640 Need Help
I have a credit score of 630. I want to know if it is possible to improve my credit score to above 700 in 4 months.
What can I do?
I have two credit cards and a cell phone. I know that I have to get my balance on each of them to about 25%.
Does anyone know the average credit score needed to get a no doc loan? They dont do no doc loans do they for 100%?
The problem is that the no doc lenders look for depth of trade line. In other words, how large of accounts has the borrower been faithful with, and for how long. Even if you have a 700 and 2 credit cards that have been open a year it won't work over a 70% LTV. You generally need 4 tradelines with 2 having limits of 5k and 2 over 2k. They also look at payment shock. What are you paying for rent now vs what will be your new payment? They don't want it to be more than 50% greater than the rent. Can you go stated? Ie do you have a job?
Ralph, a house is one of the easiest things to purchase in my opinion due to the permanent location of the collateral.
It is not like a vehicle or credit card where the car can be relocated/hidden or
the goods you purchase being kept. Besides they can always foreclose to re-acquire their collateral.
Anyway, all you need is a knowledgable mortgage broker in your state who is familiar with investment scenerios. With a score of 630 there should be no problem getting 90-100 % financing on a property. If you want to increase your score quickly, either you have to pay off your consumer debt or establish a mortgage rating by buying a home. 8-)
630 going stated is a bit rough. as far as direct lenders go, a broker can probaly quaify u. 660 . or over is good for stated.