Question
We own our home out right,(no mortgage), but we need help fixing it up. Any programs out there?
My wife was gifted the house we live in and it was great at the time. But, with no mortgage, we can't get a loan. Our taxes are paid and there are local fixer-up programs but they have a two-year waiting list. Does anyone know of any federal, or New York State programs that could help us? We both work and have a 15 yo living with us. Not looking for a hand-out. Just some help with a loan or something. Very old house and needs a lot of repairs. (House orignally built in 1850's) We do a lot of the little things ourselves but the big thing really can't wait til we save up that kind of money. Also, only those with real experience and/or advice please answer. You'd think that owning a home free and clear would be great, but since it was gifted there is no payment/credit history. No mortgage, no line of credit. No line of credit, no mortgage/loan. Both of our credit isn't great either. It's no-credit at best. We both have student loans to pay off. I pay child support for my daughter who lives with me. It's just all crazy mixed-up. That's why I'm asking for anyone who might be in similar situatiion for advice/input. I don't even know where to begin looking. Okay, here we go. Paying back birthing cost for daughter. That's the child support I owe.(Sore subject. County trying to screw me). Have applied for loan. Could only get 5k loan from my bank, maybe, and then would have to pay off for larger loan after that. Need at least 20k for all the work that needs to be done on house.
3 weeks ago - 6 answers
Best Answer
Chosen by Asker
So the problem is that you don't have enough of a credit history to get a mortgage. Not having a mortgage isn't a detriment to getting one. The house doesn't need a good credit report, you do. Just curious though...why do you pay child support for the child who lives with you? The other parent should be paying you. Have you talked to your regular bank about a home equity loan? You didn't mention how much money you need or what kind of work you were going to do. You might also try a local bank that has a stake in the community. Sometimes they have a little more flexibility than a big bank like where I work.
by daeve930
3 weeks ago
Asker's Rating: 
Other Answers
If you both work and have only one child, why not just save up money for a few weeks/months/years until you can afford to do whatever changes you want?
by Victor- 3 weeks ago
Then you will need to save your own funds and make repairs as you can. It is not written that you are entitled to money, unless you earn it.
by Realtoratheart- 3 weeks ago
I would just take out a home equity line of credit. If you own the house free and clear, and you have steady income to repay the loan, that should be easy to get. Start with local credit unions. They tend to have the best rates.
by Lauren F- 3 weeks ago
"With no mortgage, we can't get a loan"? I don't understand that statement at all. If you have 100% equity, it should be easy to get a loan provided you have acceptable income and credit.
by jlf- 3 weeks ago
You will not have any trouble obtaining a loan, you do not need an existing mortgage for one.
by Janet P- 3 weeks ago