2007-10-11 05:24:33 · 6 answers · asked by joie_333 2 in Business & Finance ➔ Renting & Real Estate
125% is pretty much the max for home loans right now. Anything more than that and you can check out unsecured private loans from your credit union and local banks. Really at the rates that the lenders are charging on the 125% loans you may be better off with a signature loan as opposed to any 'over equity' product right now, it's definitely worth comparing.
2007-10-11 05:32:01 · answer #1 · answered by matzael 3 · 2⤊ 0⤋
Those loans are illegal in many states as there is a high default rate. The ones I have seen came out of Cailfornia and the rates were in the upper teens. You also have to have at least 6 months of PITI (principal, interest, taxes, insurance), reserves in liquifiable assets. High credit scores (over 720) are also a must.
2007-10-11 05:32:32 · answer #2 · answered by thinking-guru 4 · 0⤊ 0⤋
Why would you want to borrow more than the value of your home? Most reputable lenders will not lend over 100%, and in some states, especially TX, there are states that will allow only 80%.
2007-10-11 05:28:18 · answer #3 · answered by Debdeb 7 · 0⤊ 0⤋
you would be lucky if you got a 100% loan anymore and you'd need a 700+ score to even have a chance, and if you have debts equalling 25% of a mortgage you're trying to roll into the mortgage - you're too big a risk to get any kind of mortgage
2007-10-11 06:19:55 · answer #4 · answered by Anonymous · 0⤊ 0⤋
Why would you ever want to owe more on your house than it’s worth? That’s a recipe for trouble.
2007-10-11 05:34:01 · answer #5 · answered by Anonymous · 0⤊ 0⤋
Why? do you plan it take the money and run?
2007-10-11 05:27:48 · answer #6 · answered by Anonymous · 2⤊ 0⤋