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
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
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
No - there aren't any Lenders offering home equity loans with bad credit. What are your FICO scores?
What is you bad credit score ??
A private lender will make a loan, if you have sufficient equity.
We have a 640 minimum credit score requirement
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