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Reduced - Stated income, Employment and Assets verified (prime)
No Ratio - Employment and Assets verified, Income NOT stated or verified (prime)
SISA - Stated income, Stated assets but Employment verified (prime)
NINA - No Income, No Assets, Employment NOT verified( prime)
Stated - Income Stated, No assets needed, CPA letter or W2 stated or below 65 LTV. (subprime)
masdeocho wrote:Thanks for posting this -- lots of great info here!You might want to explain to people the difference between full doc and no doc.
Crouton wrote:I would have to dissagree with your requirements to conforming loans. I have done conforming loans for clients with under 620 scores, and in some cases under 600 (although very rare). Bankruptcy needs to be atleast 3 years out instead of 5.
MercyMe wrote:Excellant advice!
ceannie wrote:That answered questions that i have been searching for. I have been paying on my house for 7 years with a contract for deed. This is the year that i have to obtain financing and actually only have 2 months left to secure the financing. I have been addicted to this forum like i can not believe, i read so much and feel so much more credit educated now -- thanks to all. I usually dont write--just read and try to find all and learn all i can. But here goes my dilemma.I pay thru a bank for the house and it is a legal contract. When i get financing, i am told that it will be a 'refinance', and i must do it this way. My credit literally sucked, and even in the past years i have had the trajedies, the credit backfires and iced with ignorance. My scores are all in the low 500's so i know i will be subprime without a doubt, it doesnt matter....i need financing ! My question is....are there mortgage companies to be suggested by anyone, or am i the lone one with this problem? I was told by countrywide spectrum that as long as my scores were above 500 they could help, but then i read negatives about them. My house values at 80,000 (midwest) and i owe 30,000 on it. Any help, tricks of the trade, advice etc ...i could really use it because i am really nervous....ok, scared about this !