Im wanting to find a company who will not only finance 100% or more of the house value but also who it doesnt matter to that the house has only been in my name for a couple of weeks.
2007-07-12 06:51:06 · 5 answers · asked by Anonymous in Business & Finance ➔ Renting & Real Estate
the amount of time you have had the house has no bearing on the equity. You inherited this home free and clear I presume. Call your bank, or a Direct Lender and tell them you are interested in a 100% mortgage. But remember, just because you have the house doesn't mean you will get the loan. Do you have the income to repay the loan. That is the question?
2007-07-12 06:54:51 · answer #1 · answered by ? 5 · 1⤊ 0⤋
Don't expect a reasonable loan for more than 100%. Given the current spate of foreclosures, lenders are not very willing to dole out more than a house is worth.
It should not be an issue how long you have held the house, since the equity became yours instantaneously when the title was transferred to your name.
In order to obtain such financing, you must also be prepared to show evidence of ability to make repayments on this loan, as well as having a credit score acceptable to any lender involved.
2007-07-12 06:58:01 · answer #2 · answered by acermill 7 · 2⤊ 0⤋
Lenders won't care how long the house has been in your name.
If you are trying to finance more than the homes value, the terms will not be favorable. There are still lenders that with lend up to 125% of the homes value, but I would strongly advise that you not consider this. Obtaining a 100% loan should still carry favorable terms.
2007-07-12 09:08:23 · answer #3 · answered by godged 7 · 0⤊ 0⤋
Check with the clerk's office. THe fact it has "been in your name" 2 weeks doesn't mean the house is clear of debit and that there won't be problems mortgaging as a result of the ongoing probate actions.
2007-07-12 07:04:27 · answer #4 · answered by wizjp 7 · 1⤊ 0⤋
why not try for 80% LTV or less.
2007-07-12 08:02:04 · answer #5 · answered by ron d 3 · 0⤊ 0⤋