Posted on: 08th Jan, 2013 10:26 pm
i am looking to get a home equity loan. the home is now worth 220,000 and i owe 176,000. my tu score is 666, equifax 648, experian 620. my credit union has denied me a loan citing internal guidelines. so i guess the question is whom would approve me to borrow around 15,000 from my equity with these scores and post bk7 3 years 9 months now. no negative reporting since and credit established again.
Welcome Guest,
With the scores that you have mentioned, you may qualify for a FHA loan. You should get in touch with the local FHA lenders and apply for a loan. They will look into your financial situation and let you know whether or not you will be able to get a loan.
With the scores that you have mentioned, you may qualify for a FHA loan. You should get in touch with the local FHA lenders and apply for a loan. They will look into your financial situation and let you know whether or not you will be able to get a loan.
Usually credit score required to get approved for a home equity loan is around 680. As suggested by Adonis, an FHA loan will be a better choice for you.
FHA loan would be the only option for you but in that case too, it may not be that easy for you to obtain a loan.