I don't have credit good enough to qualify for a traditional equity line of credit, but I need to access at least $30,000.00 out of it( It's worth three times that amount) because the house needs a little upgrading like new flooring, kitchen cabinets, etc. How can I make this happen?
2007-12-09 09:34:03 · 4 answers · asked by ? 6 in Business & Finance ➔ Renting & Real Estate
Your only other option is an unsecured loan, and those are more difficult to get than a HELOC.
I would caution to you to work on your credit and wait.
Your credit would have to be extremely poor not to qualify for a HELOC at 30% LTV.
Your grandfather left you that house so you would have a place to live free and clear...don't make poor financial decisions that is going to cause you to lose the home.
2007-12-09 09:38:54 · answer #1 · answered by Expert8675309 7 · 2⤊ 0⤋
I think that you should qualify for a home equity line of credit if you have a job and/or steady income. Certainly the entire value of the house is available as collateral. Just walk into a local bank and ask. They'll tell you how it is.
2007-12-09 17:43:07 · answer #2 · answered by hottotrot1_usa 7 · 0⤊ 0⤋
You take an equity line of credit in your house. It has the lowest interest in the market. Just be sure to get a fixed rate instead of an adjustable one.
2007-12-09 18:22:06 · answer #3 · answered by dennisgonzalezdgm 4 · 0⤊ 1⤋
Take a loan with the house as security.
But be careful you do not lose it. In view of your poor credit history, make doubly sure you will be able to pay the loan back and only deal with big high street banks.
2007-12-09 17:44:08 · answer #4 · answered by Anonymous · 0⤊ 1⤋