I want to buy a home and have about 5k saved for a downpayment and have a median fico of 640. I was waiting to apply for a mortgage, but it someone told me that with a 620 you can usually get approved. Anyne have any advice?
yes you can get approved. my TU is 666 the others are 630 and 634 and they use the middle fico... I am doing stated income for a 479k property and i will probably have to pay about 8% for 100% financing
Yes a 640 will get just about any documented conventional loan out there. If you waited till you had a 660 or higher you could get a true NINA loan. NO Asset NO Income loan. I did 3 years ago with a 685 mid fico. Only 5% down and closing costs. Took my ss# and drivers license and that was it.
