Home Mortgage Refinancing

Question: What's the current minumum fico score for doing a stated home mortgage refinance deal?

(Posted by: Julio A on 2008-05-19 09:54:43)

I want to refinance my home, but my broker tells me that the minumum fico score is constantly changing, so, i want to exactly know what is the minumum score to do a stated refinance mortgage deal right now?

Posted by: loan_solutions on 2008-05-19, 12:08:07

At my brokerage we can currently do 70% LTV with a minimum of a 680 score. i don't know what that guy was talking about income for, the whole purpose of a stated loan is for people who don't have enough income. if your score is over 700 however we can go higher on the LTV

Posted by: danesgirl74 on 2008-05-19, 10:51:16

I would say 680 to get a conventional loan and that is the only kind of loan you can get with stated income. Keep in mind that you will likely be required to put 20% down payment and another 3-5% for closing costs.

Posted by: iceman on 2008-05-19, 11:31:55

Its not just fico score, they look at income also. If your income is suffiecent, you fico score can be a little lower, and vice versa. But in general around 650...