Bought a house outright......need to fix it up.....have no money...homequity loan?..not so great credit...suggestions?. (heloc, credit score)

[deeds]

bought a fixxer upper outright.......need money to fix it up.......homequity loan......don't have the best credit.........

[MrRational]

homequity loan......
don't have the best credit.........

HELOC or just a straight (short term) mortgage

Have you approached the local bank?
to apply for a mortgage?
or just to ask them what their standards are?

The missing piece is your level of (earned?) income...
and specifically how much of that is available for a monthly payment.

With a LOT of equity and even a modest credit score...
the ability to pay even just a $500 monthly mortgage payment should still get you a good sized pile to do the remodeling.

[chet everett]

If you own the home free and clear the likely limit to how much you can borrow is approxiately 80% of the current value of the home. This assume that your income is sufficient to sufficient to allow you to qualify for the loan. You technically should have a credit score that would qualify you for a "prime" mortgage as that is the general expectation for HELOCs now, though since this lien would be in "first position" some lenders are going to be more lenient...

[VictorBurek]

If your credit is not good, forget about a home equity loan. The credit guidelines are more difficult when accessing home equity.

Lenders i deal with require a minimum 660 FICO score.

[AdotAllen]

Originally Posted by VictorBurek

If your credit is not good, forget about a home equity loan. The credit guidelines are more difficult when accessing home equity.

Lenders i deal with require a minimum 660 FICO score.

Mine require 680 or higher