Question:

Can I take a no income check loan if my credit score is 630?

Answer:

Stated income and no doc loans are in fact no income check loans. Lenders will not try to verify income but may inform you that if doubt arises, they may request verification of borrower's tax returns for the previous two or three years.

The answer to your question is yes - a credit score of 630 for owner occupied property no income verification loan will in most cases be enough, even if you need a 90% LTV mortgage and higher.

Source Verification For A No Income Check Loan

In fact, if you have the income, your 630 credit will be enough. Also, what lenders may like to check is not your income number but where that income comes from. If you are employed, you will be required to have the last 2 years with the same employer. If you are self-employed, again you are expected to show evidence of being in business for the last two years.

If you want to avoid this, you may have to take a no employment verification loan in which case interest rates are higher. However, if you like to benefit from a no income verification loan, 630 credit is OK; if your stated income is consistent with the source you declared and sufficient for the mortgage amount you are applying to, you may never be asked to prove your income source.

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