is it possible to join my bad credit amount to mortgage so i eliminate credit card debt ?
2007-01-05 17:23:06 · 7 answers · asked by pamela g 1 in Business & Finance ➔ Credit
The answer is at your fingertips. Do some searches and see if you can find what you are looking for then make an informed decision.
2007-01-05 17:54:41 · answer #1 · answered by SEO 3 · 0⤊ 0⤋
25% down is a good sign.
Your income & over all debt come in to play.
I don't know the exact % but if you house payments & your credit card payments or any other outstanding debts are over say about 35% you may not get a loan.
Homes mortgages can be had with less that 25% down.
You can get loans for no money down.
The best would to have no debts & 20% down.
I would say pay down your debts as much as you can.
Save some more & keep looking for your home.
Buying a home is only the first part.
You will need money to keep it up.
Less than $50,000 houses can need lots of work.
2007-01-05 17:41:46 · answer #2 · answered by Floyd B 5 · 0⤊ 0⤋
Yes, you will be able to. What you need to do is pay off the debt first. If the house you want is under 50,000 you will not require more than $2,000 down. Please pay off the debt before you seek a loan. It will show good faith on your part that you are cleaning up your credit. Please do not settle for a loan that has an Adjustable Rate. Unless you see a cap within reason and that is your only,only option. Let me tell you why you do NOT want to carry over that Credit Card debt on your mortgage. Your mortgage will be a 30 year, I assume. You will be paying on that Credit Card debt for 30 years as well. By the time it is paid off you will have paid around $32,000 for that $6,000
2007-01-05 17:32:44 · answer #3 · answered by LaurenElyse 4 · 0⤊ 0⤋
Probably better to pay off the 6000 (or at least anything which will improve your credit ) and have a lower down payment for the house. I don't understand, if you have 25% to put toward the house, why do you have bad credit?
Talk to a reputable lender before doing anything. Every situation is unique.
You can only borrow extra if the house is worth more than you're paying for it.
2007-01-05 17:30:57 · answer #4 · answered by CiCi Elder 2 · 0⤊ 0⤋
If all else fails, you may consider a hardmoney loan. That would get you into the house; could probably get you into a free credit repair program with that as well. Fill out the free situation evaluation form at :
www.totaldebtsolutionsllc.com
2007-01-06 13:02:33 · answer #5 · answered by Anonymous · 0⤊ 0⤋
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2007-01-06 05:47:59 · answer #6 · answered by peters c 1 · 0⤊ 1⤋
No.
2007-01-06 02:29:45 · answer #7 · answered by Anonymous · 0⤊ 1⤋