Posted on: 05th Apr, 2009 11:38 am
wonder if there is any place, i can borrow against equity in my home, i have bad credit, so that limits me,but i know i have about 15,000 in equity,and i am in need of a loan.
hi mrscoolh!
welcome to forums!
getting a home equity loan with a bad credit will be difficult for you. you haven't mentioned what your credit score is. however as far as i know, for conventional loans, you would require a credit score of 700-720 whereas for fha, you would require a credit score of 620.
you can try improving your credit score first and then look out for loans. to know more about improving your credit score, check out the following link:
http://www.mortgagefit.com/credit-rating/credit-repair.html
feel free to ask if you have further queries.
sussane
welcome to forums!
getting a home equity loan with a bad credit will be difficult for you. you haven't mentioned what your credit score is. however as far as i know, for conventional loans, you would require a credit score of 700-720 whereas for fha, you would require a credit score of 620.
you can try improving your credit score first and then look out for loans. to know more about improving your credit score, check out the following link:
http://www.mortgagefit.com/credit-rating/credit-repair.html
feel free to ask if you have further queries.
sussane
However if you only have 15K equity in the home your loan to value might be to high. You will only be able to 85% of the homes value with an FHA loan.
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