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Cons. Few lenders offer these loans in 2024. You’ll need a good credit score and lots of liquid assets to qualify. No-doc mortgage loans usually come with higher interest rates.
It was a play on NINA, which in turn is based on the notation scheme for the level of documentation the mortgage originator required. It was described as a no income, no job, [and] no assets loan because the only thing an applicant had to show was his/her credit rating, which was presumed to reflect willingness and ability to pay.
United Wholesale Mortgage, for example, offers lower- to moderate-income borrowers conventional mortgages paired with a no-interest, payment-deferred loan that covers a 3 percent down payment on ...
Here are some of the best lenders for low- and no-down payment mortgages in 2024. ... Credit requirements: ... Good Housekeeping.
Type of Loan. Minimum Credit Score. Conventional. 620. Jumbo. 700. FHA. 580 (or 500 with 10 percent down) VA. 620 (VA doesn’t require a minimum credit score, but lenders do)
A mortgage broker is actually not a lender. Instead, they act as your representative, seeking out loans for you. Brokers work with an array of lenders and as a result, are often able to offer the ...
A credit union could be a good option to consider for your mortgage. In many ways, the mortgage experience of working with a credit union is no different from working with a traditional bank or ...
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