Posted on: 25th Feb, 2010 07:06 pm
My mother passed and the deed has been changed to myself, and my children....the joint tenant right to survivorship ...the house is paid for and has been for almost 30 years....it has been passed down from my grandmother through the generations. We'd like to get a loan against the equity for repairs and updates. Which type of loan would be best and when can we apply? We've been told we must wait a year.
Hi ruluvd,
Did the lenders give you any reason as to why you should have to wait for at least a year in order to get a loan?
You can contact the lenders and apply for home improvement loans. You will be able to get a loan depending upon your financial situation, your credit score and employment history. Also, your debt to income ratio will be considered while giving you the loan.
Thanks
Did the lenders give you any reason as to why you should have to wait for at least a year in order to get a loan?
You can contact the lenders and apply for home improvement loans. You will be able to get a loan depending upon your financial situation, your credit score and employment history. Also, your debt to income ratio will be considered while giving you the loan.
Thanks
would that loan be considered a personal loan or a home equity loan....they were referring to a home equity line of credit loan. we thought this would be best being that the home will be used as a rental. we would be able to have a line of credit to make the current repairs and have a way to support any other repairs in the future.
FHA offers the 203k program, which enables home repairs to be included in the mortgage, so check out that program. A Reverse Mortgage also includes provisions that enable repairs to be performed, and paid for after the loan funds, so check out that option also.
