Hello gurus! I come to you with hat in hand humbling requesting your ever wise financial guidance.
My situation is this. My parents and I have been sharing a two family house, both helping pay towards the mortgage so it'll be paid off more quickly. It's being handled via a land contract my parents have between themselves and the owner. We have about six months left, then it'll be ours. The problem is, I wish to start doing some major remodeling right now and I need a loan to do it (somewhere in the ballpark of about $15,000). Needless to say, I don’t want to wait six months.
I've looked into several options, but they all seem to have led to a dead end. I've checked the FHA Title I program, a home equity loan and a local county rehabilitation program; all of which state I'll have to have the deed in our names before we can attempt to apply. So an active land contract kinda sinks those ideas.
Then I thought about trying to get just a personal loan I could use to make the repairs myself. The problem is the interest jumped to a whopping 12% (unlike the 3.25-3.5% rate I'd been quoted on the others above). They said if I went with a secured loan I might get a better interest rate, but all I have is my savings account and they said it would be completely tied up for the term of the loan and I'd be unable to touch it. Needless to say, I wanna have that for emergencies or investments, so locking it it up is not really an option.
So I'm at a bit of a loss. I have OK credit, make really good money on my job and have low debit to income ratio. So do I have any options to begin these home repairs soon with a loan I've not explored? Thanks!
