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home equity loan with a fico of 606

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wward62 Joined: 29 Dec 2008 Posts: 1 1.00 Dollars($)	Posted: Mon Dec 29, 2008 7:40 pm    Post subject: home equity loan with a fico of 606 Like 0 Dislike 0 I live in Florida..I have a fico of 606, but I have a co-borrower with excellent credit. Will it be possible to get a home equity loan...I can not move into the home until it is renovated. There is no mortgage due on the home. PS. I have already been turned down by BANK OF AMERICA. HELP...WHAT CAN I DO.
jameshogg Joined: 20 Dec 2005 Posts: 10477 Location: Nevada 990.06 Dollars($)	Posted: Mon Dec 29, 2008 10:39 pm    Post subject: Like 0 Dislike 0 Hi wward, Though Bank of America has turned you down, you can speak to other lenders. You can try for a home improvement loan as you want to renovate the property. Speak to some of the lenders and see if they are offering you good terms and conditions for loan. You can also speak to the lenders of this community and seek a no obligation free mortgage consultation. Let's hope they will be able to help you. Thanks
gmakerley Community Mentor Joined: 09 Nov 2007 Posts: 12376 Location: bloomfield, ct 58.49 Dollars($)	Posted: Tue Dec 30, 2008 8:05 am    Post subject: Like 0 Dislike 0 with a 606 credit score, it is not unlikely that you'd be able to procure a loan somewhere. the rate might not be as pretty as it would be with a 706 score, but don't let the decline by bofa deter you. keep trying. _________________ George M. Akerley Mortgage Underwriter/Consultant Word of Excellence- Writing/Editing/Proofreading 860-221-5044

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