looking to roll the balance of child support arrears plus remaining balance of auto loan into the $120,000.00 purchase price.
2007-06-15 13:32:19 · 7 answers · asked by Anonymous in Business & Finance ➔ Renting & Real Estate
what state are you in?
2007-06-15 14:45:03 · answer #1 · answered by WeLoan.Us 2 · 0⤊ 1⤋
Pinkluxe is right, you can not consolidate debt on a purchase transaction. Reason being is that the home's value is based off of what you pay for it, and since lender's can only lend up to 100% of the value, there would be no room to roll in debts. The value will remain at the purchase price for at least 90 days up to 12 months, depending on the lender's seasoning requirements. After this period, you can use an appraisal for the new value instead of what you paid for it.
2007-06-15 20:30:46 · answer #2 · answered by Justin 3 · 0⤊ 0⤋
I recommend First National Banc Corp. They do business in most states and are your best opportunity for someone to say yes. ADDITIONALLY, IF YOUR CREDIT IS SUSPECT, THEY SOMETIMES FRONT THE MONEY TO GET YOU INTO A CREDIT RESTORATION PROGRAM SO THAT YOU CAN QUALIFY FOR A LOAN. Check out the free evaluation form at the source website and a First National loan officer will contact you within 24 hours. Good luck.
2007-06-17 02:17:47 · answer #3 · answered by stephen l 2 · 0⤊ 0⤋
There is no way to do this legally. Unless you buy the home below it's appraised value. Say you owe $10k for all of those things. The home you are buying is $120k. It would have to appraise for $130k in order for you to get a loan to cover the extra things you want to roll in. A lender will not lend more than the home is worth.
2007-06-15 14:52:55 · answer #4 · answered by pinkluxe 3 · 0⤊ 0⤋
Your chances are slim to zero, unless the value of the property substantially exceeds the purchase price of the property. Always remember that the lender analyzes the value of the collateral in relation to the amount they will lend on the property. Formerly, lenders allowed some leeway for property appreciation. In the current market for real estate, they do not see great potential for appreciation, so they are sticking closely to appraised values as a benchmark for granting mortgage values.
2007-06-15 14:48:08 · answer #5 · answered by acermill 7 · 0⤊ 1⤋
I tried something similar to this, to no avail..
Good Luck!!!!!!
2007-06-15 13:40:49 · answer #6 · answered by Anonymous · 0⤊ 0⤋
Here you can get the best rates on your area: LOANSVAULT.NET
2014-05-07 15:45:13 · answer #7 · answered by Anonymous · 0⤊ 0⤋