LAB Posted October 28, 2004 Report Share Posted October 28, 2004 Hi, Have't been on for awhile I had gotten help from you guysbefore. I was selling my home and moving. trying to see ifI would get a mortgage. I was hit with two hurricaines.But to get to the point I am staying in my house now I have about 100,000in equity in it and need to refinance to pay off credit card debt witch Iwas going to do when i sold. how high does my score have to be to geta nodoc refinance? I have been stuggling every month to pay ontimeso my score does not go to low. I can not do it anymore and don't want to go to credit counceling. Any advise would be appreited.Labps. 41,000 owed i want to borrow 61,000 Link to comment Share on other sites More sharing options...
firstsource Posted October 28, 2004 Report Share Posted October 28, 2004 You can get stated income loans with as low as 580 scores, you can get totally no document type loans with a 680 score. LTV is an important part of the picture, but generally that is the range.CHarles Link to comment Share on other sites More sharing options...
amortgageman Posted October 30, 2004 Report Share Posted October 30, 2004 Are you still trying to sell your home and move, or are you in your new home and wanting to refinance and stay there? This would make a very big difference in the type of loan you should apply for. Is there any specific reason why you need a total no doc loan? Would a No Ratio loan work for you instead. A no ratio loan is priced much better than No Doc, and if there is a specific reason that may enable you to obtain a stated loan.Messing with any of these loans for the wrong reasons can spell trouble down the road. You should still want to know inside of yourself that you can truly afford the loan. Link to comment Share on other sites More sharing options...
LAB Posted October 30, 2004 Author Report Share Posted October 30, 2004 Hi, No I decided to stay in florida. I purchased this home about 3 years age and the loan was very easy I thought it was no doc, all I had to do is give her bank statement for a year.Some of my income is direct deposit into my bank and the other is cash.At the time my score was only 620 and got approved 7% whichwas not to bad at the time. I want to refinance.Thanks for any adviseLab Link to comment Share on other sites More sharing options...
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