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Who will give me a loan?

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buffanged Joined: 04 Nov 2010 Posts: 1 1.00 Dollars($)	Posted: Thu Nov 04, 2010 11:23 pm    Post subject: Who will give me a loan? Like 0 Dislike 0 My name is Eden Bishop, and I am 22 years old. I paid cash for my house 2 1/2 years ago, when my husband died in Iraq. My home was appraised at 204,000 when I bought it, and I want an 80,000 loan, which should'nt be a problem, right? Well, I cannot get financed because I really don't have any credit, and all that is on my credit is medical collections that should'nt be on there, because I have been 100% covered by the Government for the last 5 years! I get paid 3000 a month for life from VA, so I can afford the payment, so I would think that surely I could get this loan somewhere! My question is just that, can you tell me where I might try to get this loan? Who will finance me? Its a win-win in my book, because if I defaulted, which I would never! the loan company gets a home worth at least 204,000, in exchange for a loan for 80,000!!! So, I don't see why there would be a problem! So please let me know, thank you!
Niicss Joined: 03 Oct 2005 Posts: 4834 Location: New Jersey 508.88 Dollars($)	Posted: Fri Nov 05, 2010 2:57 am    Post subject: Like 0 Dislike 0 As you don't have a credit record, the lenders will not be ready to give you a loan. In order to get a conventional loan, you would require a score of 700-720. To get a FHA loan, you should have a score of 580 and for VA loan, you should have a score of 620. Unless you meet this criteria, the lender will not be ready to give you a loan. You can speak to the lenders who offer personal loans and check out if they can help you in this regard. _________________ Good is the Enemy of Great.
Guest	Posted: Fri Nov 05, 2010 10:42 am    Post subject: Like 0 Dislike 0 Thanks for the great advice! lol I know that there are other options, I just thought this website would know what those options are!! Anyone could tell me what you just did, but I was told that this site was great for offering other solutions! I know there is someone out there willin to give me a loan on my house, when I have 100% equity!! My credit score should'nt matter for gods sake, that is stupid!! How could they lose? I would be the only one that could lose in this situatuion!! So thanks for nothing!!! _________________ Need help choosing the right loan? Get free consultation from community lenders/consultant
jameshogg Joined: 20 Dec 2005 Posts: 10460 Location: Nevada 987.57 Dollars($)	Posted: Fri Nov 05, 2010 8:50 pm    Post subject: Like 0 Dislike 0 Hi Guest, You are wrong in saying that the credit score won't matter. You should remember that though you have 100% equity in your property, unless you have the required credit score, none of the lenders will offer you a mortgage. Your credit scores are a proof of the fact whether or not you manage your finances well. If you've a bad score, lenders will be of the opinion that you cannot manage your finances well and so they won't give you a mortgage. Thanks

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