A little corner to discuss home equity loans
That means that more home mortgage applicants than ever before are being turned down. Those who currently own homes and apply for refinancing must meet the same standards. The best rate loans now need equity percentages of 20 to qualify and credit scores of 680 or higher. The biggest hurdle for applicants in the areas of the country where values have dropped the most is having enough equity. Part of the new stimulus plan introduced by the Obama administration is designed to help those who keep up with their mortgage payments, but whose home values have dropped so much that they now have little or no equity.