42:49 · answer #4 · answered by ? 3 · 0⤊ 0⤋
With a credit score of 645, you might be able to get a mortgage, but probably not without a down payment.
2007-04-20 05:51:08 · answer #5 · answered by Judy 7 · 0⤊ 1⤋
Currently, a credit score of less than 650 with no money down would be classified as a sub-prime mortgage. With the current drama involving sub-prime mortgages, you will still be able to get a loan...but not necessarily under the best terms.
2007-04-20 07:33:05 · answer #6 · answered by Blicka 4 · 1⤊ 0⤋
Yes, you can. It wouldn't be hard to find someone to do that for you. There are some other things that would need to be looked into such as your debt to income ratio before I could say yes 110%. However, if you email me I might be able to help you. I work with a Mortgage Lender/Broker. With that kind of score we could directly lend you the money, thus cutting out the middle man.
2007-04-20 05:50:24 · answer #7 · answered by Amber J 2 · 0⤊ 0⤋
Are you a first time home buyer? I am a mortgage banker and yes I have got customers approved for 100% financing at your score. But other factors do come into play aside from your score. Your debt to income is a major one. Can you prove your income (paycheck stubs, W2's ,and tax returns)? Please click on my icon and send me an email and I will be happy to see if I can get you a 100% loan.
2007-04-20 07:51:45 · answer #8 · answered by yourmtgbanker 5 · 0⤊ 0⤋
That is a VERY general question that can not (but probably will be answered online . There are MANY factors to include and YES...credit DOES have to be pulled. How soon do you want to move.
2007-04-20 05:49:59 · answer #9 · answered by Darrell L 1 · 0⤊ 0⤋
Can anyone tell what is the right answer for this question?
2016-08-24 00:11:54 · answer #10 · answered by Anonymous · 0⤊ 0⤋