Posted on: 03rd Dec, 2009 06:54 pm
I am looking for a 90-100% CLTV HELOC. I have owned for the property for 7 months & it's my primary. I have a 640-660+ score depending upon bureau. Are there any national lenders/credit unions doing these.
you won't be getting any offers anytime soon. your credit score is going to have to be in the 700 range and up in order for anyone to think you're an adequate risk in the home equity loan market.
In addition, I am unaware of a HELOC that will have such a high CLTV these days.
i'd like to think that a few institutional lenders might still be in that category, but don't know of any myself.
I am looking for a CLTV HELOC up to 95-100% on my primary residence. My DTI sits around 35% and my FICO is in the mid 700's. I have 10% equity in the property and just purchased it 5 months ago. Do you know of any lenders out there that will do a HELOC with my scenario?
darren, home equity lending has been in a freefall for the last few years. with less equity in properties, credit is far less available than it was in the past. in your case, that you purchased the home only recently is definitely going to be unfavorable, as well as your lack of equity to begin with. my opinion is that you'll have a very difficult time in locating a lender willing to work with you in this market.