My credit score is 618 and my wife s 644. We applied for home equity loan on 350 000 paid off house. We did not get it.

Asked by MARIO, Apple Valley, CA Tue Feb 19, 2013

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8
Andrea Gomez, Other Pro, San Antonio, TX
Fri Aug 16, 2013
Yes you can get approved with a 618! You probably don't need to get your scores up anymore. There are a few Lenders that can do a 600 mid score home loan. They just aren't always easy to find and some try to over charge you on the rate and fee's. I have had a lot of my clients with 580-600 scores approved for a home loan with The Lenders Network, not bad rates either.
1 vote
Sheryl Arndt, Mortgage Broker Or Lender, Woodland Hills, CA
Wed Mar 15, 2017
You may consider a refinance as we are still at record low rates as well.

Your qualifications will be determined by your credit profile, debt to income ratios, fico scores, loan program and LTV and how much cash out you may want. Your fico scores can be raised within 3-4 days in most cases to qualify for programs, rates and terms as necessary.

Sheryl Arndt, Real Estate Broker - Sr. Loan Officer CA only
Veteran and VA or CalVet loan specialist
REO and Short Sale Specialist
Credit Repair At No Cost
ALL Loan Programs Available
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BRE# 01140252
NMLS# 297251
0 votes
one, , 76155
Tue Feb 19, 2013
So...what is your question?
0 votes
Abu Musa, Agent, New York, NY
Tue Feb 19, 2013
You may talk to a mortgage banker to get the advice about getting mortgage.
0 votes
Matthew Stur…, Agent, Victorville, CA
Tue Feb 19, 2013
Hi Mario,

Ben gives good advice. You need to work on improving your credit scores. You could also try a different lender, but it would still be best to improve your scores and then reapply for the loan. Your scoares are not great. If they were 100 points higher, you would have been approved.
0 votes
Kawain Payne, Agent, Seal Beach, CA
Tue Feb 19, 2013
Hello Mario,

Credit is tight these days. Folks who could get loans with ease a few year sagao are finding it very difficult now.

There may be other factors other than your credit scores. I would consult with a mortgage consultant and find out what you can do to increase your overall chances of securing a loan at a later date.

Best of Luck to You!!!

Kawain Payne, Realtor
0 votes
Karen Sanchez, Agent, Apple Valley, CA
Tue Feb 19, 2013
Different lenders have different guide lines. It's an interview process ......you can talk to other lenders and ask them if your circumstances meets their guidelines and do their terms meet your expectation. In other words make some phone calls and find someone else.
0 votes
Ben Odom, Agent, Marianna, FL
Tue Feb 19, 2013
There are ways to increase your credit score. I would focus on them, and reapply in 6 months.
0 votes
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