Posted on: 05th Nov, 2007 07:55 am
anyone know of a lender that will make a home equity loan with a 500 and 507 credit score? we have about $65,000 of equity in our home and want to borrow $20,000.
Hello Guest,
With a 500 and 507 credit score, you will mostly get the sub-prime lenders willing to work with you and they will offer you high interest rates.
But it will not be impossible for you to get the loan as you have sufficient equity in your home and the amount you require is less than that.
There are many lenders in this community, some of them participate in the forums regularly. You may talk to them about your requirement.
With a 500 and 507 credit score, you will mostly get the sub-prime lenders willing to work with you and they will offer you high interest rates.
But it will not be impossible for you to get the loan as you have sufficient equity in your home and the amount you require is less than that.
There are many lenders in this community, some of them participate in the forums regularly. You may talk to them about your requirement.
Hi Guest,
Welcome to the forum.
It's true that you might get to deal with subprime lenders but considering the recent crisis in the US subprime mortgage industry, I shall suggest that you think twice before deciding upon an equity loan from a subprime lender.
However, you can try out with lenders in our community. These lenders offer a variety of loans programs to borrowers having different income level and credit scores. All you need to do is, send in your request for mortgage quotes with the minimum required details. As soon as we receive your request, we shall forward it to the community lenders and they'll check out if it's possible for them to offer you the loan. In case, their profile matches with your loan requirements, they shall contact you asap.
Hope this helps...
God bless you.
Samantha
Welcome to the forum.
It's true that you might get to deal with subprime lenders but considering the recent crisis in the US subprime mortgage industry, I shall suggest that you think twice before deciding upon an equity loan from a subprime lender.
However, you can try out with lenders in our community. These lenders offer a variety of loans programs to borrowers having different income level and credit scores. All you need to do is, send in your request for mortgage quotes with the minimum required details. As soon as we receive your request, we shall forward it to the community lenders and they'll check out if it's possible for them to offer you the loan. In case, their profile matches with your loan requirements, they shall contact you asap.
Hope this helps...
God bless you.
Samantha
