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alldixons · Joined: 10 Nov 2008 Posts: 1 1.00 Dollars($)

I have alot of equity in my home but very bad credit. Need at least 15,000.00 to get totaly out of debt and start new. I am desperate and would even consider liens and investors. Don't know were to start could anyone point me in the right direction????

elnoralittle · Posted: Mon Nov 10, 2008 6:17 pm Post subject:

some fha mortgages can help borrower's that don't nessecarily have perfect credit. The minimum credit score for an fha is 580.
You can't go above a certain loan to value on fha (85%)
Cash out loans are riskier, so they are examined a little closer by lenders.

You should call someone local to meet with and go over your credit.

Guest

thanks for the reply i will give it a try.

smithsussane · Posted: Mon Nov 10, 2008 8:47 pm Post subject:

Hi alldixons!

Elnora is correct. There are some FHA loan which are available to people with as low as 580 credit score. However, there are certain terms and condition which you need to fulfill to get a FHA loan. You will have to prove a steady income for at least three years and should show that you've consistently paid your bills on time.

Feel free to ask if you have further queries.

Sussane

ctrotta · Posted: Thu Nov 20, 2008 1:37 pm Post subject:

If your scores are too low, but you have a lot of equity, you can get a hard money loan, but be careful. While they meet many real estate needs, and are a good short-term solution for some, hard money lenders have no qualms about taking the house if you miss one payment. Hard money lends at about 13%.
You can also look into personal loans at prosper.com, depending upon your credit score standing.

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I need money to get out of debt