Our chances for FHA home equity loan? We have a mortgage balance of $120,000 on our Westchester, NY condo
with a value of around $525,000.
We had a successful business that quickly became a financial drain as business dried up. We had to close the business, but not before our credit was hit hard (down to 570) by the failed business and severely escalating CC interest rates (23% on $40,000). :-(
Our household income is now a gross of $150,000/year. We would like to get a home equity loan to pay off the CC debt. Can one even get an FHA home equity loan with a 570 credit rating?
Hi,
There are still FHA products out there that allow credit score less than 620.
It is not a "home equity" loan but an FHA loan, but you are allowed to consolidate and pay off debt.
It seems like you have an opportunity here, since you owe a lot less than the value of the condo.
Good luck.
For an accurate answer why not take the time and speak directly to any qualified loan officer, you'll be glad you did; with that said I don't believe you will qualify, 620 credit is needed, so you may want to pay down some of your bebt--have you thought about refinancing, a possibility if your current mortgage holds a high interest rate--but again speak to any qualified loan officer and follow his/her advice.
Anna
Hi, I am not a mortgage professional and will gladly refer you to the best...Christian Babcock from Mortgage Masters 914.447.9691. What I have heard is that a 620 is what's needed these days because otherwise the banks won't go for it. But do speak with the professional as they will guide you best.
Sincerely,
Christopher Pagli
Associate Broker
Legends Realty Group
914.406.9023
Didn’t find what you were looking for? Ask a question!
Ask a question
|
|
|
|
|||||||||||
|
|
|
|
|
|
Fair Housing and Equal Opportunity