Question about loan to value

[Anonymous]

I realize that the less you put down the more difficult it is to qulalify. But what if I just want 20% percent of value?

Home is worth 500,000 and I need to borrow 100,000. My income is low but credit is 708 ...710.. 699... according to the basic numbers I see when I log on here.

Is it a lot (hopefully ) easier to qualify?

[Anonymous]

If you have 80% to put down (and this money is verifiable) and your income supports a 100k loan, you should be fine. Also, are those scores your FICO 8 scores or mortgage scores?

[Anonymous]

I own the home free and clear....

[Anonymous]

fico 8 I believe...the three that popped  up when I joined myfico.

[Anonymous]

You are wanting to take out a home equity loan? If so, this should be a no brainer for the bank. If you default on the loan they win because of the larger value of the home.

[Anonymous]

Hoew does one find their mortgage scores on this site. I see the 3b and fico8 which are the same?

[Anonymous]

When you purchase the scores for each CRA there is a tab at the top of the page on your account that says 'scores.' You would click there and scroll down to see all of the different scores for each report that you purchase.

[Anonymous]

If I own the home...wouldn't a new 1st mortgage be better than a heloc ...if I want 100,000 ?

[Anonymous]

Thanks...I will check the dashboard

[ejbmvp]

your loan officer will need to explain the pros/cons of a HELOC vs a Cash-Out Refi. From my experience you will probably want to take the c/o refi.  Unless you have some previous BKs or Foreclosures, you should easily be eligible.