All I can say is your credit score is very high, the max being 850. Mine was bumped to 720 after a few months of cleaning up some mis credit issues as well as listening to donna fox’s audio. I was 692 back in august. SO I would say you are doing well. The others will have to comment on everything else.
Merry Xmas
steve
you shouldn’t have a problem… especially with that money down…
How many tradelines do you have open? Tradelines are liabilities on your credit report hopefully being reported as paid on time and in good standing… as in your case, with that score there should be some sort of activity…
Are you employed at all? self-employed? W2? Commissioned?
Do you have any assets at all?
Are you a first time homebuyer?
You should have no problem getting a no doc loan. However, do you truelly need a “no doc” loan? If you can verify where your down payment is coming from then it is possible you may qualify for a “no income/verified asset” loan. This may save you some money in terms of what your payment would be.
Have you consider investing into real estate other than your primary residence? Since 100% financing may be available for your primary home, could part of your down payment bu used for purchasing investment properties?..Possibly…if the #s make sense.
You should have no problem getting approved. With the money you have for a down payment and with your credit score…a no doc program should work without the rental history.
Or, if your lender wants rental history, try a lender that will use a “private” VOR or a letter of explanation such as MILA…
I am not a lender but with a NO DOC loan you looking at some high interest rates compared to stated and full doc.
If you do not want to show where the downpayment money is coming from, i think a NINA (No income/No Asset verification loan would provide a better rate.
NINA means the same thing as No Doc with most lenders (basically a blank loan application, nothing verified). SISA (stated income, stated assets) is the next level down where the rate would improve over a no doc or NINA loan.
You should qualify no problem for a no doc loan with that scenario. Like what was mentioned above, the only thing you might run into is tradeline depth if you only have like 1 thing on your credit. If you have a few that have been open for a year you should be fine.