Home Equity Loan

I need a lender to give my husband and I a home equity line of credit?

Our credit scores are only in the mid 600's. Our business has been open in Idaho for 1 year now. Previously we owned a business for 13 years in another state, same line of work. We have owned our home for 19 months. We paid 71,000 and now fair market value places it at 150,000 to 190,000. We would like a line of credit for 140,000 to consolidate debt and finish remodeling our house. An appraisal would need to be drive by only because we have exposed walls inside. We are trying to bring up our credit scores by "opting out" of credit offers and doing some dispute clean up. "Countrywide" seemed to be coming through for us until all of this market stuff started happening. If anyone can give us direction, it would be great. Thanks, Barbara We currently owe 68,000 on our mortgage.

Public Comments

1. have you looked into www.prosper.com?
2. I'm in the same boat....house paid off, need/want to pay off everything and fix some things too.....(mostly newly acquired medical bills) have checked into Countrywide, but not deeply, and haven't approached our bank either....don't really know what to do.....anxious to see what answers you get, maybe it'll help me, thanks for posting your question, and good luck to you....
3. Try your bank. It should be your best choice. Try Bank of America, they are fast and easy to qualify. I got qualified by BOA within three days, 90% LTV.
4. You don't say how much you still owe on the home. Even in good loan times, and with good credit, your total on a refi or HELOC would only be up to the appraised value of the home, or more likely to 80% of that - sounds like you are looking for quite a bit more than that.
5. >Beware of Advance fee Loan scams. LOAN SCAM - Do Not Pay UpFront Fees. Do not send money UpFront via Western Union or MoneyGram to any person or business in the UK, Nigeria or Canada in hopes of getting a loan.
6. i would look into FHA...they have a rehab program that will alllow you to fix up your house. Opting out of credit DOESNT RAISE YOUR SCORE. many loan officers believe in that and it's UNTRUE. it even says that on the optout website. FHA allows up to 95% cashout value.
7. since you have a business i am assuming your business and personal accounts are with the same bank == you have been with them a year === i would say they would be my first contact point since they all ready know your past and should be willing to invest in your future!!!
8. Go to your local bank... because... 1. A conventional loan will get you away from that sub-prime lender... and 2. They'll let you do a cash-out under your FIRST mortgage...no need for a ELC or 2nd mortgage..