Financing in 30134>Question Details

Shervetta, Other/Just Looking in 30134

How can I finance home repairs with little or no equity and fair credit?

Asked by Shervetta, 30134 Tue Dec 9, 2008

I purchased my first home a little over a year ago for 80,000 it appraised for 125,000. I thought I would have no problem refinancing; however when I tried back in August it fell though as the appraisal came back at 85,000. Now no insurance agency will cover my home due to the damages. Needless to say i'm frustrated and don't know what to do. I don't want to loose my home due to high insurance purchased by the bank.

0 votes Share Flag Financing in 30134

Help the community by answering this question:



We are are local real estate team that has a lender in Douglasville that you can sit down with and discuss the FHA 203k program. Call us for an appointment time or with any questions about the Douglasville area.

View a list of foreclosure properties in Douglasville at

Please call us with any questions!

Take Care,

Jonathan & Natalie
Web Reference:
0 votes Thank Flag Link Fri Dec 12, 2008
Actually, you have a few more options available.

First, you could try to renegotiate the terms of your loan (reduce the interest rate, reduce the principal, increase the amortization period, etc).

Second, you might be able to obtain a hard-money loan.

Third, you might be able to obtain a bridge loan. (You can google for the previous 2 options.)

Fourth, you could use creative financing. Although the transaction I'm about to briefly describe isn't very common in residential real-estate, it's relatively common in commercial real-estate. You could offer to sell your property (to an investor--for a fixed number [ie 5] of years), with a lease-back provision, and with a buy-back option (that you could exercise within the 5 years to repurchase the home at a fixed price).
0 votes Thank Flag Link Wed Dec 10, 2008
I think you might want to go on line to find an insurance company. You will be paying a premium that is higher than the normal...but then you do not have many options. Good luck.
Web Reference:
0 votes Thank Flag Link Tue Dec 9, 2008
Sorry...but you may have to wait until the market turns around, and it will. Be patient. Not too many other options.
0 votes Thank Flag Link Tue Dec 9, 2008
Take out a Line of Credit, either secured or it back as you use it.
0 votes Thank Flag Link Tue Dec 9, 2008
There is a program called a "StreamLine" FHA 203k- it will allow you to do this - this is your best option - you have to qualify for the product like any FHA but the program will finance 110% of the appraisal- more if combined with a EEM product- less than 1% of FHA loans are closed using this program (it is different that a FHA 203k program- and much easier to use and get) if you can cant find someone to help you with this product give us a call and we will get you set up and going- thanks!
Web Reference:
0 votes Thank Flag Link Tue Dec 9, 2008
Search Advice
Ask our community a question
Email me when…

Learn more

Copyright © 2015 Trulia, Inc. All rights reserved.   |  
Have a question? Visit our Help Center to find the answer