Cashout on 6 month ownership-under 600 score?? - Posted by jeh

Posted by GC on October 26, 2000 at 21:14:30:

What state are you in? If you are located in Florida, I can assist you in securing a loan with only 6 months seasoning on an O/O even though your credit score is under 600. Are you using this as your primary residence or as an investment property? I just helped someone get a loan in a situation that sounds similar to yours. Client had obtained property at a good price, rehabbed somewhat while living in it and wanted to get some cash back. Client had a credit score under 530 with numerous charge-offs and I still was able to get a 75-80% LTV loan on a cashout refi. Could have secured a 90% loan at a better rate if the existing mortgage wasn’t a private note. If you are located in Florida and I can be of any assistance, feel free to e-mail me at gc1492@netzero.net

GC

Cashout on 6 month ownership-under 600 score?? - Posted by jeh

Posted by jeh on October 26, 2000 at 15:58:25:

Can this be done? Property appraised 90,000 loan balance 37,500. Have owned for 6 months & have run into seasoning issue, while score has dropped from inquiries and 2-30 days recently.Is it easier to get a equity line or cash out???or is both impossible??? Thanks for the direction.