Getting Mortage Based Entirely on FICO Score?

Question

I'm self-employed and I have an exceptional credit rating: Equifax FICO is 802 and TransUnion is 789......Does anyone know if I can get a fixed mortage for, say 100K, based entirely on my credit score?

Answer 1

With 10% down, you can get an Accept Plus approval; Stated Income, Stated Assets, with Freddie Mac market rates.

Self employment can be one day.

http://www.freddiemac.com/learn/uw/pdfs/accept.pdf

Answer 2

Your credit score will probably give you a very good chance at getting that mortgage, but I doubt it will be based on your credit score alone. It will also be based on how many accounts you have open and your payment history on those accounts. You might have a great credit score, but if you are already $150,000 in debt you might not be able to get the mortgage because your debt-to-income ration will be high and it will look like you potentially could not pay the mortgage because of your high debt amount. However, if this is not the case and you don't have much other debts or bad things on your credit report, you will probably still get a good loan rate.

Answer 3

With those scores, if you can document your income you can easily get a 100% financing loan for 100K.
So the answer to your question is Yes based entirely on your credit score as long as you can go full doc. Self employed would need taxes for last 2 years.

Answer 4

loan approval is almost never based entirely on fico score. things to consider: debt to income ratio, types of debt (unsecured, auto, installment, dept store credit, real estate, etc) some debt is actually better than other. along with that there is the ratio of credit card balances to credit limits. also there is payment history and length of time since account has been opened. another thing is length of employment. the last thing that probably counts the least is the amount of inquiries, both in last month, 12 months, and 24 months.

Answer 5

Yes, you can if you have enough money in the deal. I got a refinance with no questions at all except things like was the house in a trust. They ran a credit report and gave me the mortgage but I had to have more than 30% equity.

Answer 6

Depends on your income and other outstanding debt, stated income loans have dwindled, Credit Score is not all they look at, must meet minimum debt service ratios. And they look your job history
You can read the best article about US mortgage tips here.
http://all-mortgage-calculators.blogspot.com/2007/10/us-mortgage-loans-types.html

Answer 7

Do you not show any income on your tax returns?
Are you looking to put money down?
There are loan products out there, but the options are limited currently. It is easier if you have money down.

Answer 8

no, you will need to have proof of an income. you can do 0 down and have almost no money in the bank. I was approved for 300,00 with like 200 bucks in my saving. but you will need to have a steady income that will allow you to pay that mortgage.

Answer 9

it is usually base on that and ur income combinded, along with whats going out of ur income monthly...i mean if u make example..1000$$ monthly and u have 900$$ going out, then thats a bad thing.

Answer 10

yes