Credit score 740, own home outright, but Low income. Can I get a Home equity Loan?

As long as the loan officer or mortgage representative for the lender can qualify youI do not see why not. They will be compiling all debts they find on your credit report(minimum monthly payments due on revolving debt) along with current property tax averaged out per month, and homeowners insurance. I encourage you to checkwith an bank currently providing equity lines of credit or a credit union that does so.Some credit unions will allow for customers from the broader public.

Good Afternoon! Your credit score seems to be in an excellent position to obtain a Home Equity Loan, but there is more to qualifying for an Home Equity Loan than just a credit score. First, your credit score must be a FICO Score and if you pulled your own credit online, through such sites at Credit Karma, that will not be the same score a mortgage credit report will have. Although it seems like your score should be fine regardless of the type of score it is, the next issue is your Debt to Income Ratio as Larry noted. Doing a quick calculation of your incoming being $15,000 a year, you would be left with around $562.50 per month to be used for ALL DEBT. To obtain this figure, I took your Annual Income, divided by 12 Months, and then took 45% of that total to arrive at this amount. A 45% Debt to Income Ratio would be common for a Home Equity Loan Maximum Debt to Income Ratio. ALL DEBT would be any monthly minimum payments you have that show up on your credit report as well as any Homeowner's Insurance, Flood Insurance, Real Estate Property Taxes, and/or any Homeowner Association Dues. So, if your Real Estate Property Taxes are $150 per month and Homeowner's Insurance is $50 per month, that would make your Current Housing Expense $200 per month without any financing included. If you have a Car Loan, Credit Cards, or other Debt noted on your credit report, those Minimum Monthly Payments would be deducted from the $562.50. Assuming you only have the Real Estate Taxes and Homeowner's Insurance as payments calculated into your Debt to Income Ratio, you would have $362,50 left per month to be used to repay a Loan with Principal & Interest. With a loan size that you noted, I'd say that you should be eligible for financing based on the assumptions used in this scenario. Again, there is more to getting approved than just a credit score, so you would need to discuss this scenario with a local mortgage professional. I would recommend that you start with where you having your bank accounts as a bank or credit union would typically be an ideal source for this type of financing. I wish you good luck in your loan request and hope you have a great day!