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Min qualifications to get a highly secured home equity loan?
Posted on 12/29/08 at 7:34 pm
Posted on 12/29/08 at 7:34 pm
One of my sons has had horrible credit, he has recently moved back to Baton Rouge from Atlanta to work for me and also I gave him a house that is only worth $60k or so because it is in poor condition. He needs a loan to renovate the home, but I am curious how likely a bank will be to give him a loan? I would think he would not be able to buy a house, but in this case he already owns the house and will only need to borrow $40k.. so it seems low risk for the bank, since they can foreclose on the house and not worry about being upside down.
Obviously, he needs to see a loan officer, but any idea of min req's? He is worried that he'll be laughed at.
Obviously, he needs to see a loan officer, but any idea of min req's? He is worried that he'll be laughed at.
This post was edited on 12/29/08 at 8:06 pm
2
Posted on 12/30/08 at 9:12 am to SnowMan77
With horrible credit, his only route will be a FHA loan for the most part.
Posted on 12/31/08 at 1:15 am to SnowMan77
Pretty much anyone can get *some* credit, the question is what it will cost. In other words, will the lender be a big bank, a subprime lender, a payday lender, or what?
The minimum requirements will obviously vary greatly depending on who you talk to. Yes, someone will laugh. And someone else will not, but he charges more. Sometimes a lot more.
But you gotta start somewhere. Better that than nothing at all.
The minimum requirements will obviously vary greatly depending on who you talk to. Yes, someone will laugh. And someone else will not, but he charges more. Sometimes a lot more.
But you gotta start somewhere. Better that than nothing at all.
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