I need money for home improvements

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Icon Mini Profile ebenn23





Joined: 23 Aug 2009

Posts: 1

1.76 Dollars($)
Post Posted: Sun Aug 23, 2009 6:41 pm    Post subject: I need money for home improvements
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I am in need of home improvement financing. 60 days ago I purchased a foreclosed home and I have been repairing it myself. So far I have completely replaced the entire plumbing, all the copper and PVC, I have replaced the floor and subfloor, I have completely gutted the bathroom and is replacing everything in there. I have some large things that need to get done, roofing, windows, HVAC. Here is my situation.

I have been discharged from a bankruptcy for 16 months. I bought the home free and clear(cash money), so being the first leinholder is not an issue. I recently ran my credit and my scores hover around 700. Income is not an issue either.

Please help me fix up my dream home

Karl Osborne

[Phone number and e-mail address deleted as per forum rules. Thanks.]
Icon Mini Profile Realgeni





Joined: 13 Apr 2009

Posts: 1434

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Post Posted: Sun Aug 23, 2009 7:03 pm    Post subject:
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ebenn23

Welcoem to the forum

You can try to see of you cna get soem equity loan.

Only hurdle here I is your BK which was discharged 17 Months ago

Good luck andfeel free to ask
Icon Mini Profile jameshogg
jameshogg




Joined: 20 Dec 2005

Posts: 12157
Location: Nevada
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Post Posted: Sun Aug 23, 2009 8:02 pm    Post subject:
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Hi ebenn,

You haven't mentioned the type of bankruptcy you filed for. If you filed for Chapter 13 bankruptcy, then you need to wait for 2 years to get a conventional loan and 1 year to get a FHA loan. However, if you filed for chapter 7 bankruptcy, then you need to wait for 4 years to get a conventional loan and 2 years to get a FHA loan. As your bankruptcy has been discharged 16 months ago, it would be difficult for you to get a home improvement loan immediately. You'll have to wait for few months in order to qualify for a loan.

Thanks
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