I do not want to refinance my 1st loan, but like to get a 2nd and get cash out..would this be possible?
2006-12-15 04:13:37 · 4 answers · asked by mcoopd1 1 in Business & Finance ➔ Renting & Real Estate
no you need at least a 580 with fully documented income
2006-12-15 04:29:39 · answer #1 · answered by weaselnutzninja 2 · 0⤊ 0⤋
probably not. if you must get the cash, do the refi on the first and get your credit scores up. In 6 months the rates will hopefully still be low and you can refinance. i imagine your current first rate isn't that good anyways if you have a 547 score.
2006-12-15 12:56:29 · answer #2 · answered by Anonymous · 0⤊ 0⤋
It is possible, but hard to find.
The only place I know of that could still give you a high loan-to value second with that score is US Bank's broker division.
You'd need to meet their minimum payment history requirements, but if you do, they'll give you a loan.
Call some brokers in your area, ask if they work with US Bank broker. Or if they have any other options that do NOT include refinancing your first mortgage.
2006-12-15 16:16:53 · answer #3 · answered by Anonymous · 0⤊ 0⤋
Maybe, but with that score it's going to be expen$ive.
2006-12-15 12:24:16 · answer #4 · answered by Bostonian In MO 7 · 0⤊ 0⤋