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common credit requirements

Most mortgage lenders will require a good credit history.  There are programs available to those who have experienced credit problems in the past but most lenders have credit score minimums.  These minimums may be exceeded if the borrower has compensating factors such as strong assets and low debt-to-income ratios but it is always on a case by case basis.  The chart below represents some of the average lender requirements for "Interest-Only" loans but in no way implies that there are not loans available to applicants outside of these ranges.  Contact a mortgage lender for more information.


Credit Score Income Documentation Options *
   
Above 720 Full Documentation
No Income / No Assets (NINA)
No Ratio
Stated Income
Stated Income / Stated Assets

- Maximum Loan Amounts may Apply to programs other than full documentation -
- Investment properties are limited to some of the products listed above -
- Contact a mortgage professional for more info -

   

   
Above 680 Full Documentation
No Income / No Assets (NINA)
No Ratio
Stated Income
Stated Income / Stated Assets

- Maximum Loan Amounts may Apply to programs other than full documentation -
- Investment properties are limited to some of the products listed above -
- Contact a mortgage professional for more info -
   

   
Between 660-680 Full Documentation
Stated Income
Stated Income / Stated Assets

- Maximum Loan Amounts may Apply to programs other than full documentation -
- Investment properties are limited to some of the products listed above -
- Contact a mortgage professional for more info -
   

   
Between 620-660 Full Documentation

- Maximum Loan Amounts may Apply to programs other than full documentation -
- Investment properties are limited to some of the products listed above -
- Contact a mortgage professional for more info -