Posted on: 30th Apr, 2010 04:17 pm
Hi we are looking for a 125% 2nd mortgage and needed to know if you are able to do that with a 637 credit score
hi rodmomentum,
do you have equity in your property? if you do not have any equity in your property, it will be impossible for you to get qualified for a second mortgage. also, with a credit score of 637, you will not be able to qualify for a conventional loan. however, you may get a fha loan, if you have equity in your property. but again, after the real estate crisis, i don't think lenders would be ready to give you a loan which is 125% of your property value.
thanks
do you have equity in your property? if you do not have any equity in your property, it will be impossible for you to get qualified for a second mortgage. also, with a credit score of 637, you will not be able to qualify for a conventional loan. however, you may get a fha loan, if you have equity in your property. but again, after the real estate crisis, i don't think lenders would be ready to give you a loan which is 125% of your property value.
thanks