Home Equity loan/line of credit need expert advice!

[Anonymous]

Hello all,

I am hoping someone here can help me understand a little bit about some options we might have, or if we are just plain screwed...

Our situation is a little complicated, we have a USDA loan, 3.875%, and currently owe about 167k on it....bought the house in 2012, but since I was still a student at the time, only my husband was put on the loan, but I am on the title.

The housing market around here has increased considerably since the time we bought our house, and the homes going up two miles from me are STARTING in the mid 200's, and we have significantly more land than these new homes too....we just replaced the water heater, surge tank, some flooring, and a new roof is going to be put on next week. (Thank you storms) grrrrr

Anywho, between the hurricane and other crap going wrong, we have small loans (repairs and medical expenses) that have REALLY bad interest rates, but we were desperate at the time.....my husbands credit took a hit because of an AT&T bill that we didn't even know about from 2011!!! So we are trying to resolve a collection we didn't even know existed, but the hit damage was done on his credit. All our credit card and loan payments have been perfect and on time since the day they were opened....the mortgage fell behind last September so we have one 30 day late from then, but nothing since then....

So, my credit is doing better than my husbands credit, even though mine is not fantastic, but getting better every month....(mid score 640)

Our mortgage is currently serviced by Wells Fargo, and I am trying to see if we can find a HELOC or loan to help get us out from under the debt we are in, and replace the AC unit that is now on its last leg.....(seriously could anything else in this house break!?!?)

The AC has held out since 1992 I can't complain too much, but 8k to replace it??? UGH!

So my big issue is, can my credit be used along side my husband's along with both incomes to try and get something there???

I apologize for the long novel of a post here, I am just really stressed out with everything coming in at once, and I am tired of robbing peter to pay paul...

I would love to have all these debts in ONE payment instead of 856! (yeah not really that many but sure feels like it)

I know that Coastal Credit Union and Fidelity both do 100% equity lines, unsure about Wells Fargo, but I really just don't know where to turn, or even if we stand a snowballs chance in you know where....

Any advice or help would be most appreciated!!

Thank you so much!

[Revelate]

Do you know what your husband's full suite of scores are?

DCU for example won't do 100% LTV, but their UW is something like 675 on EQ FICO 5 and I've been over that for years with old lien / collection... incidently was over that on TU 04 as well where I have a late from 10/15. 

I don't know anything about the HELOC from the two lenders in question, but HELOC's are all over the map as there's zero standardization; I'd simply recommend talking to the ones you want to apply with and they should be able to share their terms before you pull the trigger. 

[Anonymous]

Thanks so much for the reply! I asked Wells Fargo, as well as a couple others just to double check, and while they can refi and do the HELOC with the scores we have, we have to be 12 months no lates, so we are looking at September no matter what we do....looks like we will keep chugging along and pray that our AC system holds out through the summer lol
Thanks for the reply though!