Here are some credit score/loan-to-value figures I just received from a subprime lender for "full doc" mortgages:
- 90% – 580 Mid Score
- 85% – 540 Mid Score
- 80% – 520 Mid Score
The rates were not provided but I can assure they would not be attractive. We’re probably talking double digits for a 3 year balloon with a prepayment penalty. I strongly recommend using FHA over this type of financing. (FHA is not credit score driven; you do need to have a good credit history over the past year).
If you cannot qualify for FHA, then I encourage you to work with a Mortgage Professional to develop a plan to get on track for buying a home or refinancing.