im looking for a low finance fee to buy a house
2007-11-08 10:43:02 · 4 answers · asked by chanelxo 2 in Business & Finance ➔ Personal Finance
There is no special financing for winning the lottery. As long as the borrower can prove the income will continue, they can use it as income (and if needed assets). Their rate will be based solely on their credit, other factors in the loan such as income and collateral don't go in to the grading of the loan.
If the borrower is a borderline case (ie: they are teetering between two different credit grades, say A or AA) the steady stream of income and the assets may push them up a grade, but that's about it. You'd be surprised, most people that win the lottery end up with terrible credit. Let me ask you this, if you have a steady stream of income from a lottery win, why would you want to finance the house? Seems silly to pay interest over the life of the loan if you have the available cash. I know you get a tax break, but you can donate $$ and get the same tax breaks as home ownership and you won't have to worry about anyone ever foreclosing. It makes it easier to sleep at night when you have nobody to pay
2007-11-08 14:04:05 · answer #1 · answered by goofycollector 2 · 0⤊ 0⤋
You don't get anything special. You simply qualify for the rates offered to "A-grade credit risks'. As long as you are able to verify to the lender that you will have X amount of dollars guaranteed income for the coming years, you should be well treated.
2007-11-08 19:17:40 · answer #2 · answered by acermill 7 · 0⤊ 0⤋
Did you win the lottery? I would imagine the winners may get a decent rate because the money is guaranteed.
2007-11-08 18:51:18 · answer #3 · answered by curious gal 4 · 0⤊ 0⤋
It's considered income. Income is always good in applying for a loan.
2007-11-08 18:52:23 · answer #4 · answered by Corey E 3 · 0⤊ 0⤋