Financing in 35150>Question Details

Steve, Other/Just Looking in Whitesboro, NY

I am in upstate ny looking for a home improvement loan with a credit score of 500.

Asked by Steve, Whitesboro, NY Mon May 4, 2009

Everything on the internet leads to a dead end I am needing help with the names of the companys that help home owners with home improvement loans for bad credit 504 is my score. Please any help I can get would be great names and numbers. Thank You

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imtrying to get a home improvement loan it is very hard for 560credit score.please help me.email @ metrasilverpatsy@yahoo.com.
0 votes Thank Flag Link Tue Oct 5, 2010
FHA works with borrowers that have lower scores. Start making some calls.
Web Reference: http://www.fhaloanagent.com
0 votes Thank Flag Link Fri Jul 24, 2009
Not very many options. Perhaps Hard money.

I am a Loan Officer. If I can be of assistance, please let me know.

Martin.Smith@Emeryfed.com

Martin
0 votes Thank Flag Link Wed Jun 17, 2009
Hi Steve,

What is your current rate on your loan? I can do cash-out refinances down to 500 credit scores with 24 months on time payment history up to 85% of the homes value. Perhaps I can help you with both the rate on your current loan and to get you the cash you need. My name is Jake Johnson and my email is jjohnson@lendamerica.com. Talk to you soon!
0 votes Thank Flag Link Wed Jun 17, 2009
The only way this would work would be if you ha d a TON of equity.

I am a loan officer. If I can be of service, please lte me know!

MSmith@PrecisionFundingUSA.com

Marty
0 votes Thank Flag Link Tue May 5, 2009
Hi Steve,

Unfortunately since home equity loans are not sale-able to Fannie Mae, Freddie Mac, or FHA, approval guidelines and credit requirements are even more strict for this type of product. And in today's lending environment a 500 credit score will not qualify for any type of mortgage even under the most lenient of programs. No lenders really want to work with borrowers who pose a credit risk. As a matter of fact, every lender I know of requires at least a 680 credit score for a home equity/improvement loan

You may want to check with the city/county you live in to see if any assistance is available to make improvements. If that doesn't work, then the best advice I can give you is to work on boosting your credit scores into the 600-620 range, then maybe applying for an FHA 203k rehabilitation loan.

Best of luck
0 votes Thank Flag Link Mon May 4, 2009
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