Bad Credit Equity Loan

Rates are actually dropping due to economics and a new president is coming in, so now is the best time to find a GREAT equity loan. It’s time to get out there, fill out some applications, and make it happen!

Get the new year off to a great start and get your loan process started NOW….

If you have a credit score below 640, many bad credit home equity loan programs won’t go over 80% loan to value. However, there are quite a few bad credit home loans available with credit scores as low as 580. Of course the mortgage rates might increase as your score decreases, but that depends on how much equity you have.

If you have any accounts in collection, mortgage lenders typically require them to be paid off before considering your application. Consumer credit counseling is usually not permitted within 2 to 5 years, and a prior bankruptcy is usually not allowed within the last 2 to 7 years. Your mortgage payments must be current and you can’t have late mortgage payments over 30 days within the last 12 months.

When you qualify for a home equity loan or second mortgage, most lenders use the middle of 3 credit scores from whoever makes the most money on the loan application. Sometimes you can exclude a spouse from an application to avoid a problem, but that’s a real challenge.

This was posted on Yahoo News today and I wanted you to see it since it relates to the post yesterday. The government is helping and it’s time to start applying for an equity loan – even if you have bad credit.

WASHINGTON – The government has introduced a pair of new programs that will provide $800 billion to help unfreeze the market for consumer debt which Treasury Secretary Henry Paulson calls vital to supporting the economy.

Paulson says key markets for consumer debt such as credit cards, auto loans and student loans essentially came to a halt in October. He says the new programs are aimed to get lending back to more normal levels.

Paulson says all the government programs have been aimed at supporting the lending that is vital to the economy.

http://news.yahoo.com/s/ap/credit_crunch;_ylt=AtdMkLblrh1f..wfI1kbPjHXn414