J asked:
bought a home for 45k.in michigan back in november so its been about 5 months. every bank is telling me that you have to reside in the home for 12 months in order to use the market value to get a loan, other wise they use the purchase price of the home to write the loan which isnt enought to do me any good. i had to pay cash for it as it needs alot of work. you name it, it needed it. So i outright own the home no mortgage or anything, its all paid. i used up the rest of my cash fixing the place up and having water/ well put in and everything, so i could take out a loan to finish everything else. I still need a roof, windows, siding etc. the next cheapest home in the neighborhood is 80k and its a pile of crap too but on avg the homes are 120+ easy. its a 3 bed 1300sq ft ranch and
the SEV value on it is roughly 50k so you would double that correct.
i think i need about 75k to fix it all
bought a home for 45k.in michigan back in november so its been about 5 months. every bank is telling me that you have to reside in the home for 12 months in order to use the market value to get a loan, other wise they use the purchase price of the home to write the loan which isnt enought to do me any good. i had to pay cash for it as it needs alot of work. you name it, it needed it. So i outright own the home no mortgage or anything, its all paid. i used up the rest of my cash fixing the place up and having water/ well put in and everything, so i could take out a loan to finish everything else. I still need a roof, windows, siding etc. the next cheapest home in the neighborhood is 80k and its a pile of crap too but on avg the homes are 120+ easy. its a 3 bed 1300sq ft ranch and
the SEV value on it is roughly 50k so you would double that correct.
i think i need about 75k to fix it all
so im looking for a 75k loan to pay for everything
any ideas on what i can do ?
i have excelent credit 730 range
the home is in livable condition now but i still have the rest to take care of out side and what not
any ideas on how to help me out here?
home equity isnt my goal here as its a variable intrest only rate id like a fixed rate.
any one with ideas to help me out
i dont wanna do the 203k loan as i want to do the work myself not with a contractor. any ideas?
also this is a primary residence not a rental
EDWARD