Home Equity Loans

not sure if you are in the Pittsburgh area, but if you are, try Citizens Bank. a few years ago we were looking in to some different lending options, and they had (at the time) something called a CRA, or Community Reinvestment Act, loan.

the basics on it were that the max amount could be $10K, and that you had to fall within certain income guidelines (can't remember those now). it's supposed to be used for repairs/improvements/upgrades, but the lady we were working with said that if we noted that, they weren't going to look into it any further.

the reason GMAC sited the things they did is that anything backed w/ money from the federal government must meet safety and accessibility guidelines. that's where the paint scraping and steps come in to play.

as for HE loans, try smaller community banks, and if you belong, even a credit union. the latter have started to delve into lending a bit more in recent years, and community banks are a little more personable and not so numbers only as larger and national-sized banks and finance companies. since you own your home out-right that is a huge help, keep in mind that on HEs and HELOCs you can generally borrow up to 80% of what you own in your home, dependent upon credit and income.

hope some of this information helped!

First A. I wouild be "warey" of conditions.

I got a home equity loan about 5 years ago through Wells Fargo they didnt ask me about the condition of my home at the time and the percentage is based on the market conditons so the rate goes up and down and all the fees associated with it and I have not seen the amount go down at all! Really if I had to do it over again I wouldnt.

I did however contact a guy in Bridgeville and they do all types of home loans and work with people with no so good credit maybe you can call him and see what he can do for you.

His name is Scott Trout from PA Equity Resources 1-800-480-9992 ext 3. He was very nice to me and helped me put my
credit in order to buy my next house. He was very helpful and honest.

Good Luck-let me now how you make out!

S.

I would like to suggest a professional who has over 250 companies she deals with at her fingertips. In the past year I have seen her help many people. Margo works with an independent mortgage corporation and is well worth your phone call. Margo G:###-###-#### Good Luck, E.

shop around, call local banks

Aren't those circular conditions frustrating!

First, I would like to say that I'm not sure how the current economic climate is affecting home equity loans. However, my first thought would be to go to your bank and ask them about a loan. Another idea would be to go to a mortgage company to ask about a "refinance." While you do own your home without a mortgage lien, the mortgage companies would consider it a refinance.

Good luck, and just keep trying.

Might I recommend one of two of Dave Ramsay's books "Financial Peace" or "The Total Money Makeover" These books are great and will tell you how to clean up your credit, get out of debt -- you already own your own home, so that is GREAT!
Could you get a personal line of credit from your bank instead of a home equity loan? Or are they the same thing?
I would try small local banks who have more say-so about granting loans rather than just basing it on a credit score.

Denise P has some great advice-Dave Ramsey is absolutely wonderful! If you follow his advice, you will be able to do the repairs with cash and at the same time clean up your credit. If you prefer not to do it this way, then I would try a mortgage company because the banks are super strict since the economy is so bad. A friend that works at a large bank chain told me they are not touchin anyone without at least a 700 credit score. Be wary of places that offer you on a stated value, like Beneficial because the have huge interest rates and will loan over the value of your home.Lastly, be be very careful about borrowing against yourhome for "extra money". You are fortunate enough to have it paid in full and do not know what the future brings so only try to borrow what you must for repairs. Good luck to you.

Call Marian Saline Treitel ###-###-####. She is a mortgage person at Chase and worked wonders for me.

I would check with your local banks. I work for a bank and I'm pretty sure they don't require that type of work be done before you get the loan. Sounds like it was some sort of government home loan. At least with our bank, they use some program that calculates the value of the home and if you own it free and clear you shouldn't have too much of a problem getting a loan. Bad credit may affect the percentage rate...in other words, you might not get the lowest rate, but the way the rates are right now, it shouldn't be too high of a rate anyway. I see you're in the Philly area. I know our bank has branches down that way. Actually, my coworker (and good friend) works at a branch in Collegeville. If that's not too far from you, maybe you could check in with her and let her see what she can do to help you. :) You can message me if you want the info. Good luck!

Hi A.,

Go to your local bank. Talk to the financial consultant.

See what they have to offer.

Good luck. All the Best. D.

If I were you I would try this:
http://www.fatwallet.com/forums/finance/

The people on this forum are VERY knowledgeable and always answer all my questions. They have really helped me and my husband.

Good Luck
C.

I agree with others about going to local bank. You want someone you can talk to face-to-face. I will warn you that the loan process is much more difficult these days. When I bought my first home in 1996, they barely checked a thing. My friend, with spotless credit, is buying her 3rd home and she is having to jump thru all kinds of hoops (obtaining notarized letters from ex-husband about support, certifying all paystubs, etc).

So, in case you feel like you're having to do a lot of legwork for your loan, I think its happening to everyone.