TheRoadBack Posted January 19, 2007 Report Share Posted January 19, 2007 Firstsource, (Or anyone who can help)I have never needed any mortgage advice but I have read some of your posts periodically and it seems you have the utmost respect on this board so I figured I would ask you for some help and advice.I am looking for a home equity line of credit for only about 20k. My fico's are eq 646 ex 652 and tu 636. I have had problems in the past credit wise because of a divorce and a bunch of credit card accounts that went delinquent and got charged off. I have recovered and paid off all of my debts and have not had a late payment in over one and a half years when these accounts were charged off. I have a paid judgement on my account which is over a year old. The only other negatives are 2 Medical collections for $67 and $ 400 respectively that are between 3-4 years old.I applied for a heloc at washington mutual and got denied. I thought I would have been approved with these scores and plenty of equity in my house.Can you please advise me or guide me as to if I can qualify for a heloc or if not what I have to do to qualify.I appreciate any help you can offer. Thank You in advance!!!!!!! Link to comment Share on other sites More sharing options...
amortgageman Posted January 20, 2007 Report Share Posted January 20, 2007 I would give First Horizon Home Loans a call. I know they have offices in Orlando, and probably elsewhere in Florida. I will leave the lookup for you. Link to comment Share on other sites More sharing options...
firstsource Posted January 20, 2007 Report Share Posted January 20, 2007 When you talk with them / or anyone / I would suggest that you ask about a fixed rate second to see if that is a better option for you.Charles Link to comment Share on other sites More sharing options...
sr28b Posted January 20, 2007 Report Share Posted January 20, 2007 When you talk with them / or anyone / I would suggest that you ask about a fixed rate second to see if that is a better option for you.CharlesDarn, I was going to say that but Charles beat me to it.Fixed rate second qualifications are less stringent than a HELOC and FICO looks at a 20k HELOC the same as a credit card. In other words, the second mortgage will be better for your credit score. Link to comment Share on other sites More sharing options...
TheRoadBack Posted January 22, 2007 Author Report Share Posted January 22, 2007 Thank you for your info!! It is greatly appreciated! Link to comment Share on other sites More sharing options...
Ffico Posted January 24, 2007 Report Share Posted January 24, 2007 I am looking for a home equity line of credit for only about 20k. My fico's are eq 646 ex 652 and tu 636. Those scores are certainly below bank standards for 2nd mortages. You may be better served finding a broker who can get you a stand alone 2nd. Link to comment Share on other sites More sharing options...
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