I was needing help with a first time home buyer loan?
christin k asked:
I was wondering if there is a way to get a first time home buyer loan that would let you get more than the loan to pay off some bills? I was hoping to pay off one credit card I had before we bought a house, but the only way to do that would be to put it into the home loan. Anyways also wondering if VA loans are good loans? Thanks!
Mark
I was wondering if there is a way to get a first time home buyer loan that would let you get more than the loan to pay off some bills? I was hoping to pay off one credit card I had before we bought a house, but the only way to do that would be to put it into the home loan. Anyways also wondering if VA loans are good loans? Thanks!
Mark
May 19th, 2009 at 12:55 am
Alma
The only way to do this is the house if appraised at more than the selling price. IF so you can get a loan for the appraised price. Since it is more, you will get that extra cash at closing to pay those bills. Be careful becuse yoiu will have negative equity and if you sell within 5 yrs it might hurt you.
May 19th, 2009 at 1:59 am
Melvin
You want to roll a credit card bill into a 30 year loan?!?!?!!?!?!? You’re kidding right. You want to pay on that pair of jeans you bought last year for another 30 years?!?!?!
Very bad idea.
Generally, you can’t do that – thank goodness!
Even if you can, do you really think that is wise?
Note that you say the only way to pay off one of those loans is to roll it into your loan. That does not PAY OFF anything. It may open that card up – so you can charge it up again, but it does not reduce your debt (pay off).
May 21st, 2009 at 8:18 am
Stacey
Lenders will loan you money based on the appraisal or sales price. “whichever is less”. They use to have loans like that but they faded away quite a while back. They will not loan you money to pay off cards
VA loans are great for you if you are a veteran. You will need to get a certificate for proof of that as well and present it to your broker who will present to lender. Also, you will get a good rate and your cost will be less. If you can go this route it is defintely a good idea.
May 24th, 2009 at 12:02 am
Stephanie
no you cant,you can only get what you are paying for the house.cut credit card in half,cut down on expenses and make at least one and a half payments a month on credit card.