Answer: -Obviously if you just bought it 3 months ago, and you already need to get a 2nd mortgage, you probably won't get approved, especially when you have bad credit to begin with, because this will probably bring your credit score down even lower. -You need at least a year in the home with good payment history. However if you did place a big chunk of money for the down payment you have that dollar amount as equity. Some lenders are willing to look at the down payment dollar amount as the opportunity for a second mortgage. However if your scores are below a 680. You will not qualify even using the down payment money because of the length of time in the home. When I mean chunk....250K is the home sale price and you placed 50K down so your loan amount is 200K. If you put 5K down or zero down....wait the year and hope that you develope alot of equity