Hi! First of all, thank you for your time and help!! I'm feeling overwhelmed by how many options there are and hoping for some advice.
My boyfriend has bad credit that occured over the past year, and he's already on the path to fix it, but it's going to take awhile before he gets there. He's at 580.
That being said, he owns a house worth about $270,000 and needs a lot of work done, as it hasn't had anything done since it was built in the 70s and things are starting to fall apart.
He has a lot of equity and wants a loan of $150,000-$200,000 to work on the house. However, he was denied at the bank where his house is through, and was run around at the next bank he went to. He's feeling a little hopeless now, but I'm thinking there has to be a good option somewhere?
He pays $600 a month for mortgage currently and would be comfortable going up to $1000. Is getting a home equity loan possible at this point? Would a cash out refinance be a better option? Is that possible? Are there other options I could consider?
Thanks again, all help is super appreciated.
Submitted March 31, 2020 at 08:43PM by throwaway9284627 https://ift.tt/2xChkFN
