Larry A asked:
I have about 25K in credit card debt. I am planning to buy a 540K house. Currently I have great credit, is it possible to add my credit card debt into the home loan in order to make it a single monthly payment. What is the loan program called? I am shooting for 5 yr. ARM. Me and my wife plan to live there for about 3-4 yrs.
I have about 25K in credit card debt. I am planning to buy a 540K house. Currently I have great credit, is it possible to add my credit card debt into the home loan in order to make it a single monthly payment. What is the loan program called? I am shooting for 5 yr. ARM. Me and my wife plan to live there for about 3-4 yrs.
#1 by Gaytheist Buddha - January 26th, 2010 at 08:28
It is possible, but you will need a combined gross income of about $180K in order to qualify for a mortgage. You will also need to put down at least 20% with a FICO score less than 720, and 10% with a FICO between 721-740.
#2 by William - January 28th, 2010 at 19:14
If you only plan to keep the house of 3-4 years, buying one isn’t even a smart move.
#3 by Clifton S - January 31st, 2010 at 18:37
I doubt there is a loan program around right now that will lend over 100% of the homes value on a home purchase. You can sometimes get them on refi’s but they are usually loans that are attached to some type of construction or major improvements.
I’ve found some good information here too…
All the best to you.