Question:

What credit score is needed for a stated or no income verification mortgage loan?

Answer:

Stated income and no income verification mortgages generally require higher credit scores than fully documented mortgages. It is very likely that you will need a 700+ for a No Doc loan with 90% LTV.

Currently, credit score for stated income loans starts at 650+. The higher the LTV and the less documentation is provided, the higher score is demanded by the lender.

A Stated Income Verified Assets (SIVA) loan may require only 620 if the LTV is low. However, 620 is usually the bottom line for reduced documentation loans for the moment.

A 600 could be allowed on a Stated Income or No Income Verification home loan program if the borrower has proof of significant cash reserves and liquid assets. This kind of stated income verification program is usually offered to investors who often don't have difficulties providing the cash reserves.

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