Not sure if this is the right place to post this?
I have a question about a HELOC.
I applied at my bank (credit union if that even matters) and the person taking the application wasn't very helpful. Probably because once she learned I had a 600 score, it was in her eyes, a lost cause. She submitted it anyways and said I would hear either way within 24/48 hours. Yet to hear back.
I also went to apply at a bank my dad recommended.
She gets to asking me questions and I get around to informing her that I'm shopping my loan and that I just applied at another bank. She suggested I wait till I hear from the first bank before submitting. I said alright, but since I am here let's go ahead and fill out the papers.
Both said it didn't look promising due to my score. I agreed, but asked if they can manually underwrite it? Both said no.
Does anyone do manual underwriting for a HELOC?
Yes, my score sucks. But my house is fully paid off. Thought that would look good to them. And while she was impressed, I get the idea it makes no difference.
I wanted to borrow 17.5% of the value of my home, which seems more than reasonable to me, considering I have seen loans of 80 LTV all the way to 125 LTV, which is insane to me, but maybe I am not understanding something.
Anyways, isn't part of the point of a HELOC is for people with bad credit, or no? Way I see it is my credit sucks, so here's my collateral, valued at 82.5% more than I am asking for.
Being that my mortgage was hard money, it doesn't show up on credit reports, and therefore the massive and on time payments are not reflected.
I was wanting the LOC for an extra reserve when I find opportunities and am low on cash.
Am I just SOL?
I have a question about a HELOC.
I applied at my bank (credit union if that even matters) and the person taking the application wasn't very helpful. Probably because once she learned I had a 600 score, it was in her eyes, a lost cause. She submitted it anyways and said I would hear either way within 24/48 hours. Yet to hear back.
I also went to apply at a bank my dad recommended.
She gets to asking me questions and I get around to informing her that I'm shopping my loan and that I just applied at another bank. She suggested I wait till I hear from the first bank before submitting. I said alright, but since I am here let's go ahead and fill out the papers.
Both said it didn't look promising due to my score. I agreed, but asked if they can manually underwrite it? Both said no.
Does anyone do manual underwriting for a HELOC?
Yes, my score sucks. But my house is fully paid off. Thought that would look good to them. And while she was impressed, I get the idea it makes no difference.
I wanted to borrow 17.5% of the value of my home, which seems more than reasonable to me, considering I have seen loans of 80 LTV all the way to 125 LTV, which is insane to me, but maybe I am not understanding something.
Anyways, isn't part of the point of a HELOC is for people with bad credit, or no? Way I see it is my credit sucks, so here's my collateral, valued at 82.5% more than I am asking for.
Being that my mortgage was hard money, it doesn't show up on credit reports, and therefore the massive and on time payments are not reflected.
I was wanting the LOC for an extra reserve when I find opportunities and am low on cash.
Am I just SOL?
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