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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..