Consumers Digest

What kind of credit score is needed to get a title 1 home improvement loan? have good income but in 550's.

My husband has just returned to work after being off work for a while. I have had steady work the last 7 years and make good income, together we do fine. We need a new roof, remodel kitchen and fix a bathroom and would like to get a Title 1 home improvement loan. We do not have much equity even though we have been in our home for 7 years. What kind of credit is needed for this type of loan and what can you tell me about qualifying for it. We currently have a 30 yr FHA mortgage 7.5 pct and would like to not change this.

Public Comments

1. Your credit score is going to keep you from getting the credit you want. The lower your score, the higher the interest rate if you are able to get it all. Work on that FICO score by paying off some of your debt and doing it on time. It doesn't turn around overnight, but you can do it with time.
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