Posted on: 11th Jul, 2011 05:22 pm
I own my home outright, paid all cash for it in 2005, but I put the deed under my business name, which has gone belly-up. I will change the deed and put it under my own name, but my FICO is a low 555. I paid $800,000. cash for my home, it is now appraised at $325,000. I would like to pull out $100,000. Do you know where I can apply for an Equity loan with NO Seasoning, NO FICO... ? I am working on repairing my credit, it was a crappy 418, so is slowly at steadily getting higher, but I need to do some minor home repairs and I want to pay my credit off in full... suggestions please, I need them. Thanks for your time..
Hi torchgirl!
Welcome to forums!
With a credit score of 555, none of the lenders will be ready to give you a loan. You should have a credit score of around 620 in order to qualify for a FHA loan. To know some steps to improve your credit score, check out the given page: http://www.mortgagefit.com/credit-rating/credit-repair.html
Feel free to ask if you've further queries.
Sussane
Welcome to forums!
With a credit score of 555, none of the lenders will be ready to give you a loan. You should have a credit score of around 620 in order to qualify for a FHA loan. To know some steps to improve your credit score, check out the given page: http://www.mortgagefit.com/credit-rating/credit-repair.html
Feel free to ask if you've further queries.
Sussane