Cash for home improvement

[Anonymous]

We own a 65-year-old home in Alabama that we rented out for 20 years. We moved back to Alabama in March as our tenants of 18 years left the lease, and the house was not renting as it was (is) in need of a lot of TLC. The mortgage is only 435.00 a month and we owe 52,000.00. Our credit is Fair due to a personal financial crash five years ago beyond our control. We do not have credit cards, only have a small school loan, and the mortgage, and do not owe anything else. The house has six-seven large trees that could come down on it at any time. One already came down and caused 10,000 worth of damage but insurance took care of that. We would like to refinance (VA) and get extra cash to take care of the trees. Have been with Wells Fargo on this house but they are not refinancing with cash out. Any ideas about who to refinance with and get cash, or any other ideas??

[VALoanMaster]

Hi @Anonymous,

Are you living in the home?

Depending on the condition of the home you may need to do a VA renovation loan.

If you do a cash out refi, you'll be limited to 90% of your home's appraised value on a VA loan.

[Anonymous]

Yes, living in the house. The problems with the house that stopped it from renting out we have fixed (ex: the deck was rotted out enough that it wasn't safe to walk on). Lots of other needs that a twenty-five-year rental house would be expected to have we can accomplish as time allows. Will look into the VA renovation loan possibility.

[VALoanMaster]

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@Anonymous wrote:

Yes, living in the house. The problems with the house that stopped it from renting out we have fixed (ex: the deck was rotted out enough that it wasn't safe to walk on). Lots of other needs that a twenty-five-year rental house would be expected to have we can accomplish as time allows. Will look into the VA renovation loan possibility.

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Based on the info you've provided, you will need a VA renovation loan.