Home equity loan, heloc, or refinance with cash out with bad credit …..?

Written By: Refinance Home Loan on September 15, 2009 No Comment

Home equity loan, heloc, or refinance with cash out with terrible credit …..?

We are currently working on improving our credit but our scores are still poor. The average of our score with all 3 major credit bureaus is around 580 with our highest score 603 and lowest 560. Our house is paid off in full and is valued around $135000. Is it possible to get a loan with our credit score? We do not have any major debt. We do have a credit card that we are using to help improve our credit score which we pay off every month. The only other debt we have are some medical bills. My wife and I both work and we yucky around $7000 a month. We are hoping to find a loan so we can help with medical bills due to our child who has a disability and to get him the extra educational help he needs.
I’m know if we could find a lender that would approve us we would be paying a high interest rate due to being high risk. But with us having our house paid off would we still be able to find a lender?
Thank you all in advance for your help!
I am a veteran so I am eligible for a va loan. I’m not sure if that will make a difference or not.
We are in our mid 30’s so a reverse mortgage is out. We are only wanting around $25000 give or take. We do not plot on selling our house. We make a decent income, just want some to pay off a few medical bills (about $3000) and want to place the rest in savings for help with our son and a buffer. We plot on doubling up on payments also. We are just kind of in a bind right now. Also the loan will help get our credit back on track. The one thing that is hurting our credit right now is we don’t have much for credit. Our vehicles are paid off. Our credit was hurt due not being able to work for awhile and got behind on bills so we had late payments. Was just hoping someone knew if it is possible to get a loan with that low of a credit score with a house that is paid off.
Thank you for the answers!

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