Can you finance me?

Financing, Hard Money Lenders, Private Money
1

I own a condo in CO – FMV 265k, first mtg = 140k. I want to try and take a Home Equity Loan to about 80 or 90%.

I will not consider refinancing, the first mortgage is 5.125%

I have four mortgages on my credit report and some of them are pretty recent (one is a month or two old), I probably have a mid 600 credit score, my credit is impeccable I just have a LOT of new debt. I make a decent salary but my debt:income ratio sucks.

What kind of rates am I looking at here? Thanks.

2

I don’t think it can get done (easily) without a 620 score atleast. Expect rates above 10%.

3

I would have to agree with Patrick.

I am assuming that this Condo is a N/O/O. Rates will be in easily the 10’s +.

I make a decent salary but my debt:income ratio sucks.

If your DTI is off then you would have to go stated and that makes it even less probable.

4

I’m at least a 620. My credit is perfect, I just have a lot of new debt. I was a 660 before my last loan, and I’m assuming that would have pushed it down a little further.

5

Prime plus 1.875%

stated income
80% CLTV
Owner Occ
Condo

6

NOO

7

Low 600’s is a very grey area for NOO…You need to know you exact credit score…it makes a big difference.

8
Low 600's is a very grey area for NOO....You need to know you exact credit score...it makes a big difference.

For a full doc conforming LOC or Fixed Rate, N/O/O you need at least a mid score of 640 and a DTI ratio of 45% or less.