Wednesday, May 26, 2010

636 credit score can i get a no doc home loan for 170000 i can put down 10 percent?

i am very new to this it would be my first home could you also tell me what documentation i would need thanks

636 credit score can i get a no doc home loan for 170000 i can put down 10 percent?

Don%26#039;t use that link. I am sick of people sending their scam and pyramid scheme links.

Yes, you should be able to get a loan. I am not sure about a no-doc. Go to reputable loan sites like or even banks like or

Your credit is considered %26quot;fair%26quot; and probably just on the edge of being ok for most loans.

You will not get a loan without a social security number,and if you did it wouldn%26#039;t do you any good on your credit. Be VERY careful.

636 credit score can i get a no doc home loan for 170000 i can put down 10 percent?

Hi friend getting home loan is very easy now a days with bad credit.. Approach any bank or private money lenders.In mean while just take a look at the link below to get free loan quote,

636 credit score can i get a no doc home loan for 170000 i can put down 10 percent?

First off, this is a really awful market to try to get home loans due to the sub-prime lending shakedown, so probably not, and I%26#039;ll tell you why -

Your credit is decent, but it%26#039;s not great - lenders are going to want more from you, and it doesn%26#039;t sound like you have what they%26#039;re going to ask for.

You%26#039;ve only got 10%, and most lenders want 20% right now.

You want to do a no-doc loan, but your score probably isn%26#039;t high enough to do a stated income loan. This also means you%26#039;re probably self-employed at the moment, which will make lenders even more wary.

On the PLUS side, you%26#039;re a first-time home buyer, which means you should be eligible for FHA loans, which are easier to qualify for (as long as Freddie mac is solvent at the moment). Or, if you%26#039;re current or ex-military, you%26#039;ve got the option to take out a VA loan, which would be even more favorable.

Since you have some money to put down, you%26#039;ve got the option of approaching banks about buying a house from them which has been foreclosed on previously, which might be your best bet. Or, and I know this isn%26#039;t easy, set your sights lower on the base price of your first house in order to stretch your down payment.

Or, you can always find a house lease-to-own, but you should work with an attorney to make sure you don%26#039;t get hosed.

Is there anyone who will co-sign with you who has better credit?

It will probably be at least a couple years until it becomes a better market for subprime buyers again. If you can%26#039;t get in now, work on your credit and put some more money away for a down payment.

Best wishes!

636 credit score can i get a no doc home loan for 170000 i can put down 10 percent?

Your credit score is okay to good, not great. You will need to document your current income with monthly pay stubs and with at least one, probably two years of your tax returns.

Because of the current problems in the home mortgage industry, they would prefer at least 20% down payment to get you the best interest rate based on your credit score. You may also have to pay for mortgage insurance which protects the lender if you should default on the loan. That insurance only applies if you put down less than 10%.

If you have a job history shorter than one year, the lender may require a letter from your employer that you are llikely to continue at your current job or will be raised in pay on some regular basis.

The lenders have recently been burned by a lot of home owners defaulting on their loans. This occured mostly because lenders were willing to make loans to people that were purchasing above their means anticipating pay raises several years in the future that didn%26#039;t happen.

Remember to shop around for your home loan. %26quot;Lending; is a pretty good place to start as you get bids from several different lending institution seeking your business.

Good luck.

636 credit score can i get a no doc home loan for 170000 i can put down 10 percent?

My question would be this, Why is your score at 636 and what can be done to raise it? There is many things you can do yourself to get your score up over the next 30-60 at no cost to you. DO NOT follow these scams of people saying you can do private lending, you should be working with a trust worthy person, with so many people putting clients in the wrong loans I would suggest you do the best you can to fix your credit, Maybe if you fix it and get the score UP you can qualify for a 100% financing and keep your 17K for emergencies. I have the letters and can give you some advice, feel free to email me if you choose

636 credit score can i get a no doc home loan for 170000 i can put down 10 percent?

Well, for a 90% no doc loan you%26#039;d need about a 660-680 score right now, minimum. Obviously you%26#039;re not quite high enough, you can always look at a copy of your credit report and see if there are any legitimate disputes you can file to raise your score another 40 points or so.

If you%26#039;re able to do that then you just need a photo i.d for a no doc loan. There are loans out there for people without a social security number (using an Individual Taxpayer Identification Number, or something similar), but those loans don%26#039;t offer no doc options right now.

Typical documentation for full doc loans (best rate/term loans)

2 years w-2%26#039;s or tax returns with all schedules

1 months paystubs or YTD profit and loss for Self Employed.

2 months bank statements

Awards letters for any pension retirement earnings

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