Can i purchase a house on a credit card and then apply to my bank for a home equity loan on that property?

Answer 1

Theoretically you can do that if you have the available limit on your card. It will cause your debt to income ratio to be crazy high as the minimum payment on your credit card will be extremely high. But if your credit score is high enough, you can go stated income or no doc on the equity loan and it wouldn't really matter.

Answer 2

Sure, if you can get away with it. However, if you pay $150K for a house and put it in your credit card, don't expect any lender in his/her right mind to give you a home equity loan with THAT much debt on your credit card.

If you have sufficient credit history, assets and credit card limits, you should not even be asking this insane question.

Answer 3

absolutely. be sure to keep the HUD so that you can prove what you paid for it, oh and dont forget--get an appraisal done on the property so that you know what it is worth. You dont want to pay for a house and then not be able to transfer the debt. You may want to talk to a lender first though and make sure that they will honor your appraisers work. There are a few of them out there that certain lenders will not accept their work. ALSO, it depends on which state you live in. If you are in Texas...you may have to wait 12 months depending on the lender and the way their underwriters think the law is written.

That is a great way to get miles on your AA card. =)

Answer 4

if the seller would accept credit card payment i dont see why not but if you have that much credit on a card surely you have enough cash to buy anyway and surely a mortgage is cheaper than the credit card?

Answer 5

im almost positive that you cant spend that much on a credit card without maxing it out.