Home Improvement loans

[Anonymous]

Does anyone know if home improvement loans are available to someone with low FICO scores? My house is appraised at $108K , I owe $52K. My house is in great need of major repairs, such as new roof and air conditioning unit that I just cannot afford but due to divorce, my credit took a dive (low 500's). Any suggestions?

BTW, I am in Texas/ Harris County (near Houston) if that makes a difference (?)Thanks in advance!!

[ShanetheMortgageMan]

A 2nd mortgage (which is what it usually obtained when looking for a home equity loan) will need pretty darn close to excellent scores, so that wouldn't be an option for you.  The only fathomable option now would be a 1st mortgage of some sort, and with low 500's hard money would be an option, and if you can still find a lender doing FHA that low and you have sparkilng credit history for at least the last 12 months, that would be an option too... but there aren't many left for low FICO scores.