I have been denied several times even though I own a condo that is worth 140,000 just because of credit I know that there must be a financial institution that that will help me wiyh a home equity loan.
2007-03-26 08:33:47 · 4 answers · asked by Rotasha W 1 in Business & Finance ➔ Renting & Real Estate
Not unless you only owe 20k on it in the first place. Scores do not get much lower then yours. You are going to need to get a hard money loan.
2007-03-26 08:38:33 · answer #1 · answered by Anonymous · 0⤊ 0⤋
Honestly, the interest rate you would get "if" you could get a loan would be astronomical, It would not be smart for you to get a loan at an astronomical rate, you are losing all the benefits to buying a house in the first place.. What is your debt to loan ratio? Do you owe more on the condo than it is worth, and if thats the case, i wouldn't give you a loan either, you have no equity... Good Luck...................... In my experience it is simple to say that most banks will easily lend you half of the difference between what you owe on your place and what is worth (as long as you owe less than its worth)..
2007-03-26 08:49:19 · answer #2 · answered by n_maritz 3 · 0⤊ 0⤋
With a fico that low, you won't get approved. You will need to get you credit up to at least 620 or better, and be able to go full income, for stated you need at least a 680. A full blown re-finance may not even be possible with a score that low. Call a reputible credit repair company and see what you need to do to "Rehab" the credit before you proceed, otherwise you will decrease your current score even more with every inquiry that is made by a lender you contact.
2007-03-30 06:12:29 · answer #3 · answered by novastarbanker 3 · 0⤊ 0⤋
How much of a loan do you need????
2007-03-26 08:37:46 · answer #4 · answered by peapod_mommy 2 · 0⤊ 0⤋