Anyone with a credit score lower than 630 got approved for a Stated Income Stated Asset HELOC? who’s lender?

Posted on Mar 11, 2013 in Stated Income Loans

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SISA
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Question by mangelooc: Anyone with a credit score lower than 630 got approved for a Stated Income Stated Asset HELOC? who’s lender?
My credit score has dropped because of credit card bills and I want to get a home equity line to consolidate my bills. I need to go SISA because I have a commission based job and I havent made enough much the past two years to qualify me, more about I also have very few assets right now. My home has about 200k in equity but I’m having the hardest time getting approved. If anyone has a lender who has approved them with my situation please let me know. Thanks
I live in California USA.

Best answer:

Answer by togashiyokuni2001
Hmmm. I don’t have a license in California, dosage but your best bet is to just call a mortgage broker. They usually have at least 3-4 banks that will do a deal like that, depending on the CLTV.

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2 Comments

  1. Lenders are increasingly concerned with the level of fraud inherent in stated income mortages. When it is a HELOC it is even tougher because the lender is in second position and there is substantial risk if the borrower defaults.

    Couple that with a low credit score and you have a real problem. You need to go talk to a lender that specializes in subprime home loans. Try Novastar.

  2. I know usually to go sisa you have to have a credit score of 700 or higher.