I own a 500k home free and clear. I have very poor credit, 580. Can I get a small home equity loan?

You didn't indicate how small you need or want. If you are looking at $50k or more, then there are FHA lenders that consider scores in your range. Most banks and Credit unions won't touch scores like yours. Yes, they could foreclose and you have a lot more to lose because of the value of your home, but they don't want to foreclose, they want you to make your payments on time. The lower score indicates this is not (or has not) happening. Start with a local Mortgage Banker/Broker. Because we have access to many lenders, we can find one that fits your needs. ~ Bert Carpenter, The LoansA2z team of NOVA Home Loans ~ NMLS 40586 ~ Licensed in California and Arizona ~ www.LoansA2z.com 888-889-9950

It will be very difficult. You should check with a local bank. That would be your best bet.

You could possibly get a FHA Insured Loan, but that would come with mortgage insurance as well. There are guidelines that would allow a 580 credit score, so if you want more information, please let me know by sending me an offline email. Thank you.

Romeoa, shop around and see if you can get unsecured financing for whatever it is you are seeking to accomplish before you pursue a home equity loan. You own your home free and clear, so I strongly advise a HELOC as your last option.

Your very low credit score is going to present a challenge. But, a small local bank or credit union may be willing if the loan is small.

You cannot get a home equity loan with a score that low. However there may be other options.Call me and we will discuss them. Jericho Cherry 804-556-0685.