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WOULD LIKE TO USE EQUITY WITH LOW CREDIT SCORE

OWN THIS HOME BUT MY CREDIT IS AT A LOW OF 620, NEED REPAIRS DONE AND ABOUT 30K IS WHAT ID LIKE,,,,WHO SHOULD I DEAL WITH?
  • June 20 2013 - Palm Bay
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Answers (3)

203k is a good program for home repairs or upgrade. You will need an experience lender and consultant who can evaluate the property and identify the requirements as well as guidelines. A good consultant shortens the closing time by weeks
  • September 28 2013
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Depending on how much equity you have and your income - you may have to do a private loan.  Cash out refi's are very hard to come by without a premium credit score.

FHA does allow a refinance to do rehab on a property but I am not sure what their minimum score is or which lenders are offering the 203K as a refinance.  I hope this helps and good-luck!

  • June 20 2013
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Profile picture for daveskow
try your bank
try local bank
if you have equity - try to  do a cash out refi

  • June 20 2013
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