7 Insider Tips to Get a Guaranteed Home Equity Loan with Bad Credit

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Key takeaways

You can get a home equity loan with a low credit score by paying down debts and demonstrating sufficient equity.
Most lenders set their minimum credit score at 620. If your score is lower, you may be able to secure a hard money loan.
You can get better rates by comparing lenders and negotiating terms, even if your credit history isn’t perfect.

Do you have equity in your home? Are you considering borrowing money to cover renovations or consolidate high-interest debt? Home equity loans let you tap into the equity you’ve built to secure a loan with a lower interest rate. The question is, can you still get one if your credit score is poor?

When you have bad credit or a high debt load, you will have a tough time qualifying. Securing a low-credit home equity loan remains possible if you make certain strategic moves.

Let’s go over what you can do to improve your chances of approval when your credit score is below par.

Can I get a home equity loan with bad credit?
Tips to get a bad credit home equity loan
What is the minimum credit score for a home equity loan?
How long does it take to get a home equity loan?
What disqualifies you from getting a home equity loan?
Can you refinance a home equity loan?
Home equity loan vs HELOC: Which is better for bad credit?
Bottom line

Can I get a home equity loan with bad credit?

You can secure poor credit home equity loans, although it will be challenging. Lenders prefer borrowers with strong credit histories. What credit score you need for a home equity loan depends on the lender. If you’re score is in the ‘fair’ range, you have substantial equity, and meet other requirements, some are willing to take the risk.

A home equity loan with a low credit score will have higher interest rates. The better route is to improve your score first and then apply.

Tips to get a bad credit home equity loan

If you’re wondering how to get a home equity loan with bad credit, you’re not alone, and you’re not out of luck. Homeowners with less-than-perfect credit still qualify for funding by taking the right steps.

Here are things you can do to overcome a lower score and get the best possible rates.

1. Check your available home equity and loan‑to‑value ratio

Although you cannot find guaranteed home equity loans with bad credit, no credit check, you can improve your odds with high equity.

Equity is the difference between your home’s current value and what you owe on your mortgage. Most lenders require you to own 15% to 20% of your house outright. The more equity you have, the better your odds of securing a home equity loan with bad credit.

Lenders also consider your loan-to-value (LTV) ratio. To find your LTV ratio, divide the outstanding loan (mortgage) amount by the market value of your home. Then multiply the amount by 100.

For example, if you owe $100,000 on a property currently valued at $300,000, your LTV would be 33%. Most lenders prefer a lower LTV since it means you have more equity, making you a less risky borrower.

2. Calculate your debt-to-income ratio

Your debt-to-income (DTI) is your monthly debt payments divided by your gross income. This number indicates to lenders whether you can reasonably afford to take on additional debt.

Lenders prefer a DTI of 43% or lower. Some may consider ratios as high as 50%. If you’re on the edge of approval because of poor credit, a low DTI can help you qualify.

3. Gather all required income and asset documentation

Lenders may look beyond bad credit if you can prove that you have the means to repay the loan. To show a substantial, stable income, you’ll need to provide documents including:

Proof of income (pay stubs, W-2s, or tax returns)
Employment verification (information about your employer: name, address, and phone number)
Bank statements from the past two months
Investment account statements, if applicable
Savings or retirement account statements, if applicable
Recent mortgage statements
Property tax bill
Homeowner’s insurance policy

When credit is shaky, your income and assets are your best means of demonstrating the ability to repay. Loans based on income, not credit, have fewer barriers to approval but come with higher interest rates.

4. Improve your credit profile before applying

While you might be in a hurry to access cash, improving your credit score, even slightly, can open better loan terms. The higher your score, the higher your chances of approval with low interest rates.

Start by paying all of your bills on time and reducing your credit card balances. Keep your credit usage below 10% of your limit for optimal results. Paying down debt and catching up on past-due accounts will also improve your DTI and make you a better candidate overall.

While you’re at it, keep your old accounts open and refrain from applying for new credit. A hard inquiry can knock your score down by a few points.

Avoid quick fixes, as they are generally scams; however, credit-building tools can help. See if you can become an authorized user on a friend or family member’s account. Their responsible credit habits will be reflected on your report and score.

You can also report your rent and monthly bills using a credit reporting service. Reporting is an easy way to get credit for bills you’re already paying on time.

5. Consider applying with a co‑signer

Adding a co-signer with good credit can help you meet the lender’s requirements if your score is not quite what they want. The lender evaluates both applicants’ credit profiles and incomes, which may offset your bad credit.

The catch is that you still need to meet the bare minimum credit score requirement to qualify. The co-signer enhances your application; their score alone won’t secure the loan.

6. Explore alternative lenders or hard‑money loans

Different lenders have varying requirements and appetites for risk, so it pays to shop around.

Credit unions may consider a home equity loan with a credit score of 580 for members with a reliable income and a long-standing relationship. Alternative lenders may offer extremely bad credit loans for high fees or hard money loans.

Hard money loans are short-term money loans based on your property’s value and your equity, not your credit score. Some lenders still require credit checks and proof of income, but these requirements are less stringent.

These loans are easier to qualify for, but have higher rates and fees. Lenders often require you to repay the money in a few months or years. It’s not uncommon for the initial payments to be interest-only with expensive balloon payments at the end.

7. Negotiate interest rates, fees, and repayment terms

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Borrowers with poor credit often assume they have no negotiating power, but that’s not true. You can negotiate with substantial income, equity, and competing offers.

First, get quotes from multiple lenders and compare rates and terms. Then use a better offer as leverage to negotiate with your preferred lender.

