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Profile picture for dannanaomi

I have a credit score of 549, what are my chances of getting a home equity loan?

 the home is worth about 25,500 paid off and I want to borrow 9000. I'm on social security with an income of 885 a month.
  • May 03 2010 - Sharon
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Answers (2)

For a loan of that size, you should look for a local finance company.   They don't use traditional "FICO" score models and focus more on your specific payment history and ability to repay.
  • May 03 2010
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Profile picture for Erez Cohen
I think I answered this question before.  I have a bit more info now though.  If you are over 62, you may want to consider a reverse mortgage as no other option due to credit is available.  Be warned that you cannot have any federal tax liens and the home should be your primary.
  • May 03 2010
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