Need a Loan for home repairs with credit score in the 600's

You need to contact a local mortgage broker.. not the local "Big Bank", and not one of those internet or 50 states lenders.. The local mortgage broker works with many different lenders who in turn have many different lending programs, and I'm sure one will fit your situation. FHA has a 203K rehabilitation loan, where you can finance all of your repairs. You will need to use a licensed contractor, and you also will pay an FHA consultant to oversee the project, but by using a local mortgage broker, he will have a lender that lends to borrowers in the 600's... he has lower overhead, so he can offer you lower rates and fees, and because he's local, he is aware of local customs and policies that most 50 states lenders are unaware of.. 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

FHA 203K loan may be the way to go but most lenders on the secondary market have a minimum loan amount of 40-50K so unless you need to do that much work, I'd concentrate your current efforts on increasing your credit score.

An FHA 203K sounds like the best option for you, where you will finance in the repairs based upon your "after-improved" value. A Home Equity Loan is very unlikely unless you have a bunch of equity and much higher scores. A regular FHA "cashout" may work if you find a mortgage broker in your area who has a lending resource that can work with the lower scores; of course, what kind of loan you can do depends on the repairs you're talking about. If it's more "want" repairs, then a regular loan may still work. If it's "need" repairs, then the 203K or some other rehabilitation loan may be acceptable. If it's something bigger, one suggestion I've heard is to talk to the contractor/company who will be making those repairs and see if he has any finance companies he works with...the terms won't be as good, but it might help you get the job done. It may even be helpful to work on your credit a little until you can improve your score a little; a good loan officer will at least give you some advice in that area.

I know of a company that can possibly help you obtain a loan even with a credit score in the 600's. Also if you are 62 years or older you might look into a reverse mortgage HECM saver product. Please provide your contact information, if you would like more information of the products and loan programs that are currently available in your area.

Yes, it is possible to get a loan with scores of 600. Banks are being real picky now, so contact 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. He/She will have access to loan products of many lenders, not just those of one bank, and can properly guide you. But more importantly, We have investors that love making loans to folks like you. 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 ~ www.LoansA2z.com 888-889-9950

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