I'd like a home improvement loan but don't have enough equity. what can be done

You can refinance with those scores, the question is how much equity do you have and what will you be trying to do? Depending on the improvements you might qualify for a 203K loan which is for improvements. Call a local mortgage pro and have them go over your options with you

There are loan products out there that allow you to finance your rehabilitation costs into a new first mortgage.. there are conventional programs as well as FHA, but it's expensive to do it.. but getting a 2nd position loan will be difficult if you don't have sufficient equity.. you would have to wait till the property value increases or wait till you've paid down your loan to an acceptable Loan to Value level.. I'm assuming you' re doing a owner occupied purchase with 5% down on a conventional loan.. if that's the case, then 3% is the maximum.. if you put more down, the seller can contribute more as well.. up to 9% if you put more than 25% down. FHA allows up to 6% and no limit for USDA or VA financing.. the funds can be use for all costs associated with originating a mortgage except none of the concessions can be used for down payment.. 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. William J. Acres, Lender411's number ONE lender in Arizona. 480-287-5714 WilliamAcres.com