All Forum Posts by: Christine Edwards

Well good news for me. An appraisal just came back at $345,000. Nobody I have talked with have mentioned the 60% LTV. Can you suggest someone to call.

No, the property is in MIchigan

 I wish!!!!!

Hi Brittany,

Thank you for responding.
It is my primary residence.

I was looking at refinancing, and with the score am only finding FHA loans. So $4700.00 upfront with monthly MIP. I understand it may be my only option with the situation I have ended up in. Just finding it hard to swallow spending/throwing that away another $5000.00 on the house. It has been a major CLUSTER once the contractor came in, demo'd everything and then quit. Paid hell getting a decent contractor in here that wasn't already booked for the summer.

Anyways...I just thought I would ask here to see if there was any other way.   Per my credit score, I am a terrible risk, but I am really not.  Just frustrating, ya know.

Thanks again

Christine

Hi,

I ended up having to finish a rehab of my home with my credit cards and they are now maxed out.   I didn't realize that maxing out my credit like I did would drop my credit score so much.   It went from a 746 to a 629 over the summer.

I am looking for an equity loan to consolidate the majority of my debt.  

Home value $300,000

First Mortgage $116,000

Looking for $100,000

DTI before the new $100,000 loan is .30

I don't have any late payments or anything on my credit

I make more than enough money to qualify.  

If this is something you can do, or if you have an idea how I can get myself out of this predicament, please reach out.  

Thank you in advance for any help/solution you can provide

Christine

Hi,

I am in the process of rehabbing a home I own.  I had a plumber go over to give me an estimate for converting a half bath to a full bath and he called me back claiming that the plumbing inspector wasn't going to allow him to tie into the type of pipes I have and I was going to have to re-pipe the whole house.  

Is that a possibility?  Can the inspector really make me replace all the pipes in the house?

Thank you in advance for your help.  This is definitely an expense I had not planned for.

Christine

Hi @Michael Smythe

It was just another option I was looking at for funding the renovation.  I have never used a private lender before and didn't know if it would be different.

Using the bank, they want to put all these rules and regulations around how the work gets done.  

I have already done the due diligence to find the companies that will be handling the different work (i.e. framer, plumber, electrician.engineer..etc).   They are all licensed and insured and the work requiring inspections will have them done.

But the banks/lending institutions I have talked to are trying to make me hire and pay a GC just to oversee the work. I don't want to pay the additional cost of having someone do that, when I can do it myself.  

So, I thought I would explore finding a private lender to see if there was someone interested in financing the renovations without requiring me to hire a GC.

Thanks for the link.  I will check it out.

Christine

My question was if anyone knew any private lenders in Michigan or information on how I could go about finding one.

Wasn't questioning his expertise. Wasn't looking for someone to question what I was doing or why.

I thought I had provided enough information that if someone were interested, or knew the answer to my question, they could and have reached out to me privately about the specifics.

Thanks

Just curious. Are you a private lender that would really be interested in knowing those answers? Or are you just critiquing my question?

Christine

Hi,

Does anyone know of a private lender that works in Michigan?  Or how would I go about finding one?

Current house value $225,000, balance $140,000. I have an ARV appraisal of $274,000. Looking for around $60,000 for renovations on the home. Work being done by licensed professionals/permits pulled...etc.

Excellent credit and work history. Low DTI.

Any help would be greatly appreciated

Thanks

Christine

The contractor I choose will be licensed and insured.  I have done my due diligence to make sure what I received is valid.

I wanted to know if I could get my own.  Just in case.  You just never know what could happen. 

So I wanted to see if I could protect myself, if for some reason theirs did not pay.  But when I try and search for something, all I get back are homeowner insurance quotes and I already know they will not cover damages due to renovations.  At least mine doesn't.

Any suggestions?

Thank you in advance,

Christine