Question:

Can I get 100% stated income mortgage loan 620 FICO?

Answer:

Well, a 100% stated income mortgage loan financing will be available more easily to individuals with score 680 and above. Due to the peculiarities of this loan, and the fact that stated income mortgage loans contribute to a large percent of the scary number of problematic mortgages lenders will unwillingly agree to 100% financing to borrowers with less than perfect credit.

Subprime 100% Stated Income Mortgage Loans

Although requirements vary among lenders to a large extent, generally a lender will demand 680+ for 100% stated income. However, there are lenders who will offer you 100% stated income mortgage loan even if your score is below 600. If you have a FICO of 620, some lenders will give you subprime rates with stated income. If you can go Full Doc, you are likely to get prime rates. Or, if you are able to provide at least 5% down payment, you have better chances of getting nice rates on a 95% stated income mortgage.

Be prepared, though. With 620 and applying for 100% stated income mortgage loan the terms may not be the best ones, and you have to watch out for prepayment penalties.

Use a mortgage lender website to locate loans. Pay attention to lenders' fees together with rates when comparing quotes. With a stated income loan, you will have to provide income and social security to prove your identity since your credit score and employment are all lenders have about you with stated income home loans.

Mortgage rates hit their lowest since 1955. Ask the home loan experts we recommend Quicken Loans how to take advantage of them.
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