I have horrible credit 520ish, I own my home outright it is worth $120,000 and I am looking for a $40,000 loan is this possible?

Unfortunately, you are going to be limited to have anyone do a loan for you with credit scores that low. If there is a way for you to improve your scores, there will be options available if your scores got above 550, but preferably above 580. I work very closely with a Credit Repair Company here in the St. Louis market, of which they have been able to help clean up and repair many issues that affect the scores on the credit report. If interested, give me a call (or drop me an email) and I will forward you their information.

Yes, and No.. For all conforming loan products, your scores are too low.. But there are "Equity Lenders" which are nothing more than a "Hard Money" lender.. they will lend to anyone who has enough equity.. but the cost of these loans makes this option extremely expensive.. In all reality, you should get with a mortgage loan officer and let them analyze your complete loan profile.. having a 520 credit score tells me that you have some major derogatory credit.. so the question becomes... "Why?".. Why is the score so low?? BK? Foreclosure? Judgement? Collections? Unpaid Taxes? Unpaid Student Loans? etc, etc, etc.. You could have a 750 credit score, yet with one or more of these credit deficiencies, you still might be denied.. For this reason, I suggest you contact a local mortgage professional, they can look at your credit and advise you the necessary steps to take to improve your scores so you can refinance and get a much better rate and terms than HML's.. . I'm a preferred Lender with Arizona and California being my primary markets. If you or someone you know is looking for financing options, feel free to contact me or pass along my information. 480-287-5714 WilliamAcres.com NMLS# 226347 / RPM Mortgage NMLS 1541014 / AZMB0121893

Yes, it is very possible but as one mentioned, it would be hard money and contrary to one post, hard money lenders cannot lend to just anyone. If this is your primary residence, you'll have extreme difficulty if not impossible to find a hard money lender to lend to you, as typical hard money rate and terms violate the Dodd-Frank Act. However, if it is NOT your primary residence, I could easily get you a loan up to $60,000 but it would be a 1-2 year term with interest in the 11-12% range. The payments would be interest-only, which on a $60,000 loan would be a monthly payment of $600. You would have to refinance out at the end of that term, so it would be critical for you to have a plan in place to accomplish that. You can call me to discuss it further at 407.928.8542 or email me at: broker@tomharrier.net.

Most regular residential mortgage lenders required at least two out of three scores above 580 in order to help you obtain a decent interest rate for your loan. I do have a way to help you understand how your credit score can be improved. You can contact me directly at 816-739-6279.