As mentioned prior I have recently purchased a Quad with a FHA loan, I currently have equity in the house from the appraisal vs sale price. Is taking out a HOME OWNERS EQUITY LOAN a smart way to take care of the roof replacement. All suggestions welcomed
@Brendon George How much is the roof replacement?
@Brendon George what’s the appraisal vs sales price vs your mortgage? 10k in equity isn’t much. I’m guessing you have no true equity since you just bought with FHA.
I didn't go back and read your other posts, but how did you get away with using FHA and buying a bad roof?
We used FHA for our primary residence and they made the owners kait the she'd because it was flaking.
Im guessing since its a multi they were more relaxed?
@Braden Downs they never mentioned the roof in the FHA inspection, only when I began talking to the tenants I became aware.
You may be on to something @Caleb Heimsoth
I would definitely call for more roofing quotes. I'm sure you can find something cheaper and just pay out of pocket. Probably not worth going the HELOC route, if you even get approved for it.
You have no where near enough equity to get a heloc. Most only lend up to 80-90% of value, and you’re already above that.
Okay... so any suggestions then @Wayne Brooks
Will do, I agree. hoping to find all different solutions and decide put paying out of pocket is on the list. @Jaron Walling thanks.
some credit unions will do 100%, but at a high enough rate to cover their exposure. how did fha close it with a bad roof?
I’d call your local bank and just do an unsecured line of credit or a personal loan for such a small amount and pay it back ASAP
Wow, I'm surprised FHA overlooked the roof!
Get the cheapest personal loan you can find or put it on a new credit card that comes with 0% interest for 12months. Then save up money along with the cashflow and pay off that debt asap.
Not Sure Victor, the roof isn't falling apart but has significant leaking to two of the townhomes which can be seen on the ceiling sheetrock. thanks for the feedback I will follow up with my credit union.
I agree, sounds like the most practical way to get it done. thanks @Pratik P.