Posted on: 05th Aug, 2009 02:43 pm
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.
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.
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.
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.
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
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
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.
