low score. heloc possible?

richt · #1 (**permalink**) 06-28-2006, 10:12 AM

State of indiana. Have a gentleman who purchased a home a month ago. Bought home for for 20k less than what it appraised for. wants heloc for some repairs. He has a 605 middle score. Know of anyone that will go that low on a heloc. thanks richt.

gregmcclain · #2 (**permalink**) 07-01-2006, 03:45 AM

The score would not be the problem. What I would need is the appraisel and he would have to be able to borrow at least $50,000 - so that would depend of course on the actual appraisel.
Let me know: greg@mcclainfunding.com

richt · #3 (**permalink**) 07-02-2006, 05:33 PM

not sure if he would be able to go that high. House was only bought for 52,000. Actual appraisal is for 73,000. I appreciate your response. I doubt if you bank will loan that much based on this situation anyway. However, if you hear of any thing else please let me know. These are some pretty decent people. thanks richt.

Greg · #4 (**permalink**) 07-11-2006, 05:46 PM

Countrywide Speacialty Lending Group
Aegis Home Equity

If they still exist... 2nd's are falling off in the market.

Seasoning is probably the deal killer.