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Updated almost 9 years ago on . Most recent reply

Brandt Tingen's profile image
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Brandt Tingen
  • Rental Property Investor
  • from Washington, DC
  • Member since Aug 28, 2014
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Brandt Tingen's profile image
Brandt Tingen's profile image
Brandt Tingen
  • Rental Property Investor
  • from Washington, DC
  • Member since Aug 28, 2014
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Brandt Tingen
  • Rental Property Investor
  • Washington, DC
12
Votes |
94
Posts
General Real Estate Investing

Funds needed to renovate on free and clear house

Brandt Tingen
  • Rental Property Investor
  • Washington, DC
Posted

I have a free and clear house that needs 30-40k in repairs. ARV is in the low 200s. DTI is 44. Credit good. What are my options? Have been turned down for a home equity line by Wells. Thanks.

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Mike Hanneman's profile image
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Mike Hanneman
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  • from Coeur d'Alene, ID
  • Member since Feb 10, 2016
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Mike Hanneman
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  • from Coeur d'Alene, ID
  • Member since Feb 10, 2016
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Mike Hanneman
  • Investor
  • Coeur d'Alene, ID
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Mike Hanneman
  • Investor
  • Coeur d'Alene, ID
Replied

You need to go talk to any other bank then Wells Fargo! They have some of the strictest lending requirments of any banks. Go find a local smaller bank or credit union. Go talk to a mortgage broker. Even if they did approve you, you still should shop around for the best loan.

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