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Home Equity Loan with a FICO of 530?
Posted on January 5th, 2010 3 comments
Kennyb asked:
I have less than 15% equity in my home and need to consolidate some bills. My FICO is right at 530 and I have one late mortgage payment about 3 months ago. The amount I need is about 10% equity in my home, but can’t find a lender willing to let me have the money with such a low score. At this point in time, the interest rate is not as important as getting some things paid before they begin to affect my credit even more. Anyone know of any companies out there that will go with a 100% equity loan with my bad credit score?
HAROLDPersonal Finance Bad Credit, Credit Score, Fico, Home Equity Loan, Interest Rate, Money, Mortgage Payment, Point In Time3 responses to “Home Equity Loan with a FICO of 530?”
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Your best bet is to find a mortgage broker, they will have many lenders to choose from, and some niche program lenders that may do what you are looking for. Most times if a broker can’t do the loan, it means that there isn’t alot of choices at that point. Just a warning: If a broker CAN do it, it will cost you more than your local bank, but there should be limited out of pocket expenses.
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1st Uget D Moni January 10th, 2010 at 05:41
Sorry you need a 660 to get a 100CLTV heloc. I have a couple of suggestions email me…
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john d January 11th, 2010 at 03:56
There is some useful advice here.
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ZACH51 January 8th, 2010 at 05:55