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You can get a home equity loan for $10,000 or over $100,000 depending on how much equity you have in your home, even if you have bad credit. The most important qualification criteria is having equity in your home. In the past lenders used to offer 100% LTV home equity loans up to 125% LTV home equity loans and HELOC products. Today these loans are rare.

The most probably home equity loan that you can get today is a 60% LTV home equity loan to a 80% LTV home equity loan. Lenders will require that you have proof of steady income.

In terms of credit scores, a score of 600 and above is more likely to get your a home equity loan. If you have a credit score below 600, you might have difficulty getting a home equity loan unless you have significant equity in your home and need little cash out.

What is the difference between a home equity loan and a HELOC?

A home equity loan is cash that you can use for any personal needs. Once you spend the borrowed amount - there is no additional cash. A HELOC is also a loan that can be used for personal expenses, however it is a line of credit - just like a credit card.

If you get a HELOC for $20,000 and spend $15,000 - you will have $5,000 left to spend. Any payments that you make on your loan becomes additional credit that you can use in the future. Thus in this example, if you repaid $5000 after you spent the original $15,000, you would have a $10,000 line of credit to use.