Curious what options if any?

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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James Wehner, Agent, Scottsdale, AZ
Fri Oct 17, 2014
Contact a credit union or even your local bank for a Home Equity Line of Credit (HELOC).
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Michael Fabb…, Agent, Scottsdale, AZ
Mon Oct 13, 2014
I have a few great lenders that would be able to help out. Home Equity loan would probably be the best choice but best to check with my lender.

Michael Fabbro
0 votes
Ranee Bray, Agent, Austin, TX
Sun Oct 5, 2014
Contact a small local credit union and ask about HELOC programs. Three years out from your foreclosure may be hard for a home equity loan... but worth a try.

B. Ranee Bray
TCP Realty
0 votes
Kim Benedict, Agent, Overland Park, KS
Sun Sep 14, 2014
Sound alike your on the right track = ) I know Wells fargo has loans to help rehab your home.... it may be worth a look to see what they can do or any other big bank...
0 votes
Joseph Domino, Agent, Scottsdale, AZ
Mon Sep 1, 2014
You actually have several options. You could go for a HELOC, you won't be able to get a mortgage for $20K

Why don't you consider joining a Credit Union. Most credit unions offer a variety of loans from signature loans to home equity loans. They are usually more flexible than a bank as you will be a member of the CU.
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