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I'm tring to get a home loan for 35,000 the house needs work flooring (not sub floors),needs an ac unit needs a water system for the well.The problem is I need 55,000 to repair before I can move in.I've been at my job for 8 years,my score is about 620,why am I having a hard time getting a loan.

ps the property aprased at 147,000 at zillow.com

larry · Joined: 27 Jun 2007 Posts: 3322 474.67 Dollars($)

Hi vince,

Welcome to the forum.

Your credit score is not too bad. I think you can try to get a home loan to improve your property. Have you contacted with any lender yet? If not then shop around a bit for lenders.

You can even request for no-obligation free mortgage quote with minimum detail so that the community lenders can check it out and someone may help out with the home loan.

Feel free to ask if you have any further questions.

Best of luck,
Larry

Posted: Tue May 06, 2008 1:49 am Post subject:

Hello Larry
It's not my property,I need 35,000 for the property and 15,000 to 20,000 to make repairs after the purchace.I contacted lenders the 2 I talked to said "no problem you can get a refurb loan",Then a week later I'm told there is no refrub loan.I can get the 35,000 for the sale price(lenders told me I can get 250,000 for the sale price)but none extra to make repairs.I'm sick of paying rent I want this house and I don't know were to turn next.

larry · Joined: 27 Jun 2007 Posts: 3322 474.67 Dollars($)

Hi vince,

I think you can take out personal loan to carry out the home improvements. You need not to have equity in your home to get the personal loan so that you can make home improvements. It will be unsecured debt and not backed by your property.

This will also help to increase the value of your property as you are making improvements.

Best of luck,
Larry

jeffselan · Posted: Tue May 13, 2008 6:34 am Post subject: 203 k Steamlined

Vince:

Your project sounds like an opportunity for a FHA 203 k streamlined renovation loan.

You can get the repairs done and roll them into one low rate. Manufactured housing is allowed. You might have to get an engineer to look at the property to verify it is structurally sound but it is worth looking into.

erb1953 · Joined: 24 May 2008 Posts: 79 0.19 Dollars($)

Many people get frustrated with renting, it is like throwing money away, but with home ownership alot of responsibility comes, as you are aware right from the beginning with all the repairs needed in this home. It sounds as if you have gotten some pretty good advice here, the only thing that I would to add is that maybe if you get the first mortgage that you may qualify for a lower rate second mortgage to do the repairs on the home or a personal equity, get fixed what you can just to get in the house and make the others while you are living there, this will free up the money that you are presently paying for rent so that you can put this into your home.

Are you having someone come in and do the repairs for you or are you capable of doing any of them yourself? A water system is pretty easy to install and it will save you the money by not paying a plumber. But if you don't have the skills then you will have to have the pros come in and it will cost you more.

Have you looked into anything that the others here have suggested, I would take this advice and go with it. Goodluck, I hope you have a good outcome and that you soon get into your new home so that you can stop paying the money in rent. Please keep the forum updated on your progress, I am sure everyone here is interested in how things turn out.

jbarto65 · Joined: 04 Nov 2007 Posts: 622 -0.15 Dollars($)

You make some good points on this erb, alot of times you can not get a mortgage on a mobile home, so you would have to get the loan on the property.

True, you can get the second mortgage but I thought that they would be at a higher rate?

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