Posted on: 26th Jul, 2014 08:49 am
We need to finish our home construction that is actually 2nd kitchen and bathroom in which we can rent out or family can use ( minor interior ) and pay off over 20,000 in credit card debt that we racked up when husband was between jobs. The home is valued at at least 200,000. and upon completion over 300,000. We need at least 40,000. And our credit is shot due to cc and late pmnts. Husband makes great money but works hours away so we want to finish our home and sell it so we can be closer to his work or we will never get ahead again! Who will lend to us?
With bad credit your only hope would be a private money lender aka hard money - it will be costly but you wont find a traditional lender that will loan on a home that is in the middle of renovation either
Good Luck
Good Luck