Posted on: 26th Nov, 2012 10:52 pm
around 4 years ago, i went through a loan modification. i though that my home equity loan would be rolled over into my new payment. but now i found out that the equity loan was left alone. bills were being sent to an old work address. not once did i ever receive any notice sent to my house! as i am planning to sell off my house, i can pay the equity line in full. my current credit score is 536. i am looking to purchase a new home and can put about 52% cash down. combined salary for my wife and i is $250,000 annual. have about $350,000 in ira assets. how difficult will it be for me to secure a loan? and will my credit score rise once that delinquent home equity loan is paid in full?
Hi Bang!
Welcome to forums!
With a 536 credit score, it will be difficult for you to qualify for any kind of loan. You should have a score of around 620 - 640 even in order to get qualified for a FHA loan. So, you should first take steps in order to improve your score before you apply for a mortgage.
Feel free to ask if you've further queries.
Sussane
Welcome to forums!
With a 536 credit score, it will be difficult for you to qualify for any kind of loan. You should have a score of around 620 - 640 even in order to get qualified for a FHA loan. So, you should first take steps in order to improve your score before you apply for a mortgage.
Feel free to ask if you've further queries.
Sussane
Hi Bang,
You will find a positive impact on your credit scores after you pay off your home equity loan in full. However, it might take some time in order to show it's effect on your report.
Thanks
You will find a positive impact on your credit scores after you pay off your home equity loan in full. However, it might take some time in order to show it's effect on your report.
Thanks