Posted on: 19th Feb, 2013 12:54 am
I want to get a HELOC and need advise regarding it. Despite having a ton of equity in my property, good job, and fair-to-good credit (683), I have been rejected for it two times. The delinquency on my credit report from 2008 led to the rejection. Are there lenders who may give me a loan even if at a high interest rate?
With a credit score of 683, you may face difficulty in getting qualified for a conventional loan. You may apply for a FHA loan. But as far as I know, you may have to explain the delinquency when you apply for the loan.
Delinquncy is a serious issue. This will haunt you. Make sure that you don't become delinquent in future. With time, this will erase. Thereafter, you can try for the HELOC that you are looking for.
Since you have a credit score of 683, you may not be able to get approval for a conventional loan. However, you may apply for a FHA loan. Regarding delinquency, you'll have to explain about it when you decide to take out a loan.