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Do you offer home equity loans with bad credit

by willca_747_747 from Arapahoe, Nebraska. Apr 4th 2013 Reply


William J Acres (William_Acres)
#74 ranked lender in Arizona - 8,728 contributions

Hard to say.. Everyone's definition of "Bad Credit" is different.. But in general, 2nd lien positions are more risky for the lender issuing the loan, so for that reason, credit would have to be better, and in most cases even better than what it take to purchase a home.. For example.. You can get an FHA loan with a 620 credit score, however, you might need a 680 or 700 to get a HELOC or 2nd mortgage.. I'm a Broker here in Scottsdale AZ and I only lend in Arizona. If you or someone you know is looking for financing options, feel free to contact me or pass along my information. 480-287-5714 WilliamAcres.com

Apr 4th 2013
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Bert Carpenter (BertCarpenter)
#37 ranked lender in Arizona - 2,431 contributions

Typically people with "Bad" credit are not eligible for a second mortgage. Because the second mortgage holder would have to pay off the first mortgage if you stopped paying, they are going to require the borrower to be a strong borrower, meaning great credit, not bad credit. ~ Bert Carpenter, The LoansA2z team of NOVA Home Loans ~ NMLS 40586 ~ Certified by the National Association of Mortgage Professionals and Licensed in California and Arizona ~ Licensed in California and Arizona ~ www.LoansA2z.com 888-889-9950

Apr 4th 2013
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Michelle Curtis Loan Originator NMLS 401173 (MichelleCurtisLO)
#77 ranked lender in Florida - 2,245 contributions

The answer is typically no. With challenged credit it is unlikely you would qualify for a home equity loan. More information would be needed but there may be a local bank willing to do it depending on all the factors , debt to income loan to value and actual scores. Depending on your situation you may have a better chance on refinancing and taking cash out. More info needed to give you your best options.Call us or email us at 201-962-3555 or Team@BestMortgageOption.com for ano cost no obligation analysis of your situation. Ask for Michelle or Benny We will find the Best Mortgage Option to suit your needs!You can check us out at www.BestMortgageOption.com We are also proud Homes for Heroes affiliates

Apr 4th 2013
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Raymond Denton (Raymond)
#10 ranked lender in Ohio - 224 contributions

No - there aren't any Lenders offering home equity loans with bad credit. What are your FICO scores?

Apr 4th 2013
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Peter Savino (855411LEND)
#99 ranked lender in New Jersey - 332 contributions

What is you bad credit score ??

Apr 4th 2013
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Dave Metsker (DaveMetsker)
#35 ranked lender in Oregon - 2,318 contributions

A private lender will make a loan, if you have sufficient equity.

Apr 4th 2013
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Joe Shamie (Joe Shamie)
#4 ranked lender in New Jersey - 1,412 contributions

We have a 640 minimum credit score requirement

Apr 4th 2013
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Peter Botros (PeterBotros)
#70 ranked lender in New York - 895 contributions

It Depends

Apr 4th 2013
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