HELOC for non season home owner with bad credit (interest rate, rate, refinance)

[catgirl41]

Is it possible to get a line of credit being a new home owner?
I have a roof that needs repaired and was only looking for 5-10k for getting it repaired or replaced if necessary.
Lenders keep saying to wait 6 months, but I am afraid I need a roof sooner before winter hits. I was told that I should have no problem obtaining a heloc after being a home owner but am finding it very difficult.
purchase price 33k appraised at 50k and my current interest rate is 9.5 on a fixed 30 year.
Can anyone help?

Thanks!

[renriq02]

try BofA. I got my HELOC 1week after I purchased my home.

They used their appraised value...most lenders will use only the purchase price.

With a rate that high...you might as well working on a refinance with FHA.....their highest rates are at 7%.

Also, my house is a SFR...i'm not sure that you have a SFR.

Originally Posted by catgirl41

Is it possible to get a line of credit being a new home owner?
I have a roof that needs repaired and was only looking for 5-10k for getting it repaired or replaced if necessary.
Lenders keep saying to wait 6 months, but I am afraid I need a roof sooner before winter hits. I was told that I should have no problem obtaining a heloc after being a home owner but am finding it very difficult.
purchase price 33k appraised at 50k and my current interest rate is 9.5 on a fixed 30 year.
Can anyone help?

Thanks!

[Rey19]

Originally Posted by catgirl41

Is it possible to get a line of credit being a new home owner?
I have a roof that needs repaired and was only looking for 5-10k for getting it repaired or replaced if necessary.
Lenders keep saying to wait 6 months, but I am afraid I need a roof sooner before winter hits. I was told that I should have no problem obtaining a heloc after being a home owner but am finding it very difficult.
purchase price 33k appraised at 50k and my current interest rate is 9.5 on a fixed 30 year.
Can anyone help?

Thanks!

Try Secured Funding.

[catgirl41]

Just filled out an app with BOA for a HELOC and I cannot seem to find a company called secured funding? Or should that be just a general search?
Thanks for your advice! Its much appreciated!