I'm in a bit of a tough spot with my older home. I urgently need some repairs done, like installing pex lines, getting a new shower, and replacing the furnace. Unfortunately, my credit score is quite low (around 620) due to past events, but I'm actively working on rebuilding it. The issue is that these repairs can't wait much longer. What options are out there for home renovation loans for someone with bad credit? I've searched online, but all I'm seeing are ads. Just to add, my house will be paid off in six months, which I hope will help my situation.
3 Answers
If you’re really in a pinch, another option might be to consider taking on a lodger or a roommate. It could help with extra income to cover those repairs. Just a thought!
Have you thought about reaching out to your mortgage lender for a home equity loan? They might be willing to overlook your credit score given your history of timely payments and the fact that you have a home to secure the loan. Especially if you keep the amount small relative to the value of your home, they may be more flexible. Good luck!
Also, a quick way to earn some cash might be to donate plasma if you haven’t tried that already. It’s not a huge amount, but it could help with some immediate costs.