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My husband & I just purchased a home it is to close by the end of july. The owners just went through a

divorce & sold the home way under market value. Almost $100,000.00. GREAT DEAL! Our question is.. we want to get a home equity line of credit asap to be able to get a fence & pay off debt. Only a $10,000.00 one & if we do it will reduce our monthly payments by $430.00. We are getting mixed answers when & if we should do this. We have gotten advice right away & also to wait a couple months. We have 3 dogs & NEED the fencing right away & have no extra money to do this. Should we apply right away for the loan or wait? thank you!
Sat Jun 21 2008, 18:36 - Apopka - Home Buying - 2 answers
 
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Kim
Home Buyer
in Florida
Kim, Home Buyer in Florida in Florida
Answers (2)
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Michael Cepa… was FIRST TO ANSWER
I agree with Randy - Speak tou your mortgage lender first. There are programs which allow for improvement costs, and if you don't qualify for one of them, your lender may have other ideas about getting money for fencing. Do NOT just go off to a different lender and get the 10K - that is a sure way to change your credit picture, and any change at this juncture could jeopardize your closing. Congratulations on your great deal!

Sat Jun 21 2008, 19:16
 
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FIRST ANSWER
Kim, speak with your lender who you are going to close the loan with, as they be able to do this for you. Depending, they may even have a loan program that could handle it. Unless I am missing something, you can do it immediately, as I have had clients do it.

Sat Jun 21 2008, 19:11
Web Reference: http://www.BiuandSellTampa.com
 
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