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Home Equity Loan - Poor Credit

I owned my home, no mortgage but my credit is poor. I am currently working on building it up. Is there any magical score I must have to be approved with a decent interest rate?? What score are most lenders looking for? I live in a townhouse in NC. by ummiet_597_315 from Wake Forest, North Carolina. Mar 30th 2013 Reply


Bert Carpenter (BertCarpenter)
#37 ranked lender in Arizona - 2,431 contributions

It really depends on the whole picture you present. Since you own your home outright, you are looking at a new First mortgage. There are traditional programs that will allow scores as low as 580, depending on your other factors. But if your scores are low because of a recent history of bad credit and charge offs, you are probably looking at a hard money lender and that can get pricy. Work with a local Mortgage Professional to find out what you are eligible for, and what you can do to get your credit better. ~ Bert Carpenter, The LoansA2z team of NOVA Home Loans ~ NMLS 40586 ~ Certified by the National Association of Mortgage Professionals and Licensed in California and Arizona ~ www.LoansA2z.com 888-889-9950

Mar 31st 2013
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Joe Metzler (JoeMetzler)
#17 ranked lender in Minnesota - 4,848 contributions

Required score depends a bit on program.... But very generally speaking, when people ask this question, most lenders will encourage you to have a 660 or higher score.

Mar 30th 2013
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Michelle Curtis Loan Originator NMLS 401173 (MichelleCurtisLO)
#77 ranked lender in Florida - 2,245 contributions

For a home equity I would say at least a 680 but most likely 700. We work with a credit specialist that does a great job, conct us if you'd like his info for a free consultation.Call us or email us at 201-962-3555 or Team@BestMortgageOption.com for ano cost no obligation analysis of your situation.Ask for Michelle or Benny We will find the Best Mortgage Option to suit your needs!You can check us out at www.BestMortgageOption.com

Mar 30th 2013
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Peter Savino (855411LEND)
#99 ranked lender in New Jersey - 332 contributions

Lexington Law is one of the largest and most popular credit repair companies - look them up - you would want a 700 mid score to get best rates . www HOMEMORTGAGEXPERT.COM

Mar 30th 2013
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Michael Bardy (LendingPro)
#24 ranked lender in Ohio - 72 contributions

If your home is free and clear we can assist you with a cash out refinance with a credit score as low as a 620. We also offer credit counseling at no cost to our clients. We also have 3 reputable credit agencies that we can involve should that be required.Enjoy your weekend!

Mar 30th 2013
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Sasha Mager (MagerCapital)
#385 ranked lender in California - 1 contribution

660 is generally the norm. I owned one of the largest credit repair companies in the US and sold it. Lexington Law was our competitor, but they take too long and you have to do it all yourself. It is a good option when you have a year's time to wait and can only afford their little fees. The longer it takes for them to repair your credit, the more money they make so you can understand their business model. I have cleaned 1000's of credit files and I still help my clients and family. If you want I can review your file and let you know exactly what will come off and what won't. Most derogatories are easy to get off, but people just don't understand how to dispute so they are removed. I don't have a problem reviewing your credit and letting you know exactly what can be done. I enjoy helping. sasha@magercapital.com 866-244-5030 ext. 100Thanks,SM

Mar 30th 2013
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Michael Zimmerman (MichaelZimmerman)
#60 ranked lender in Virginia - 36 contributions

I currently work in the North Carolina and Virginia markets. The first mortgage option would be the best option for a lower score. Contact me at 757-390-7303 or vbhomeloans.com. Michael Zimmerman NMLS# 924701 or email @ mzimmerman@southerntrust.com

Apr 12th 2013
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