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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Pat, , Arizona
Tue Oct 5, 2010
imtrying to get a home improvement loan it is very hard for 560credit score.please help @
0 votes
Steve, , 95624
Fri Jul 24, 2009
FHA works with borrowers that have lower scores. Start making some calls.
Web Reference:
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Marty S, , Irvine, CA
Wed Jun 17, 2009
Not very many options. Perhaps Hard money.

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

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Jake Johnson, , Melville, NY
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 Talk to you soon!
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Marty S, , Irvine, CA
Tue May 5, 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!

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Tony Grech, Mortgage Broker Or Lender, Southfield, MI
Mon May 4, 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
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