Compare Mortgage Quotes

hwood777 · Joined: 05 Aug 2009 Posts: 2 1.99 Dollars($)

Hi,
I purchased a home in Feb09. The home was a foreclosure and needs work. I would like to know the best way of financing repairs. I applied for a home equity line of credit through BofA but was turned down due to insufficient equity in home. My assessment was based on the selling price since I had just purchased the property. I bought the home at a very discounted price. The tax assessment is 70K more than what I paid for the property.
I am only looking at needing around 20K for repairs.
Thanks for any help.

adonis · Posted: Wed Aug 05, 2009 7:28 pm Post subject:

Hi hwood,

You can look out for a home improvement loan but as there is hardly any equity in the property, I doubt whether or not you would get the loan. You can speak to the lender about a home improvement loan and check out if you can get it.

Realgeni · Joined: 13 Apr 2009 Posts: 1434 99.76 Dollars($)

hwood777

Welcoem to the forum

You will be better off waiting for few months before lookign to apply for soemequity loan

Good luck and feel free to ask

gmakerley · Posted: Mon Aug 10, 2009 8:58 am Post subject:

hwood, is this a primary residence for you? if so, you may qualify for 203K financing - an fha loan that allows you to remodel/rehabilitate the property. if it's investment or second home, that won't work.

Property State:
Property Type:
Credit Rating:

Company	Loan Type	APR	Est. Pmt.
				Go
				Go
				Go
				Go
				Go
				Go

All times are GMT - 7 Hours

Page 1 of 1

Compare Mortgage Quotes

home equity line question