my credit score is very low but i own a $75,000 house with no mortgage. i am looking for some kind of loan so i can do major repairs on my house but i keep getting turned down due to my credit. i have been at my job for almost ten years and make around $300.00 a week.
If you own the house, which is sounds like you do, have you considered a home equity loan? A link with some good information on home equity loans can be found below, good luck!
You should be able to do this, but you will pay a very high interest rate.
right now you probably will not be successful. to get a loan in todays market you need:
1. perfect credit
2. perfect job history
3. excellent payment to income ratio
the good news? within the next six months credit will, hopefully, open up a little. your problem is your ability to repay the loan with your low income
Whatever you do, DO NOT use a company called Woodbridge Lending Services. This is a scam and many people have be scammed out of thousands of dollars. There website may look professional and when you talk to the people they may seem legit, but take it from someone who learned the hard way. It is a scam. Check out any and every company before you decide to use them. Good luck!
Find a private lender. Last time I suggested a resource, someone flagged my answer and Yahoo! removed my response, so I won't do that again.
But private lenders will, either as a group or individually.
Maybe you even know someone with some money. they can secure their loan with a mortgage on your property. If you don't repay according to the terms of the mortgage, they can foreclose. That's the risk you run by borrowing on your house. but I know plenty of investors who'd lend $10,000 or $15,000 on a $75,000 home with no mortgage. The interest rate might be high?say 18% or so, but they'd do it.
An investor can even fund it out of a self-directed IRA. And with the stock market in free fall right now, plenty of investors are looking for better places to put their money. They'd be glad to lend money at 18% secured by an asset worth 6 times the loan amount.
Hope that helps.
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