Bad credit but own home free and clear

[Chris Hamrick]

I have bad credit, but I own my home free and clear. Also, my work history is none because I was laid off in April. I'm now self-employed, and applying for jobs now.

Thing is, I have 2 deals I'd like to take advantage of. Both properties cost way less than what my home is worth. They also don't need any work really. One is absolutely move-in ready and the other just needs carpet.

What are my options? A loan officer told me I can't use my house as collateral unless i've owned it for 2 years... That doesn't sound right to me.

Any help?

Or should I just find someone that can qualify and pay them to use their credit?