J asked:
i bought a home for 45k.in michigan i had to pay cash for it as it needs alot of work. you name it, it needed it. So i outright own the home no mortgage or anything, its all paid. i used up the rest of my cash fixing the place up and having water put in and everything, so i could take out a loan to finish everything else. I still need a roof, windows, siding etc. the next cheapest home in the neighborhood is 80k and its a pile of crap too but on avg the homes are 120+ easy. its a 3 bed 1300sq ft ranch and
the SEV value on it is roughly 50k so you would double that correct.
i think i need about 75k to fix it all
i bought a home for 45k.in michigan i had to pay cash for it as it needs alot of work. you name it, it needed it. So i outright own the home no mortgage or anything, its all paid. i used up the rest of my cash fixing the place up and having water put in and everything, so i could take out a loan to finish everything else. I still need a roof, windows, siding etc. the next cheapest home in the neighborhood is 80k and its a pile of crap too but on avg the homes are 120+ easy. its a 3 bed 1300sq ft ranch and
the SEV value on it is roughly 50k so you would double that correct.
i think i need about 75k to fix it all
so im looking for a 75k loan to pay for everything
any ideas on what i can do ?
i have excelent credit 730 range
any one with ideas to help me out
it is my primary residence. its not in that bad of shape. but it all needs to be done. insurance co apraised it at 130k
ok 730 isnt bad for credit i over said it sry guys.
any other ideas on what i can look for im in Michigan
the house will pass an inspection too. it would pass the Fha even and theyr tough but the roof is on its last leg its about 20yrs old and they deck needs railings. i wanna tear it out all together.
any options to get the 75k i need to to it all ?
Raymond
Annette
FHA 203K loan. seek out a lender in your area
I am a mortgage banker in TN
Clinton
Go to your bank and others and apply for the Equity Loan. 730 is not excellent credit, it’s average these days. See what is on your credit report that you can fix before you apply.
Ryan
As you are fixing up this home, I hope you realize that even in a good market you never get back what you put in to it. I’m not trying to be mean by saying that because I too own my home outright and have put a little bit of work into (I was lucky I bought an REO and it did not need much work) it so that I could get my money back. I’m not looking to sell my house yet but I know I can make as little as $10,000 to as much as $30,000 or more even in this market.
I just hate to see you or anyone taken advantage of at this time.
Sandra
When you say you need a roof, windows, siding, etc…I wonder about the habitability of the property. We can’t lend money on a house that can’t be occupied. An appraisal would have to say it’s in average or better condition in most cases.
How long ago did you buy it for $45k? For the first year, many lenders will use the purchase price, no matter what the actual value. I’ve worked for 3 major lenders and a company that processed loans for credit unions and other small lenders, and they’ve all done that.
Is this your primary residence? We lend a lower LTV on non-owner occupied property, and some lenders will not give you cash out at all on NOO.
730 is a good score, but not exactly excellent anymore. Nothing wrong with it, but not prime or “A” credit as we say.
Charlie
The home will have to be habitable to get a first trust deed loan or a home equity line of credit. And I disagree with the previous responder Mrs. Deli: 730 is a very good credit score. It’s not average.
You may have to finance some of the basic repairs out of your own pocket or your credit cards or a HELOC from your residence before you can get this home to pass an appraisal for a traditional 1st trust deed or HELOC. Appraisers are not rubber stamping any deal, so you bought yourself a real fixer and cash beyond the purchase price is what you need.
Douglas
my husband and i borrowed 40,000 on a home equity at a bank, plus took out insurance right there in case something happened 2 either one of us.. 4 year’s down the road he died.. and if i can remember right the payment on that loan w/ ins. was around 350 a mo. or less at 4%. we never missed a payment, but still owed 37,500 ? after 4 yr’s. see where i’m going with this.. it could take you a life time 2 pay a loan off.. if you do take out the ins. which was about 28 dollars a mo. on one person ? read the fine print because the ins. is only good till your 70.. and it might take you that long 2 pay it off : ) the ins. was worth it 4 us, the bank marked us paid in full at his death .. sad way 2 get a bill paid but true story..