GolfinDave Posted December 30, 2004 Report Share Posted December 30, 2004 Does anyone have advice or information about getting a 2nd Mortgage for 125% of my homes value? I don’t want to refinance (I got in a 5.25% for 30y through VA). I just want about 50 grand to pay off my truck and put an addition onto my new house. I would prefer someone in South Carolina but it does not really matter. I was thinking Ditech but someone else posted some bad work practices from them ( a former loan processor ). The reason I say that is because I want (need) a lender that looks at my credit and says “He doesn’t owe anybody and pays his payments on time” Not a lender that pulls my credit and says score too low next!620 Equifax but shold be about 640 or above when I apply in 60 days I have some collections coming off. Link to comment Share on other sites More sharing options...
liverichly Posted December 30, 2004 Report Share Posted December 30, 2004 All lenders are going to be concerned about your credit score (except private money and hard money lenders, which are concerned with equity), and to do 125% financing the lenders I know of requires 640 scores so you aren't too far off and if your plan works out you shouldn't have any trouble getting one as long as your income qualifies you. Keep in mind though, 125% rates are in the double digits so make sure that is in line with your plan.Also, disposable income plays a part in getting a 125% 2nd mortgage. Typically they want you to have at least $1,500 in monthly disposable income, for some scenarios they want you to have $4,000. Here's some consumer credit history requirements:<= 2 x 30+ in last <6 mos.0 x 60+ in last <= 12 mos.0 x 90+ in last <= 24 mos.<= 3 x Derog >= $500 <= 36mos.Mortgage history requirements:0 x 30+ in last <= 24 mos.0 x 60+ in last <= 60 mos.0 x 90+ everThese aren't all lenders requirements for 125% financing, but most lenders should be similar. And most allow collections but they must be paid. Link to comment Share on other sites More sharing options...
doublebuchi Posted December 31, 2004 Report Share Posted December 31, 2004 I bank with Suncoast Schools CU. They are in Florida. I applied for equity line and got approved with score of 520, EQ. All my negs. are over 4 years old. They approved a 100% LTV at 6%. I took the 90% LTV for only 5%. They are pickiy about who can become a member though. I am a county employee. Link to comment Share on other sites More sharing options...
doublebuchi Posted December 31, 2004 Report Share Posted December 31, 2004 Oh yea, I forgt. There are zero closing costs. Zip, zilch, nada. Link to comment Share on other sites More sharing options...
Recommended Posts