Home Equity Loan 620 FICO

[dannyz21]

Hello, I'm in need of a home equity loan, however my mortgage FICO is 620.   My home is worth about $400k and I owe $200k.  I need about $25k for loan.   My DTI ratio is about 30%.   I've had late payments and collections, but I've been on time with all payments for almost 2 years and collections are paid off.  I've heard that there are lenders out there who will do Home Equity loans with a 620 FICO, but I'm not sure where to start.  My question - does anyone  know of any lenders that will do a home equity loan with a 620 FICO?    Thanks.

[NC_Mtg_Loaner]

Check with your local brick and mortar bank or credit union.  Chances are, they'll be more than happy to have a note secured to that lovely asset you have for a home--otherwise, just go ahead and do a Cash out Refi....

[overth3top]

In the same boat and in Texas they do not allow FHA cash out refi which is just what I need.

[Anonymous]

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@overth3top wrote:

In the same boat and in Texas they do not allow FHA cash out refi which is just what I need.

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With a 50% LTV why are you looking at FHA?

[MauiMan85297]

You can still do CNV but will pay higher rate and you WILL pay discount points but once you take cash out of your home in TX you can NEVER do FHA/VA again.

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@overth3top wrote:

In the same boat and in Texas they do not allow FHA cash out refi which is just what I need.

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