Posted on: 26th Oct, 2010 08:01 am
Hello,
I own a duplex in Pa and owe nothing on it. I am estimating the current value at about $40,000 - $45,000 as it sits. I estimate that the after repair value will be approx. $90,000. Initially I planned to live in one side and rent the other, however I may just rent both units. As implied, the property does need some repairs(but is liveable...does have new roof/electrical/plumbing etc). I am looking to obtain some type of loan or mortgage to pay for these repairs in the amount of about $30,000 - $35,000. My credit score is fair at about 650. My income is $40,000/yr. I own no mortgages, but I do have about $15,000 in student loans as I have returned to school and have opted to defer until after graduation. Also, I owe approx $7,000 on my car loan. I do not owe any major balance on any credit cards. Also, this is my first propety/home. Where can I obtain a loan to suit my needs? Thanks
I own a duplex in Pa and owe nothing on it. I am estimating the current value at about $40,000 - $45,000 as it sits. I estimate that the after repair value will be approx. $90,000. Initially I planned to live in one side and rent the other, however I may just rent both units. As implied, the property does need some repairs(but is liveable...does have new roof/electrical/plumbing etc). I am looking to obtain some type of loan or mortgage to pay for these repairs in the amount of about $30,000 - $35,000. My credit score is fair at about 650. My income is $40,000/yr. I own no mortgages, but I do have about $15,000 in student loans as I have returned to school and have opted to defer until after graduation. Also, I owe approx $7,000 on my car loan. I do not owe any major balance on any credit cards. Also, this is my first propety/home. Where can I obtain a loan to suit my needs? Thanks
Hi mlogan,
You can take out an home improvement loan in order to pay for the repairs in your property. With a credit score of 650, you'll be able to qualify for a FHA home improvement loan.
Thanks,
Jerry
You can take out an home improvement loan in order to pay for the repairs in your property. With a credit score of 650, you'll be able to qualify for a FHA home improvement loan.
Thanks,
Jerry
@ Jerry,
Mlogan said she does not occupy the property so an FHA loan is out of the question.
@Mlogan,
You're going to have a difficult time finding a rehab type loan for an investment property.
Mlogan said she does not occupy the property so an FHA loan is out of the question.
@Mlogan,
You're going to have a difficult time finding a rehab type loan for an investment property.