Is it possible to get a loan against our paid for home? My husband had to retire early due to his plant being sold.

With FHA you can do an 85% loan to value once you are 3 years after the deed in lieu.. So you should be able to apply April 1st. Your score is low, but you're just a few points away... Most lenders require 640 or above, however there are some lenders out there that will do 620... I'm a Broker here in Scottsdale AZ and I only lend in Arizona. If you or someone you know is looking for financing options, feel free to contact me or pass along my information. 480-287-5714 WilliamAcres.com

Because of the Deed in Lieu, you are looking at FHA as your likely lending option. You should be able to cash out up to 85% of the appraised value. Your eligibility date will be the day after three full years has passed from the at the date the Transfer deed took the old property out of your name. Work with a local Mortgage Banker/Broker rather than one of the big banks or big national mortgage factories. Unlike a bank employee, who is most likely just an order taker, a Mortgage Broker/Banker is Trained, Tested and Licensed in all aspects of Mortgage Origination. We have access to loan products of MANY lenders, not just those of ONE bank, and can properly guide you. But more importantly, we can give you the guidance to get your scores up. Once your middle scores are at 640 or higher, you will qualify for the best FHA rates. Don't forget to check out your selected Mortgage Originator at the National Mortgage Licensing System at www.NMLSConsumerAccess.org ~ Bert Carpenter, The LoansA2z team of NOVA Home Loans ~ NMLS 40586 ~ Licensed in California and Arizona ~ www.LoansA2z.com 888-889-9950

Those scores are going to be tough to do a cash out unless the LTV is low.

I would need more detailed information in regards to the property and to your personal finances in order to give you a reasonable answer. If you like, please contact me and I will do my best to see what your options are. Thank you, Ray

My bank will do this loan in April , with credit scores at the 630 range, Please contact me WWW. HOMEMORTGAGEXPERT.com855 411 LEND thanks Peter

If both of you are age 62 or older, a reverse mortgage could be your answer. My company, TrueCompass Lending Corporation, is licensed in Indiana, and I would be happy to speak with you. Income and credit score are not a consideration for a reverse mortgage. And, you can, if you chose, make payments, just like a regular mortgage. Dave Metsker, 503-620-2239. Act quickly, as the standard fixed rate program expires on April 1, 2013.

Dave Metsker beat me to the punch. A reverse mortgage could be a good option. You probably won't be able to borrow up to 85% of the value, but you wouldn't be required to make a monthly payment. This is worth looking into. Best of luck to you!

Based on the information you provided, you will be able to do a refinance up to 85% Loan to Value, providing your scores are above 620 and your existing credit is paid as agreed with no derogatories since the BK.

call me today and we will start the process; 260-433-1260, or email tberry@unmhq.com