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What is the lowest credit score needed for a no tax return bank statment only loan?

SELF EMPLOYED MORTGAGE LENDERS QUESTIONS AND ANSWERSCategory: Bank StatementsWhat is the lowest credit score needed for a no tax return bank statment only loan?
shaamrock Staff asked 1 year ago

We have lenders that offer Bad Credit bank statment only loans for the purchase or refinance of primary and second homes all the way down to a 500 credit score. 

500+ FICO MINIMUM CREDIT SCORE QUALIFICATIONS
500+ FICO
Max 90 days Delinquent
BK/FC Completed
SS/DIL Settled
Purchase 75% Bad Credit maximum loan to value
RT Refi 75% Bad Credit maximum loan to value
Cash-out Refi 70% Bad Credit maximum loan to value
Margin 4.75%

540+FICO MINIMUM CREDIT SCORE QUALIFICATIONS
540+ FICO
Mtg 0x90 (12 Months)
No BK/FC 1 Year
SS/DIL Settled
Purchase 80% Bad Credit maximum loan to value
RT Refi 80% Bad Credit maximum loan to value
Cash-out Refi 75% Bad Credit maximum loan to value
2nd Home 75% Bad Credit maximum loan to value
Margin 4.75%

600+ FICO MINIMUM CREDIT SCORE QUALIFICATIONS
600+ FICO
Mtg 0x60 (12 Months)
No BK 18 Months/FC 2
Years
SS/DIL Settled
Purchase 85% Bad Credit maximum loan to value
RT Refi 80% Bad Credit maximum loan to value
Cash-out Refi 80% Bad Credit maximum loan to value
2nd Home 75% Bad Credit maximum loan to value
Margin 4.75%

640+ FICO MINIMUM CREDIT SCORE QUALIFICATIONS
640+ FICO
Mtg 1×30 (12 months)
No BK/FC 2 Years
No SS/DIL 1 Year
Purchase 85% Bad Credit maximum loan to value
RT Refi 85% Bad Credit maximum loan to value
Cash-out Refi 85% Bad Credit maximum loan to value
(680 FICO, otherwise
80%)
2nd Home 75% Bad Credit maximum loan to value
Margin 3.75%

680+FICO MINIMUM CREDIT SCORE QUALIFICATIONS
680+ FICO
Mtg 0x30 (12 Months)
No BK/FC 3 Years
No SS/DIL 2 Years
Purch. 90% Bad Credit maximum loan to value – Full
Doc & 12 or 24 months
BK statements
RT Refi 90% Bad Credit maximum loan to value
Cash-out Refi 85% Bad Credit maximum loan to value
2nd Home 80% Bad Credit maximum loan to value
Margin 3.75%

720+ FICO MINIMUM CREDIT SCORE QUALIFICATIONS
720+ FICO
Mtg 0x30 (12 Months)
No BK/FC 3 Years
No SS/DIL 2 Years
Purch. 90% Bad Credit maximum loan to value – Full
Doc & 12 or 24 months
BK statements
RT Refi 90% Bad Credit maximum loan to value
Cash-out Refi 85% Bad Credit maximum loan to value
2nd Home 80% Bad Credit maximum loan to value
Margin 3.75%

POPULAR QUESTIONS INCLUDE

Do i need rental history to qualify for a bank statement only mortgage loan?

Whats your minimum loan amount for a bank statment only mortgage loan?

If I am Self Employed can I buy a house to rehab with a Bank Statement only loan?

What advantages are there in getting a bank statment only mortgage loans?

BAD CREDIT BANK STATEMENT MORTGAGE LENDERS DOWN PAYMENTS:
● All down payment funds must be verified
prior to drawing loan documents
● Secondary Financing 80% Max Bad Credit maximum loan to value/90% Max
CBad Credit maximum loan to value
BAD CREDIT BANK STATEMENT MORTGAGE LENDERS TAX LIENS, JUDGMENTS:
● All tax liens and judgments must be paid at
closing
BAD CREDIT BANK STATEMENT MORTGAGE LENDERS COLLECTION ACCOUNTS:
● Collections and charge offs need to be paid off
except:
– Medical Collections
– Collection accounts older than 2 years

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