Generally speaking, many lenders do not lend when the LTV is greater than 80%. It may be difficult to find a lender willing to this type of loan. However, if you do find a lender that is willing to lend it may result in a high interest rate and high fees type of loan. A good start would be to check with your local bank or credit union to find out if they have any home equity products that fit your needs. To answer your question, I cannot say for certain whether there is a lender that will be willing to lend to you based on the information you have provided. You must also keep in mind that a lender is not only considering credit scores and LTV. Lenders also look for proof of income, a low debt-to-income ratio, and in many cases they also look at cash reserves.
Before taking out a home equity line of credit, you need to first ask yourself what are your goals, and how much money do you need to reach those goals. For example, if you are planning to upgrade and redecorate your kitchen, you need to carefully review your plans, try to obtain price estimates for the work, and determine the cost of the materials and appliances you want to install.
Once you have determined how much credit you need, you should contact various home equity lenders to discuss the loan terms they can offer you. It is important that you speak with at least three or four lenders so you can compare the interest rate and loan terms being offered by different lenders; this should give you a good idea of what interest rate you can expect to pay. I also encourage you to visit the Bills.com Home Equity Line Resources page, where you will find a wealth of information and resources for consumers looking to obtain a home equity line. An especially helpful article, which will tell you what to look for in a new home equity line of credit loan.
I hope this information helps you Find. Learn & Save.