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Equity Loan to improve this home???

Hello Zellow..
 I paid cash for my childhood home (from parents) and now I have absolutely no equity (or credit)
 This home was built in 1958 and has no exterior wall insulation, and still has the original "Stucco" exterior on the outter walls..
 Not to mention, this home also has the old 1958 wiring as well...
 (old two wire romex and also a extra copper  ground wire that runs through the walls)
 
 All the outlets are old, and only able to handle a "Two Prong" plug...
 The house has been upgraded long ago with 220, and up-to-date breaker box..

 I know this home needs new wiring throughout, and also the exterior walls need to be insulated..
 (Cieling/attic was insullated long ago with R-19 fiberglass insulation)

 Since I boaght this home from my parents, and have the actual "DEED" in my name now, I still have no equity, nor do I have any credit..
 (eveything I own, is paid off...I like it that way)

 How can I get an equity loan so I can re-wire, insulate, and re-side this old home???


 Thanks in advance..

 This house used to be worth $375,000 on your "Zestimate" before the housing breakdown..
 Now, I feel it's only worth maybe $75,000 now (as is) if that???

 Thanks for any input...


 This is a 1200 Square Foot home, with 1 & 1/2 bath, 3 BR, Front Room, 2 car garage..
 (new 30 year roof)
 Still has the original 3/4 inch toungue-in-groove hard wood floors under the carpet..

 I believe the plot is 60 foot wide, and 90 foot deep..

 95822

 (Corrilla Gardens, South Sacramento, CA.)


 Thanks

 Steve
  • August 31 2012 - Sacramento
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Answers (3)

Hi, take a personal loan from the bank.  If you're not eligible due to your credit circumstances, then try a hard money lender that will lend money based on the value of the home.  This could be an expensive option though, much more expensive than conventional/traditional financing.  It's worth it to establish some credit!  Good luck!
  • October 08 2012
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Hi Steve!  An option you may consider for home improvement needs is finding a place that offers financing.  We offer financing through GE Capital, and once approved, they give you a line of credit that can be used at any other participating vendors.  For example, we're a roofing company, and if you get the line of credit for your new roof, you can also use your line of credit at eh participating HVAC company next door.  Here is the site where you can find participating companies in your area: https://businesscenter.gogecapital.com/DealerLocator/DealerSearch.do?&gemid2=clrnav%3A0006.  If none of these places have what you need, try calling around to see which companies offer any other kind of financing.  Good luck!
  • October 08 2012
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Hello Steve,

You mentioned you paid all cash for the home....I assume you have no loan on the property yet you also mentioned you have no equity. Am I correct? Depending on you actual situation...I can guide you in the right direction. I am not allowed to promote a particular lender...Inbox me for details.

Ivan
  • September 03 2012
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