I'm rebuilding but I need a home equity loan. What are my options?

[WarthogWrangler]

Hi everyone. I'm currently rebuilding my credit, but I need about $25000 to pay off all my charge offs and get my credit entirely cleaned up.  I have the income to support a home equity loan and I have about $175,000 in equity in my home.  My current DTI is about 35% and my FICO 8 scores are EX 595 EQ 628 TU 615

I'm military but NFCU is out of the question as they are two of the charge offs.  I am a USAA member but they wouldn't even give me vehicle loan back in March so I used Cap one.  I'm hesitant to do any hard inquiries for this right now so figured I'd ask you experts if you knew of any way I could make this work.  I have a lot of equity and decent income on my side, but my credit is not the best obviously.  

I also have a paid off vehicle worth about $10,000 and a paid off boat worth about $11000 I could toss in a collateral if that makes any difference.  

Thanks for any advice and help.  

[sccredit]

Talk to a mortgage broker.  They may be able to do a cash out FHA refi. 

[WarthogWrangler]

Thank you for that suggestion!  I called a local broker yesterday that had high ratings.  We ran all the numbers and they pulled my scores and looks like I'll be able to do a cash out refi of $320k which will put about 60K in my pocket which is more than enought to pay off all my past due debts and still have a lot of cash left over.  Never dreamed I'd even qualify.  

[Anonymous]

Did you shop and compare?  It's an extremely competitive market right now. Most lenders will match offers.

I was able to lock in @ 3.375 with $50k cash out on 9/4.  I had 8 Loan Estimates.  My Credit union, along with 2 other best lenders, provided rate, lender credit and closing costs matching.  I pitted the 2 against each other, then took the best LE to Canvas Credit Union here in Denver.

$250K loan amount, including $50k cash out, against a home value of $400k - LTV 62.5%

30 Yr Fixed Conventional

3.375 - no origination with $934 Lender Credit

$875 (Appraisal, credit report, fllod cert, tax service and income verification)

$995 Title services (I shopped these, down from $2600, $2300 and $1250)

So bottom line - $1027 Closing Costs or ~0.4% of loan value. I did not include taxes, prepaids and escrows for obvious reasons.

Last minute, I shopped the final LE, just to be told by multiple lenders, "lock that in and take it to the bank!"  and  "Hell of a deal!"  Boom!

Good Luck!