Asked by Abvincent1, Phoenix, AZ • Sun Aug 31, 2014
My partner and I both went through foreclosure his in 2010 mine in 2011. We instead bought a house from Fannie Mae with cash and invested in fixing it up. The home is now worth around 225K and we own it outright. We bought for 80K and put in roughly 65K. That said, there are a few things we would like to do in addition to what we have already done. We anticipate this will cost us around 20K. We both have over 720 credit scores now both have solid government jobs and make roughly 135k a year together. We vowed to never use a bank again, however, we are considering a loan for 20K on property to do final fixings. We have cash available to pay for it but with interest rates so low thought maybe we would try some sort of loan on house to pay for it. Anyone know if this is possible and if so how would we go about doing it? My credit score is 722 and his is 734 (FICO). Any suggestions or information would be appreciated.
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