I bought a house 8 months ago that need $40k in repairs. The house has no equity and my credit score is low. (Bad situation)What options do I have to finance the repairs without selling? (Although I am thinking of selling.)
2007-03-05 10:29:46 · 1 answers · asked by nella20005 2 in Business & Finance ➔ Personal Finance
One thing to think about before selling is that any gains you receive by selling the house will be taxable if you haven't owned the home for 5 years and is your primary residence for 2 of those years (doesn't have to be consecutive). I would first check out any national, state or local governments to see if they offer low-cost financing to repair your home. Depending on your income level, you may receive free money or low-cost loans to help repair your home.
Check out HUD's website www.hud.gov and the websites of your state and local governments to see if they might be able to help you at all. If there aren't any programs to help you out, you may just have to save up the money and do the most important repairs first and then work your way down.
2007-03-07 01:57:37 · answer #1 · answered by peachygurl86 2 · 0⤊ 0⤋