What is the actual fico score number you must have in order to qualify for a NINA no doc mortgage?

Posted on Oct 5, 2012 in Stated Income Loans

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Question by funoburgmom: Is there any company that will give a person a home loan with good credit and student loans?
Iam trying to buy a house. I have good credit. The only problem on my credit is my student loans. I am getting them consolidated. I have the paper work that shows that, shop but no one want to give me a loan. (DTI is the problem) Is there anyway around this? I am tried of renting.

Best answer:

Answer by Steve D
Try again after you have had your loans consolidated and you have your new payment schedule. Until the debts are officially consolidated, ailment nothing is final and if the DTI is over the 39 to 41% (depending on lender) with mortgage payment, you won’t have any luck.

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Question by Amber T: What is the actual fico score number you must have in order to qualify for a NINA no doc mortgage?
Is this number calculated by the 3 bureaus added together and then averaged, order 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.

Best answer:

Answer by robert495713
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.

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  1. 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

  2. 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.

  3. 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.

  4. 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.

  5. 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.