Financing in 90008>Question Details

Redd1, Home Buyer in Los Angeles, CA

Can I get a home equity loan with only 6 month employment history? My house is paid off and I need to borrow less than $45,000. My credit's about 750.

Asked by Redd1, Los Angeles, CA Sat Jun 29, 2013

I've been told that with less than two years of employment it's nearly impossible, no matter how good your credit is. Not sure if this is true. House currently has a market value of about $550K. Wanted to borrow to consolidate high credit card debt.

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Dear Redd 1,

I would contact a local direct lender. They will evaluate your total financial situation. It maybe that you have 6 months employment on your current job. They will check if in last 2 years there was previous e and the length of employment.
Additional Items to Consider:
- Value of subject property (lender appraisal)
- Monthly Income
- Monthly Expenses
- FICO credit score
Do not hesitate contacting lender. Hopefully, this information helpful.

Gail Mercedes Cole
EXP Realty
310.853.9933
0 votes Thank Flag Link Mon Jul 1, 2013
One of out loan officers will be able to look into all available options for you. Check us out http://www.TheMortgageOutlet.com
0 votes Thank Flag Link Sat Jun 29, 2013
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