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?
Asked by:Julio A
What’s the Current Minumum Fico Score for Doing a Stated Home Mortgage Refinance Deal?
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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.
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…
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