Posted on: 27th May, 2009 05:42 pm
i want to borrow money off my house but i have bad credit
Depending on the equity you have in your property, you may be able to. The maximum allowable loan is 85% of your homes value currently. FHA normally requires a 620 credit score, but there are regional Portfolio Lenders that will lend based on "common-sense" underwriting down to a 540 credit score. The interest rate will be a bit higher, but you are able to obtain a loan pending you have compensating factors working in your favor(low Debt to Income Ratio, no mortgage lates, good equity, etc.). I hope this helps...
Please specify your credit score?
one person's bad credit is another's not so bad, so we would need to know, as sunil mentioned, what your score is, if you know it.
truly, i think 540 isn't going to get you approved, either. the magic number virtually everywhere is 620 now. you may find the odd lender that'll go lower, but i surmise there'll be a price to pay.
truly, i think 540 isn't going to get you approved, either. the magic number virtually everywhere is 620 now. you may find the odd lender that'll go lower, but i surmise there'll be a price to pay.
