Asked by Nyu, Virginia • Tue Feb 23, 2010
recently and my husband and I are essentially the owner's of her house in a very desirable area of NJ. The house is paid off in full (no liens) and just property taxes due quarterly. The problem is the cosmetic condition of the house - it is in need of A LOT of interior work. The property is structurally sound. We have already put in quite a bit of sweat-equity. The kitchen and 1.5 baths must be renovated and we have a very reasonable estimate for the work, but my husband and I are not able to put out the money needed.
Are there are "tricks to the trade" of taking out a loan to do the work. Lending is so tight right now and I was wondering if anyone has been in this similar situation recently and if you could shed some light on the process. It has to be a conventioal home loan, correct? HEL and HELOC's are out b/c it is not our primary residence.
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