To make repairs or add-ons on your home without having a good credit history, you'll need to obtain some source of bad credit financing. Given that the purpose of the loan is to make improvements on your home you can take advantage of your home equity to do so.
Home Improvement Equity Loans
Home Improvement Equity Loans use the equity you've built on your home either by repaying your mortgage or because of an increase on the property's value in order to secure a second mortgage loan or line of credit that you can use for making repairs or add-ons.
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Since the money is used to improve the property and probably increase its value and since the property is the lender's security, the requirements for these loans are incredibly flexible. If the property's value increases, the lender ends up in a better situation if he ever needs to recover his money via repossession. Thus, he won't be so picky when deciding whether to approve your loan or not.
Benefits for You
Even though you have bad credit, being the loan secured with an asset, the interest rate charged for this kind of loans is considerably low. It is lower than that of a personal unsecured loan, cash advance loan, credit cards, etc. Only a home loan may have a lower interest rate. So, as you can see, as regards to interests, it's an excellent deal.
The loan amount you can request can vary and it will depend mainly on how much equity is left on your home. For example, if your property is worth $100,000 and your outstanding mortgage loan is $60.000, you can request up to $40,000 which is the home equity available.
However, people with bad credit usually can get only up to 85% financing so you might only get $25,000 which is still a good amount. Nevertheless, since there is a lot of competition out there among lenders, there are some lenders offering 100% finance for bad credit and even 115% financing for people with a good credit score.
As regards to loan length and the loan installment amount, there is also a lot of flexibility. Since the loan is secured, the loan length can be extended almost as a home loan. The usual loan repayment program lasts 15 years, but you can obtain longer or shorter repayment programs to suit your needs and your budget. Of course, the loan installments will be determined by the loan length and the interest rate charged among other costs and fees. If you can't afford high monthly installments you needn't worry since you can always extend the loan length till the loan installments get small enough so your budget won't notice them.
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