Posted on: 20th Sep, 2010 07:33 am
Hi,
I am about to do a mortgage closing. It was a rent to own property. Now the property needs some work, some improvements. My credit score is very low 540. Once I do the closing is there a way for me to get a loan to fix the house?
Thank You
I am about to do a mortgage closing. It was a rent to own property. Now the property needs some work, some improvements. My credit score is very low 540. Once I do the closing is there a way for me to get a loan to fix the house?
Thank You
Very doubtful, I'm afraid. Your credit score is going to eliminate you from consideration by every institutional lender. The work you cited may cause you additional trouble, too. Any lender is going to look at the value of the home now, the value after you've completed the work, the amount that you owe currently plus what you'll need to borrow to do the work, as well as your income, assets, credit, etc.
It won't be easy.
It won't be easy.