HELOC with no equity

Not Likely. Lenders are looking to lend against equity. If you don't have equity, they are not going to approve you for a HELOC. However, it is possible to find a lender that will grant you a LOC that is unsecured. Check with you local credit union or local community bank. ~ Bert Carpenter, The LoansA2z team of NOVA Home Loans ~ NMLS 40586 ~ www.LoansA2z.com 888-889-9950

It's your very scenario that lenders try to avoid... tight budget, high debt to income ratios, no equity... if your budget is tight, then your debt to income ratios are probably high.. And with no equity in your home, you're not going to get a loan... as Bert suggested, you could apply for a line of credit through a local credit union, however, like I stated earlier, if your ratios are high, that won't work either... There are other sources for borrowing funds where your ratios won't apply.. if you have a life insurance policy with a cash value, you can borrow against that.. The same applies to 401k'S and retirement accounts.. you can also take out a loan against a paid for car or truck... but if you're concerned about your credit being affected, you might consider a credit counselor... there are nonprofit organizations out there that can work with your creditors and help you manage your debt without having to borrow... and it can help you save your credit status you worked so hard to get...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

Generally speaking, lenders today DO NOT provide home equity loans about 90% of today's value. Therefore it is highly unlikely you'll be able to obtain a second mortgage.

You can not get a HELOC with no equity in your home.

I agree with Bert Carpenter. Loans for clients with no equity don't exist any more. The credit union angle is the highest probability option for an unsecured consolidation. Good luck!

Why don't you make improvements on the property using an FHA 203k refinance loan. Perhaps you can get equity from the rise in price from the appraisal. Consult with a 203k specialist and a construction consultant to see what type of value increase you will see.

No