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[have a fico of 530 i need a home improvement loan. i have no mortgage

by benbcjr1749 from Camden, South Carolina. Sep 12th 2014 Reply


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Sep 12th 2014
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Phil Dumouchel (PhilDu)
#1 ranked lender in South Carolina - 2,228 contributions

Unfortunately with that score the only lender likely to help you will be through an "alternative" source - a finance company or similar which I never recommend unless you really have no other choice. Best of luck

Sep 12th 2014
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Phil Dumouchel (PhilDu)
#1 ranked lender in South Carolina - 2,228 contributions

PS> You may be able to find a lender who could offer a FHA loan but 530 is really low even if there is no mortgage on the house. It will depend what the reason is for that score

Sep 12th 2014
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Patty Harrison (PattyHarrison)
#94 ranked lender in Illinois - 64 contributions

Depending on what type of improvements you need, maybe your contractor can help you with a local source. Otherwise it may be best to wait until you can raise your score or try your local bank. If you have a long-standing relationship they may be able to do a secure loan or auto-debit from your employer. Good Luck.

Sep 12th 2014
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Bob Schildt (bobschildt)
#43 ranked lender in South Carolina - 18 contributions

Would like to discuss you situation with you. The question would be how long can you wait to do the home improvement loan? We should be able to help you. I can be reached at 843-536-1027.

Sep 12th 2014
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Jay Spurlin (CFCMortgage)
#46 ranked lender in South Carolina - 24 contributions

It depends on your other two scores. Our minimum score is a 530 for FHA. It will also depend on why the score is a 530. It may be something we can help with to get the score up. Give us a call for more information.Coastal Funding 843-215-6200 or http://www.schomeloan.org

Sep 12th 2014
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William J Acres (William_Acres)
#1 ranked lender in Arizona - 8,055 contributions

More than likely, there are no conforming products you will qualify for. Some lenders advertise that they will go down to 500 credit scores, but the reality is that guidelines are so restrictive, that nearly everyone who applies gets turned down.. You can search for a Hard Money Lender, but that loan will be VERY EXPENSIVE, and they never work with you, so if your not in a position to make the payments on time, then it becomes a risky venture, you could end up losing your home.. I would suggest you work on improving your credit, and then worry about improving your home.. 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. William J. Acres, Lender411's number ONE lender in Arizona. 480-287-5714 WilliamAcres.com

Sep 12th 2014
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Ken Baltes (kbaltes)
#16 ranked lender in North Carolina - 242 contributions

You have no chance for a home improvement loan and 530. Increase your credit score.

Sep 13th 2014
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Todd Glassman (Todd Glassman)
#2 ranked lender in South Carolina - 113 contributions

We can do down to a 530 middle score. Just need more details

Sep 16th 2014
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