Posted on: 15th Sep, 2008 08:45 pm
Is a Stated Income Stated Asset loan with 10% down payment and 655 score still available?...In today's market, is it possible to get a 90% financing loan with a fico score of 655?
My documented income is only $50K a year but actually pull around $100K. That's why I may need to get a Stated Income Stated Asset type of loan. The property I'm interested in is in Long Island, NY. Do you think it's possible for me to obtain a loan based on my situation?
My documented income is only $50K a year but actually pull around $100K. That's why I may need to get a Stated Income Stated Asset type of loan. The property I'm interested in is in Long Island, NY. Do you think it's possible for me to obtain a loan based on my situation?
Sorry, but in today's market, even those that have over a 700 score are stuck at 20 to 25% down. Most lenders have gotten rid of this program altogether and at the end of this year, many more will due to changes in the secondary market.
However, if you do show bank statement deposits higher than what you claim, there are still lenders that will base the income on the average of your last 12 months deposits. There are a couple of lenders that will allow you to put 15% down on this program even with your credit score.
Hope I was able to answer your questions and at least offer an option that I hope will work for you.
However, if you do show bank statement deposits higher than what you claim, there are still lenders that will base the income on the average of your last 12 months deposits. There are a couple of lenders that will allow you to put 15% down on this program even with your credit score.
Hope I was able to answer your questions and at least offer an option that I hope will work for you.
Hi varacho,
Welcome to forums.
I don't think it's possible to get 90% financing with a credit score of 655. But considering your income and the down payment you're ready to put in, I believe you may get somewhere around 80-85%. But I'm no mortgage professional to give you the exact amount.
It's better that you start loan shopping with a few lenders. Unless you start off, you won't know what's available. What you can do is, request for a no-obligation free mortgage quote from the lenders in the community. The lenders will be able to tell you how much you can borrow and what can be the rates on offer.
Thanks
Welcome to forums.
I don't think it's possible to get 90% financing with a credit score of 655. But considering your income and the down payment you're ready to put in, I believe you may get somewhere around 80-85%. But I'm no mortgage professional to give you the exact amount.
It's better that you start loan shopping with a few lenders. Unless you start off, you won't know what's available. What you can do is, request for a no-obligation free mortgage quote from the lenders in the community. The lenders will be able to tell you how much you can borrow and what can be the rates on offer.
Thanks
Thank you so much for your inputs.
I started sending a no-obligation free mortgage quote request in this website. Will requesting several quotes at many times affect my credit score in any way?
I started sending a no-obligation free mortgage quote request in this website. Will requesting several quotes at many times affect my credit score in any way?
varacho, you can indeed get 90% ltv loans with a score of 655 - not with a stated income product, though. with your score, there are no stated products available.
i will add one caveat...there still exists an alternative sort of market (no longer called sub-prime) that might accommodate your scenario. it's worth asking around.
as for asking for quotes all at once...mortgage-related inquiries within a 30-day period are treated as if it were one inquiry.
i will add one caveat...there still exists an alternative sort of market (no longer called sub-prime) that might accommodate your scenario. it's worth asking around.
as for asking for quotes all at once...mortgage-related inquiries within a 30-day period are treated as if it were one inquiry.
