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My home doesn't have any equity but is in need of major repairs. What are my options?

I plan to sell after I fix it up by fudrucker361 from Witts Springs, Arkansas. Feb 26th 2021 Reply

Bert Carpenter (BertCarpenter)
#1 ranked lender in Arizona - 2,423 contributions

Cash is one option. If you were going to continue living in it for at least one year, an FHA 203k would be an option. With plans to sell it, I know of no one that would take on such a project for a loan. ~ Bert Carpenter, The LoansA2z Team of NEXA Mortgage ~ NMLS 40586 ~ Licensed in AZ, CA, GA, IL, OR & WA... In fact, NEXA is licensed in all states except MA and NY and we are pending approval in VA, so give us a call. ~ 480-889-9000.

Feb 26th 2021
Joe Metzler (JoeMetzler)
#1 ranked lender in Minnesota - 4,703 contributions

Most home equity loans require equity. No equity, no loan. BUT, there are a small number of lenders who will offer you a "future value" equity loan. You can also potentially do an FHA 203k rehab loan, or a FannieMae Homestyle improvement loan. Both of these loans are not interested in you if you are just going to sell right away and pay the rehab loan off. Many local communities have fix up funds available that don't require equity. Finally, cash or credit cards, especially if you are just going to sell when finished. I'm licensed in MN WI IA ND SD. Find me at - NMLS 274132 Cambria Mortgage

Mar 4th 2021
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