Full Documentation = 2 Years Employment as W2 Employee or 12 months Bank Statements show sufficient deposits if your 1099. Lenders will traditionally go to a FICO score of 580. Exceptions are to 560 but very few and the interest rates in the double digits. One major bank will go to 525 but you have to fit a fine criteria that is
basically hard to get to.
80/20 is a great choice for most first-time home buyers, because it does not require a lump sum down payment. The disadvantage of this loan is that the interest rates are usually higher than the loans with down payments.
Conforming lenders generally have different requirements than subprime lenders in regards to minimum credit scores allowed on 80/20 loans. Most lenders are very strict with there credit score requirements, however a few lenders will make or allow a few exceptions here and there for borrowers with extremely high compensating factors, such as a lot of money put away somewhere, stable job time, good rental or mortgage history, etc... Consult your Ohio mortgage professional to see if you qualify for an 80/20 loan today.
Stated income loans will generally require at least a 620 credit score. Some lenders have a different fico range for w-2 stated and self employed stated.
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