Home Loans page 79

Need a £3000 Loan But Have Credit-Cant Get Guarantor?....Uk Lenders Only.?

I need a home loan for a downpayment and to help me get stuff into my house?

Anyone with experience with VA home loans?

Where could I find real estate agents that deal with VA Home loans?

How can I get approved for a Home Equity loan or line of credit? I'm getting rejected by mortgage lenders?

home equity loan foreclosure question (Please! Serious respectful answers only)?

Has anyone done business with Liberty Lending in St. Louis, Mo?

Rates for a home loan in the st. louis missouri?

is it easier to get a home equity loan when your house is paid off?

I originally tried to get a regular mortgage and was denied....but the following happened... I bought a home (closed today!) for cash for $16,174.10...the home is actually assessed at $38,000. I need to get a home equity home to be able to get a furnace (the only thing it needs right now that is major according to the inspector.) Can I get a home equity loan for about $10,000 even if I was turned down before for a mortgage? (They turned me down cause my credit score was about 575 and my debt ratio was 42%.) My credit score would be a little higher and I would have no debt now cause I paid off my car loan and have no mortgage. Thanks! Dude, I don't have a FIRST loan. I paid cash for the house! (all the money I had left actually, that's why I am in need of a home equity loan now.)

Should be able to. Never hurts to try. Why didn't you ask your loan officer before you closed to try and cash out some equity that way you wouldn't have needed 2 loans.

Paying off your car may not raise your score like you think. Your credit score DOES NOT go up just because you pay off debt. It depends on what the amount was. Having minimum monthly payments raises your score. You now have property taxes and insurance that will be figured as monthly debts, instead of you car payment. You wiped out your bank account to buy the house for cash, you may not be able to get the loan. You now have no reserves.. You dont provide enough information here to qualify you for a loan. Did you try putting $6,000 down and getting a $10,000 loan on the purchase?? It probably would have been a better loan than trying to get the equity loan now. Assessed value means nothing, did you have the house appraised ?? Hopefully it will all work out for you, but I'm not sure that you did this in the right order.

They look for approximately 39% debt ratio-- but I would like to suggest another alternative: Some companies offer financing to install furnaces. I believe Sears does that. I know that Home Depot and Lowes also issue credit. Just a thought. At any rate, the only way to know for sure is to apply. Also, call your local utility company- some are in the n a business of installation, while others have gotten away from that. And, talk to a reputable mortgage broker. Some communities offer loans for home repair, especially in depressed areas- I know that in certain parts of Philadelphia, for instance, you can get $ to upgrade a home but it depends on the neighborhood. I am not suggesting that you bought in a bad neighborhood, only that you will have to look around to see what alternatives are available to you, in your own community. Good luck.

It will be easy enough. They will see that you don't have debt now, and that you have approx 50% ownership in the house, and they'll give the money. Go for a line of credit, that way you can use it when you need it, or not use it, and just know that you can if you have another major repair to deal with. Any issue they have with your credit score will be reflected in your intererst rate. They aren't too worried since they will have first position for a mortgage on the house just in case you don't pay. Good Luck!