Hallo…
I’m on the hunt for a good company or broker for a client with a 605 FICO score. They need either a HELOC or a second mortgage, and their CLTV will be under 40%. We’ve got full docs, so that shouldn’t be a problem.
I don’t have any sources to send them to right now, so I’d really appreciate any recommendations for reliable companies that can help. The client is in California.
Regards…
Another important consideration is your debt-to-income ratio, or how much debt you have relative to your income. Your chances of being approved are higher with a lower ratio. Your ability to repay the loan is demonstrated by a history of consistent income.
Your ability to repay the loan is demonstrated by a history of consistent income. 
A steady payment history on other loans will help your application, even though a 605 FICO score could be lower.
Like a credit card, it provides a line of credit from which you can draw as needed. Usually, its interest rate is variable and subject to change over time. 
A second mortgage gives you a large amount of money up front. Typically, the interest rate is fixed, which means it doesn’t change over the course of the loan.
Before applying, try to raise your credit score if at all possible. This can entail lowering debt, paying bills on time, and challenging any inaccuracies on your credit report. 
To discover the best terms, compare offers from various lenders.
. With a 605 FICO score, you can still get a second mortgage or HELOC, but it might take more work 
. You can raise your chances of getting a loan that suits your needs by carefully weighing your options and taking action to improve your financial status.