Can I get a home improvement loan in detroit, michigan?
TexasBound asked:
Ok I filed bankruptcy about 3 years ago, but at the time that didn’t prevent me from refinancing, though I probably could have gotten more money to refinance had I waited a few months longer. Anyhow I own like 50k on a mortage and want to relocate. I figure the best choice is to rent my home, but it still needs more repairs, like a new door, windows, steps etc. Are there any grants or programs I qualify for? Should I refinance again? I have enough debt as it , but I suppose if I’m putting it into the house and someone else is paying the rent then thats ok, but i dont want to hike up my rent much more. Would much prefer a grant or Government fixing program. i don’t want to get zapped with finance charges either. I’m a first year teacher if that helps.
Ok I filed bankruptcy about 3 years ago, but at the time that didn’t prevent me from refinancing, though I probably could have gotten more money to refinance had I waited a few months longer. Anyhow I own like 50k on a mortage and want to relocate. I figure the best choice is to rent my home, but it still needs more repairs, like a new door, windows, steps etc. Are there any grants or programs I qualify for? Should I refinance again? I have enough debt as it , but I suppose if I’m putting it into the house and someone else is paying the rent then thats ok, but i dont want to hike up my rent much more. Would much prefer a grant or Government fixing program. i don’t want to get zapped with finance charges either. I’m a first year teacher if that helps.
December 25th, 2008 at 2:21 am
There are hundreds if not thousands of websites on the internet enumerating the ways to apply and receive home loan when you are plagued with bad credit issues. These sites help consumers with bad credit scores to increase the viability of their existing credit scores and set up loans regardless of their credit history.Companies that specialize in bad credit home loans; usually offer a wide range of options for consumers with bad creditBad credit hasn’t stopped them from purchasing a home. There are several programs available for people with bad credit that helps to restore their credit status and to live debt free lives.
December 26th, 2008 at 7:50 am
Are you right in the city of Detroit? Thats Wayne County correct? I know that Macomb County has home improvement loans that they have been really pushing lately (some are even intrest free!) because nobody is taking advantage of them, but I haven’t heard anything about any other counties following suit….
Another option is to find a renter who would be willing to do some repairs/upgrades for a discounted rent…just make sure that you have a GOOD lease agreement!!!
My dad did this in the past and it worked out well, he had a lawyer friend help him with the lease terms and whenever the renter completed a repair he gave him a discount on his rent.
I would check out some websites for
December 28th, 2008 at 3:01 am
Yes, (the banks in Detroit still need to make money from loans) & most banks are happy to make home improvement-type loans as long as you have equity in your home & it appraises for enough to cover the loan (should they need to sell it) & with your house being their collateral of course. Even though some of the guidelines have become a little stricter especially due to all the recent foreclosures, since you have a job to prove income, you should be able to get at least a small loan for repairs (some banks require that you have been at your job for a year or 2 though) - just “shop” the loan to see who is going to give you the best deal IF you decide to go this route. As far as “grants or Gov’t help,” you could search for this info on the web as you may already be doing. *But one other idea that you might try is to choose a renter that is a “handy-type” person - let them make the agreed upon repairs to replace some of what they will owe you for rent (of course be sure that you check them out as much as possible & that everything is in writing & receipts are obtained). This could especially be good if you are pressed for time (also you mentioned that you have enough debt already) - so “no loan- no finance charges.” smart move & i hope things work out well for you b/c renters can sometimes be a pain!
December 30th, 2008 at 3:24 pm
Hi,
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