Posted on: 24th Oct, 2013 01:50 am
I have a credit score of 590. I do not have a mortgage. In this situations, will I be able to get an equity loan?
Hi Guest,
With a 590 credit score, it might be a bit difficult for you to qualify for any kind of loan. It will be better if you could take steps to improve your credit score and then look out for a loan.
Thanks,
Jerry
With a 590 credit score, it might be a bit difficult for you to qualify for any kind of loan. It will be better if you could take steps to improve your credit score and then look out for a loan.
Thanks,
Jerry
I am not aware of any mortgage programs that currently allow a cash out mortgage with a credit score below 620.
There may be a portfolio lender who can/would do it if other good compensating factors, but, not likely.
If you are over 62, you can do a reverse mortgage.
There may be a portfolio lender who can/would do it if other good compensating factors, but, not likely.
If you are over 62, you can do a reverse mortgage.
Since your credit score is 590, you will find it difficult to obtain a loan. It is advisable that you try to boost credit score before you decide to apply for a loan.
I noted above that I am not aware of any mortgage programs or lenders that do cash out refinances with a credit score of 590.
Well, I just found one, so, I will correct myself.
The mortgage program is available in 44 states.
It is NOT available in: HI ID MO NV OK SC
You would need to meet all other FHA mortgage guidelines as far as income, employment, property value and condition, etc, but it can be done down to a credit score of 580.
You will have to find a lender who is signed up with this lender and is agreeable to doing it. Just because it is available does not mean all lenders will do it.
I am not going to give out the name of the lender on this site.
Contact me if you want to know who it is so you can check further.
Well, I just found one, so, I will correct myself.
The mortgage program is available in 44 states.
It is NOT available in: HI ID MO NV OK SC
You would need to meet all other FHA mortgage guidelines as far as income, employment, property value and condition, etc, but it can be done down to a credit score of 580.
You will have to find a lender who is signed up with this lender and is agreeable to doing it. Just because it is available does not mean all lenders will do it.
I am not going to give out the name of the lender on this site.
Contact me if you want to know who it is so you can check further.