Profile picture for user0429919

bad credit looking for a home equity loan

My husband and I own our home.  We do not owe anything to anyone for this home.  We both have bad credit.  We are trying to get a home equity line of credit, so we can fix up the home and pay off a lot of our bills.   Everyone is looking for a credit score of 600 or more  we are way under that.  Do you think anyone would be interested in giving a loan.  Being that the house is free or debit,   we earn enough money for the both of us to pay back a monthly payment,  we are looking to get ourselves out of the hole and start off fresh.  And most of all to fix up our home.
  
  • July 26 2013 - Alton
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Answers (9)

Profile picture for jburton60
I had a foreclosure 3 yearago..Lost a $300k job in the mtge Industry..lost my home...730 FICO..500k equity in my house...$100k plus income..no debt..Cant get a loan..JOKE!
  • October 24
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Profile picture for bmckinzie
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  • August 14
  • 0Yes

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Profile picture for cathy c araya
There are places that will lend for credit scores under 600. I don't know what these other people are talking about. Probably not Bank of America or other banks but google and you can find many places that will give you an equity loan...
  • August 12
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Profile picture for PatrickDozier
Isn't the home collateral? Can't they just get repaid from the sell of the home if the payments stop from the equity loan?
  • March 26
  • 0Yes

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Profile picture for CFisher Carli

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  • August 01 2013
  • 0Yes

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There are no lenders that will approve you for a home equity loan with a 600 credit score. Perhaps, you may qualify for a regular first mortgage loan.  If you are interested in speaking to see if you can qualify [Promotion and hotlink removed by Zillow moderator. Please see our Good Neighbor Policy.]
  • July 26 2013
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You don't get a pass on credit score or income qualification because you own the property free and clear. Free and clear is great for you, but your score indicates that there are problems and a lender won't take the risk. They want to be re-paid and you need to show them that you can. Focus on your credit and what is causing the low score.
  • July 26 2013
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Profile picture for daveskow
Q:Do you think anyone would be interested in giving a loan?
A:  no ...not with credit scores sub  600
  • July 26 2013
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  Equity in the home is only one part of getting the loan. The lender wants to see that you plan to pay it back, therefore asking for a decent credit score.
  If you both are over 62 years of age, a reverse mortgage may also be an option. Credit scores do not play into the equation on a reverse mortgage.

  • July 26 2013
  • 3Yes

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