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No Doc Loan


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is it possible to get a 100% No Doc Loan in Michigan

I just check my scores on MYFICO.COM and they where

694 700 721

my wife makes all the income 130,000 last year but has scores in 500's...my total income last year was 45,000 total income of 175,000

we looking at homes between 300,000 to 400,000 is it possible to get a loan this size with a no doc ...100%

thanks can proivde more infor if needed

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A no doc loan is using your credit score and a appraisal. A few months ago I did a no doc purchase at 90% financing with no problem (Wells Fargo). I think you can go up to 95%.

I see you both of you make enough money - I know a Novastar Bank takes the average of both scores to assign an interest rate.

In recent weeks two major sub prime banks closed - there has been a major change on how banks accept loans. Finding a no doc loan at 100% financing is going to be tuff, especialy getting a good interest rate.

Why is you wife's score in the 500's, have you thought about cleaning her credit up before you go shopping for a mortgage?

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yes i would like to know more about the program where the use both scores what type of scores would she need

im trying to clean her report as we speak im waiting on the disputes from the cra

we were recently married 6months ago that the reason why i have decent credit and she bad

she has always made good money but she puts off paying bills or doesn't pay them until the repo man comes ...she says will i have the money to pay them three or four months of car payments ..im paying all the bills now


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