new home owner needs cash for repairs but lenders say wait

rmarbella · Joined: 20 Sep 2007 Posts: 1 1.45 Dollars($)

I have tried 3 major lending companies and all 3 tell me to wait 6 months. My home value is about 20,000 more then the purchase price but everyone is telling me to wait. I need a new furnace before winter and new windows and my roof is leaking. My credit is not that great but I understand that they are interested in the equity more then credit?
ANy suggestions?

livinginnky · Posted: Thu Sep 20, 2007 4:08 pm Post subject:

Why do they say wait?

And it will be hard to refinance a home that is in disrepair. If it is noticeable and the appraiser finds out the furnace doesnt' work then most lenders won't give you a loan anyway.

Guest 0.10 Dollars($)

They keep saying to wait until I put more money into the house...
but I can't unless I get a loan to put more money into it...The house really isn't in serious disrepair I am just thinking ahead and trying to get stuff done now if I can.,,,The furnace actualy works fine but the roof definately needs patched in certain areas......and again the property was appraised for a conciderably larger amount than I anticipated but they still wont touch me,,,

livinginnky · Posted: Thu Sep 20, 2007 4:52 pm Post subject:

When was the house appraised over the current value?

liaoyu03 · Joined: 09 Sep 2007 Posts: 213 9.09 Dollars($)

Hi, reminding your typo 'then'.
Why did the companies told you to wait 6 months? did you enquired them for the reason? you'd better ask them whether the reason that they didn't lend you loan because of the problem of credit. I think your house is the best mortgage property for loan. so ,you can ask them the reason in detail. btw, I'm very expectantly to wait your respond about this things. thanks.

Caron · Posted: Thu Sep 20, 2007 11:53 pm Post subject: RE: equity loan denial

Hi Marbella,

Welcome to our forums.

I feel that the lending companies may have asked you to wait thinking that home prices may go up in a few months. Or there may be the reason that your credit isn't good, so they want you to improve it but this is too doubtful. Well, it's better you have a talk again with all of them and find out why they are denying the loan. Then accordingly you can the right step and move on.

Good luck

0.10 Dollars($)

Hi,caron.

shiguzhen · Joined: 10 Sep 2007 Posts: 11 0.00 Dollars($)

Hi, caron,

Guest 0.10 Dollars($)

The appraisal was done just a month ago and I was very surprised at how much more it was over what I actually paid. I am going to keep trying with other lenders to see what they say as well.

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