Each private lender or portfolio lender has different criteria. If you go to a private lender that doesn't look at credit scores then some of them only look at the amount you are borrowing. They limit the loan value to 60% or less and the amount of the documentation is minimal, but the interest rate is higher, the loan term is much shorter and the fees to borrow are higher. With these type of collateral loans what is important to the lender is the property. If you are getting your loan from a portfolio lender (like Trustco), then they want to see good credit but will allow you to have exceptions for things that Fannie Mae and Freddie Mac require. Then there are other portfolio lenders that fall somewhere in between these two extremes. Let us know what kind of lender you are going to that doesn't look at credit scores.
