I'd like to stop renting and purchase a home. It seems impossible to make a mortage payment with all my debts. I just don't like the idea of throwing out $1700 on rent every month.
My question is, would it be a good idea to get a home loan that can absorb my oustanding debts? That way all my debt would be cleared except for the monthly mortage.
Any advice? Thanks for reading.
2007-04-14 04:21:15 · 7 answers · asked by POPCORN 2 in Business & Finance ➔ Renting & Real Estate
I'm prequlified for $500-550
I'm $100,000 in debt.
My credit is good.
Looking to buy in the $350-450 range.
2007-04-14 05:07:28 · update #1
ARM is not an option
2007-04-14 05:08:15 · update #2
getting cash back from a loan used to purchase a home is usually if not always illegal.
2007-04-14 16:43:56 · answer #1 · answered by Anonymous · 0⤊ 0⤋
You can not borrow more that the purchase price in a real estate transaction. There is no way to get your credit card debt rolled into the financing. However, if you buy a property below market value, you can take an equity loan on the property as soon as you close on the home. There are a lot of homes out there that don't have to cost you as much as you have been approved for, either. Sometimes, brokers or lenders will max out your pre-approval in the hopes that you will borrow the max, but you don't have to. And looking for a good deal on a house right now is a lot easier than it used to be. There are some houses that have been on the market for a long time now, and the sellers may be willing to negotiate on the price just because they need to get out. It takes a little hard work and homework, and maybe working with a good realtor, but that sounds to be the best of options for you. If you are looking for any further advice, email me at thenderson@acgmoney.com, and I will be more than happy to help. Good Luck!!
2007-04-18 03:54:34 · answer #2 · answered by novastarbanker 3 · 0⤊ 0⤋
This is not possible when you are buying a new home. Obviously, if you would have an equity left and would like to refinance this would definately work out. Why dont' you just go ahead and buy a house with several loan programs avalaible!
Go with power option ARM which gets you freedom to pay only interest for the first five years and principal later on... Also, you can pay small amount from the principal if you want for the first five years!
I am a loan officer in CA and can shop around for a loan for you if you are intersted! Why don't you leave me a note and we will talk about it!
Mohit Madaan
Loan officer
Mohit@ImpressiveLeads.com
7187753226
2007-04-14 04:27:18 · answer #3 · answered by Thats_me 3 · 0⤊ 1⤋
There are several options to you. #1 do you now qualify for a home loan (debt to income ratio and credit score) #2 the only way you can get a home loan to absorb your current debt is to have a home and get an equity loan you can get 80% of appraised value. I do know of a person who can get you in a home if you have cash down even with bad credit. They work with you to get your credit where you can purchase the home then you purchase the home they already have you in.
2007-04-14 05:08:56 · answer #4 · answered by shelton s 1 · 0⤊ 0⤋
Yes, that's an option and people do it quite often. Talk to the loan officers in several banks and see what they can do for you. The WORST thing you can do is get into an adjustable rate mortgage or any situation where you're paying interest only.
2007-04-14 04:32:09 · answer #5 · answered by gunplumber_462 7 · 0⤊ 0⤋
I agree with the previous poster stay away from ARM or adjustable rate mortgages, your payment could end up MUCH more than you can afford. This happend to a couple I know and they lost their home because they could not afford the mortgage.
2007-04-14 05:06:25 · answer #6 · answered by Anonymous · 0⤊ 0⤋
The home is security for the loan - unless you can find a home wort a million that is being sold for $10,000 why would the bank run the risk?
.
2007-04-14 04:30:00 · answer #7 · answered by ? 5 · 0⤊ 0⤋