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What is the score to get a no doc loan??

Established Member

What is the score to get a no doc loan??

What is the score to get a no doc loan on a mortgage? I heard that it changed to what?
4 REPLIES
Regular Contributor

Re: What is the score to get a no doc loan??

Most companys just put a hold on no doc loan but they are still out there. You need to be over 660 and must have 6 months of reserves.
Frequent Contributor

Re: What is the score to get a no doc loan??

you need to be at least 600, but will require a downpayment ( however very small )
Regular Contributor

Re: What is the score to get a no doc loan??

I would agree with OneMortgageGuy, lenders have put a hold on No-Docs for anything under 660 and do require a substantial amount in reserves.
 
No-Doc's took a major beating in the past 8 months, lots of Mortgage bundles with no-doc loans and FICO averages of 700+ have higher default rates than the 620-  (sub-prime).  It's suspected the No-Doc loans were not exactly accurate, and because of that are much harder to obtain.
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Contributor

Re: What is the score to get a no doc loan??

What is  no doc refer to?income?
thanks