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5% No Doc Loans - Minimum Credit Score - BOSTON

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Anonymous
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5% No Doc Loans - Minimum Credit Score - BOSTON

Hello all!!
 
I am trying to purchase a condo but just ran into a problem after my offer was accepted -- I found out my credit score was around 620 and I wouldnt qualify for a 5% down No Document NINA loan -- nor would I even qualify for a 10% down, or anything!!
 
So.. back to the drawing board.
 
Im pushing back the P&S & Closing dates a few weeks... to try to clean up my credit.
 
Here's my situation:
 
I'm 25, don't have a 2-year work history (was in college), worked at a real estate agency from March 2006- March 2007 --- then started my own Real Estate company March 29th 2007... so conventional loans are going to be hard for me to get -- the only answer right now is a NINA no document high interest loan, which I dont mind because this condo is literally one of a kind -- and I can refinance in a year back down to normal interest rates.
 
 
Here's my credit problem:
 
I've NEVER been late on any credit payments my whole life... however, I have maxed credit cards, about $16,000 / $17,000 which is keepin my score down (about 619)
 
Tomorrow, I recieve a check for about $13,000 (Halelujah!).. and I'm going to knock out my credit cards with it.
 
The info will be reported to the credit agencies by about June 30th, and then im going to re-try and get pre-approved again for a mortgage on about July 2nd
 
 
1) Do you think my credit score will go way up?
 
2) What is the minimum FICO score in Massachusetts usually to get a No Doc NINA (mortgage laws just got real strict here due to massive foreclosures)
 
 
 
Thanks so much!!!!!!!!!!!!!
Message 1 of 3
2 REPLIES 2
Tuscani
Moderator Emeritus

Re: 5% No Doc Loans - Minimum Credit Score - BOSTON

Welcome.. paying $13k on your CC should skyrocket your scores!
Message 2 of 3
Anonymous
Not applicable

Re: 5% No Doc Loans - Minimum Credit Score - BOSTON

I'm a mortgage broker and unless you have at least an 85% ltv, you're not going to get a NINA or SISA anytime soon. Consider going with an FHA lender to get approved. I've gotten clients with a 569 fico conforming pricing with a well written letter. FHA will take extenuating circumstances (i.e. you were in college) into consideration. The two year job history shouldn't be a problem and as long as you can document some form of income with the new realtor postion, you should be fine. It's at least worth a shot. 
 
Hope this helps
Message 3 of 3
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