Rental Property Investor · Washington, DC · Member since 2014 · 94 posts · 12 votes
I have a free and clear house that needs 30-40k in repairs. ARV is in the low 200s. DTI is 44. Credit good. What are my options? Have been turned down for a home equity line by Wells. Thanks.
Investor · Coeur d'Alene, ID · Member since 2016 · 551 posts · 218 votes
10y
You need to go talk to any other bank then Wells Fargo! They have some of the strictest lending requirments of any banks. Go find a local smaller bank or credit union. Go talk to a mortgage broker. Even if they did approve you, you still should shop around for the best loan.
What other sources have you looked to for funding? Do you already own the property? If so, have you spoken with a hard money lender? Have you tried talking with any private money?
Western Springs, IL · Member since 2012 · 81 posts · 38 votes
10y
Cash out Refinance on the value of the house today? Yes, you'll have closing costs but you can take out the money and use it for the next project, etc.
Investor · Coeur d'Alene, ID · Member since 2016 · 551 posts · 218 votes
10y
You need to go talk to any other bank then Wells Fargo! They have some of the strictest lending requirments of any banks. Go find a local smaller bank or credit union. Go talk to a mortgage broker. Even if they did approve you, you still should shop around for the best loan.