contract of deed...home purchase help plz?

Question

We bought our home through an auction and set up a contract of deed with the landlord.We are on a 5 yr ballon note w/10% APR. Citi has offered to consolidate a loan that we currently have with them and also the amount we are paying for our home. They will combine the two payments making it one payment which is great and extremely helpful to our financial situation. However, the APR is going to be 11% with a fixed rate for 30 yrs.
I spoke with a bank in my home town and there APR is 6-7%, way lower. However, considering our credit rating I highly doubt we would be approved.
I am wanting to do some upgrading and consolidate a few debts we have. Is there a loan that will allow all of this together. From what I understand we can only get a loan for what the house is appraised at. Considering the house needs a lot of work done to it I highly doubt that it will be worth what we are paying for it. From what my fiance says we are giving more than its worth.

Answer 1

Everything here is going to depend on your credit score. Yes, there is a loan out there that will allow you to accomplish all that you have referenced, lower your rate, fund the renovations, and payoff other debt. It is a portfolio product so it isn't available through brokers (at least not in this area) and it is disbursed just like a construction loan. The property value is based upon what the home will be worth when the work is completed.

I know that it is offered by Washington Mutual and First Horizon Home Loans. Check locally.

Answer 2

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