Eric's Credit Community

Purpose of loan: First I want to thank you for supporting my last listing! I recently had my dish washer go out, so have to tear up my tile floor to replace it; I intend to use this loan to completely update my kitchen, re-facing my cabinets and installing new drawers and door fronts, new hardware and all new appliances.  

I will replace my existing counter top with solid surface granite, and replace my sink with a new stainless double bowl, new disposal and new kitchen faucet. Then I will replace my floor with new travertine 18 x 18 tiles and trim and paint to complete the new look.  

I want to completely gut my two bath rooms, replace the vanities, vanity tops, sinks and faucets, replace my bath tubs, tile and shower surround, drop new low flow toilets in and some nice terra cotta floor tile, and trim it out and paint. 

  I wish conventional financing was readily available here in Phoenix; unfortunately getting a home improvement loan right now is difficult considering the soft real estate industry and the current credit crunch.

My Financial Situation: I have outstanding credit and a good job, I am a good candidate, and I have always paid my bills on time. I own my home, I am currently mortgaged about 75% loan to value, and I have great equity.  

My current house payment is $1030 and I pay about $230 per month on my car, my current debt to income ratio is about 24% and I currently gross over $60,000 per year plus benefits. I have two small credit cards with zero balances and long history. 

  I service my usual utility payments and the basics of living including food and entertainment, all of my credit scores are over 800 and I am very established in the community, and have been working in the same career field for years and years.  

I also own a rental property with a partner! That property is rented and my partner carries the mortgage in his name, that property only has a first deed of trust and is currently leveraged about 78% loan to value. The rent pays the mortgage, taxes and insurance. 

  I have a nice IRA / 401K with sufficient funds as an emergency source of financial stability being saved until I get to retirement, obviously the penalties and fees make it prohibitive to use except for an emergency.  

Two or three years ago, I could have walked into a bank and set up conventional financing for my home improvement, today in spite of excellent credit and solid, steady income, conventional financing just is not an option here!