Can I get a second mortgage with bad credit?
I am looking for a second mortgage to make some home improvements. I have talked to some of my friends who had it previously. They are telling that it is difficult to get a good rate for a second mortgage with a poor credit (600 FICO) that I currently have. What are my options? by john.d_937_508 from Glendale, Arizona. Oct 4th 2011
William J Acres (William_Acres)
#74 ranked lender in Arizona - 8,728 contributions
There are 2nd's out there, however you do need good credit and your Loan To Value is also taken into consideration... if you have 30% to 40% equity or more, then there's probably a program for you, even with the low score... you can contact me at 480-287-5714... we're a local mortgage company here in Scottsdale... WilliamAcres.com
Zoltan Holubecz (Zoltan Holubecz)
#9 ranked lender in Arizona - 6 contributions
Getting a 2nd mortgage may be difficult even with good credit. You will need to have considerable equity. It may be a better option for you to refinance your current mortgage and get a better rate as well as getting cash out to make the home improvements. Please contact me and we can discuss the various options available. 623-202-3142 or email at zoltan@precisioninc.org.Thank you.
Rudi Hofmann (CaPortfolioLoans)
#281 ranked lender in California - 380 contributions
Regardless of equity you are not going to be able to get a 2nd with a 600 FICO score. ..... Happy funding, Rudi
Ask our community a question.
Get an answer
Related Questions
