I'm looking to barrow about $15,000 to do some home repairs. I have poor credit...any sugestions?

Question

I own my own home and owe $55,000 on the first mortgage. Looking for some kind of loan to do some repairs ( home equity,refinance...ect.) but, my credit is not that good. Any ideas?

Answer 1

If you haven't had a derogatory credit in the past 12 months, you may qualify for an FHA mortgage. This would refinance your current first mortgage (provided you have some equity). The cost of doing this would probably be too high. Maybe you could find a construction company to let you finance the work.

Answer 2

Aside from Michel's negative comments he is absolutely right. A perfect example look at the answer left by the person above my answer. Even if you did happen to find a legitimate hard money lender to fund the loan you would pay very high interest on the loan. There are three factors that determine monthly payment; 1. Amount of the loan, 2. interest rate, 3. Term (how long to pay back). You mentioned that you have bad credit so that leads me to belive that you will get a very high rate for the loan. Fix your credit before you fix your home. Home improvements are not a good enough reason for you to get screwd making very high payments on a very small loan, unless your roof is missing, but then you wouldn't be able to get a loan until you fixed it anyways.

Answer 3

Hi,

Bad credit is not an issue if you convince your lenders about your repaying capacity. Check out http://www.financialdeals.info for some useful tips on mortgage and refinancing. Good luck!

Answer 4

One - use spell check

Two - with your bad credit you won't find a legitimate credit company to write you a loan.

Three - stay away from private lenders that claim a loan for you - just need to send them a few hundred dollars to cover transfer and transit fees. Then you never see them or the loan.