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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

[size=9:ba931eece6][color=Red:ba931eece6][Phone number and e-mail address deleted as per forum rules. Thanks.][/color:ba931eece6][/size:ba931eece6]

Realgeni's picture
Realgeni | Joined: April 13, 2009 08:03 pm | Posts: 0 | Location: New Jersey | 00 Dollars($)

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

Like | Dislike | Share | Posted: Fri, 02/05/2016 - 02:09 | Post subject:

jameshogg's picture
jameshogg | Joined: December 20, 2005 02:58 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

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

Like | Dislike | Share | Posted: Fri, 02/05/2016 - 02:09 | Post subject:

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