Posted on: 23rd Aug, 2009 06:41 pm
I am in need of home improvement financing. 60 days ago I purchased a foreclosed home and I have been repairing it myself. So far I have completely replaced the entire plumbing, all the copper and PVC, I have replaced the floor and subfloor, I have completely gutted the bathroom and is replacing everything in there. I have some large things that need to get done, roofing, windows, HVAC. Here is my situation.
I have been discharged from a bankruptcy for 16 months. I bought the home free and clear(cash money), so being the first leinholder is not an issue. I recently ran my credit and my scores hover around 700. Income is not an issue either.
Please help me fix up my dream home
Karl Osborne
[size=9:ba931eece6][color=Red:ba931eece6][Phone number and e-mail address deleted as per forum rules. Thanks.][/color:ba931eece6][/size:ba931eece6]
I have been discharged from a bankruptcy for 16 months. I bought the home free and clear(cash money), so being the first leinholder is not an issue. I recently ran my credit and my scores hover around 700. Income is not an issue either.
Please help me fix up my dream home
Karl Osborne
[size=9:ba931eece6][color=Red:ba931eece6][Phone number and e-mail address deleted as per forum rules. Thanks.][/color:ba931eece6][/size:ba931eece6]
ebenn23
Welcoem to the forum
You can try to see of you cna get soem equity loan.
Only hurdle here I is your BK which was discharged 17 Months ago
Good luck andfeel free to ask
Welcoem to the forum
You can try to see of you cna get soem equity loan.
Only hurdle here I is your BK which was discharged 17 Months ago
Good luck andfeel free to ask
Hi ebenn,
You haven't mentioned the type of bankruptcy you filed for. If you filed for Chapter 13 bankruptcy, then you need to wait for 2 years to get a conventional loan and 1 year to get a FHA loan. However, if you filed for chapter 7 bankruptcy, then you need to wait for 4 years to get a conventional loan and 2 years to get a FHA loan. As your bankruptcy has been discharged 16 months ago, it would be difficult for you to get a home improvement loan immediately. You'll have to wait for few months in order to qualify for a loan.
Thanks
You haven't mentioned the type of bankruptcy you filed for. If you filed for Chapter 13 bankruptcy, then you need to wait for 2 years to get a conventional loan and 1 year to get a FHA loan. However, if you filed for chapter 7 bankruptcy, then you need to wait for 4 years to get a conventional loan and 2 years to get a FHA loan. As your bankruptcy has been discharged 16 months ago, it would be difficult for you to get a home improvement loan immediately. You'll have to wait for few months in order to qualify for a loan.
Thanks