The Finance Blogger

Home Improvement Loan With Bad Credit in Dayton Ohio. We received a question about a home improvement loan from a reader who also has bad credit and lives in Dayton, Ohio and will answer his questions in our next post about Home Improvement Loans. He is planning to complete a number of renovations and needs to borrow money to accomplish this.

Question to Debt Counselor::Home Improvement Loan

We have lived in our house for the past 15 years and would like to spend some money updating it with new flooring and appliances for the kitchen. Our credit is listed as bad due to some problems we had a few years ago in paying our mortgage. We are all caught up and have paid everything we owed at the time and more. Once we were late with our payments due to the fact that we were both laid off at the same time. We want to know how we can get a home improvement loan under the current conditions of having a bad credit rating.

Do you currently have a mortgage? ::yes, however there is only 10 years left on the amortization of the mortgage.

Home/Mortgage Loan Amount :: $25,000

Other Loans, Including Credit Cards:: all our loans are fully paid up including credit cards at zero balance

Are you employed and for how long:: We are both employed and have been at the same jobs for 4 years. We started these jobs after being laid off at another company.

Your credit rating to be – excellent, fair, or bad? :: We have been told that our credit rating is bad due to slow payment of our mortgage over 5 years ago

Gross Amount Per Paycheck :: $5000 combined salary

Do you agree to have this information published online, without your PRIVATE information of course? :: Sure, as long as our personal information is kept private.

Extra information here please (some detail)::

We have priced out all of the work we want to complete along with the appliances we want to purchase. The total comes to $25 thousand for a complete kitchen upgrade. We have no plans to sell now. However we also know that this upgrade will improve our homes resale value whenever we do decide to sell.

My wife and I  have kept up with all of our bills. We have made sure that our credit cards are all paid off and have no interest chargeable balances. We would appreciate any help you can give us regarding how we can go about finding a lender. One who will approve a home improvement mortgage for us with the credit rating that we have. We are extremely frustrated at this point in that we cannot find anyone to lend us a loan at reasonable rates and terms. Our credit rating seems to be hindering us a lot and we are wondering what we can do about it.

If you have a question about debt, loans , mortgages or other financial situations, please feel free to leave a comment with as much detail about your situation as you can. We will try to answer your question in our next post.

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