Lenders are often willing to negotiate fees they control, such as the origination fee, application fee, appraisal fees, and title fees. Negotiating interest rates is harder since they are tied to the market. You may be able to negotiate a shorter loan term, which will lower your interest rate but result in higher monthly payments.

What is the minimum credit score for a home equity loan?

Lenders set the bar high for home equity loans since they are riskier than mortgages. When you apply for a home equity loan, you already have a high debt load. If you default, you must pay your mortgage first and then the home equity lender second.

Home equity loan credit score requirements vary by lender. Some lenders set the minimum credit score needed for a home equity loan at 680, while others go as low as 620. The threshold for many lenders remains a ‘good’ score of 700 or more.

The exact minimum score depends on the lender, loan amount, and other terms. If you have a 600 credit score, you may still qualify for a small loan, especially if you have substantial equity.

Here’s how FICO (used by 90% of lenders) categorizes credit scores:

Score	Classification
800-850	Excellent
740-799	Very good
670-739	Good
580-669	Fair
300-579	Poor

Data from myFICO

Check your credit score to see where you stand. Then review your credit report to determine why it’s low. You can request a report for free once a year from annualcreditreport.com.

If you find any mistakes, dispute them with the issuing bureau. Removing a negative mark, such as a late payment, from your report can give your score an immediate boost.

How long does it take to get a home equity loan?

The entire process typically takes two to six weeks. The exact timeline depends on the lender’s processing speed, if a home appraisal is necessary, and the complexity of the application. If the lender requires additional documents or a home appraisal, the process may take longer.

Provide all the necessary documents promptly and accurately to expedite the process.

Tired of having a poor score?

Click here for 10 ways to build credit FAST!

What disqualifies you from getting a home equity loan?

Even though poor credit home equity loans are available, several factors can disqualify you from getting approved.

Insufficient home equity: Lenders require at least 15%–20% equity in your property. If you’ve recently refinanced or your home value has dropped, you might not qualify.

High debt-to-income (DTI) ratio: A DTI above 43% can also be a red flag, even for lenders offering bad credit equity loans.

Low credit score: A low score indicates a higher risk. Most lenders require a rating of at least 620 to qualify.

Unstable income: Lenders prefer applicants with a steady income since it indicates that they will be able to repay the loan.

Adverse credit history: A history of missed mortgage payments, bankruptcies, or recent foreclosures can be particularly detrimental.

Lack of homeowner’s insurance: Most lenders require you to have homeowner’s insurance to protect the asset from damage.

Even if your credit is poor, a consistent income, low DTI, and high equity can make a significant impact. Ultimately, lenders need to feel confident that you can repay the money.

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Can you refinance a home equity loan?

You can refinance a home equity loan as with any other loan. Refinancing essentially means replacing your current home equity loan with a new one. Doing so can help you secure a lower interest rate, extend your repayment term, or access more equity.

Consider refinancing your current loan or doing a cash-out refinance if interest rates have dropped or your score has improved.

Curious about HELOCs?

Find out if a HELOC can help when you're short on cash!

Home equity loan vs HELOC: Which is better for bad credit?

When it comes to HELOCs vs home equity loans for bad credit, a home equity loan is often the better choice. That is because home equity loans come with set monthly payments and fixed interest rates. The predictable monthly payments make them easier to budget for.

Home equity lines of credit (HELOCs) function similarly to credit cards, offering variable interest rates. Variable interest rates make payments unpredictable, which is especially risky if your credit score is already low. For this reason, lenders are more hesitant to approve a HELOC for borrowers with poor credit.

When you need home repair loans for bad credit, a home equity loan is often the best route.

Frequently asked questions

1. Can I get a home equity loan with a 500 credit score?

Getting a home equity loan with a 500 credit score is not feasible. You need a score of at least 620 to qualify.

2. How many home equity loans can I have?

You can have as many home equity loans as lenders are willing to give you, but lenders rarely approve a second home equity loan.

3. What can home equity loans be used for?

You can use home equity loans for nearly any purpose, including home improvements, medical bills, tuition, or large purchases. Many borrowers use a home equity loan for debt consolidation. Just remember, your home secures the loan, so using the funds wisely is essential to avoid risking foreclosure.

4. How long does it take to get a home equity loan after appraisal?

It typically takes one to two weeks to close on a home equity loan after the appraisal. During this time, the lender finalizes underwriting, prepares closing documents, and schedules the signing.

5. How to get equity out of your home with bad credit?

Consider home equity loans, cash-out refinancing, or home equity investments.

6. What happens to home equity loans in foreclosure?

In foreclosure, you use the proceeds of the sale to pay your primary mortgage first. If there is any money left over, it goes to your home equity lender. If there is not enough money to pay your home equity lender, they can pursue a deficiency judgment.

Bottom line

Getting a home equity loan with bad credit is challenging, but achievable. The best thing you can do is to pay off debt and improve your credit score. A low DTI and a higher credit score will make you a more favorable candidate.

If you can’t wait, consider cash-out refinancing where you replace your existing mortgage with a larger one and pocket the difference. Or perhaps personal loans for bad credit with guaranteed approval will do the trick. A home equity investment can also provide you with cash, but be careful since you’re selling a share of your property.

Consider all your options before borrowing money, and be aware that you can still obtain cash, even with poor credit.

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Rachel Alulis

Rachel Alulis has been the lead editor for Moneyfor's credit cards team since 2015 and for the financial rewards team since 2023. Before joining Moneyfor, Rachel worked at USA Today and the Des Moines Register. She then established a successful freelance writing and editing business specializing in personal finance. Rachel holds a bachelor's degree in journalism and an MBA.

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7 Insider Tips to Get a Guaranteed Home Equity Loan with Bad Credit

Key takeaways

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Can I get a home equity loan with bad credit?

Tips to get a bad credit home equity loan