How to obtain a home loan for more than the home costs?
by admin ~ February 4th, 2010 . Filed under: Renting & Real Estate .
Tink asked:
Is it possible in our current market? If so, can it be in one loan? Say the home is purchased for $120k, can the buyer ask for another $20k for personal debt? Does this have to be done with a home equity loan?
Shad Kilker
Is it possible in our current market? If so, can it be in one loan? Say the home is purchased for $120k, can the buyer ask for another $20k for personal debt? Does this have to be done with a home equity loan?
Shad Kilker
February 5th, 2010 at 5:04 pm
The valuation of the house would have to be more than the price you pay by at least the additional amount you want to borrow
February 8th, 2010 at 9:50 am
in addition to what bluey said, yoyr credit score will have to be high too
February 9th, 2010 at 12:37 pm
Cannot be done, period.
February 11th, 2010 at 1:08 am
The banks dont play that game any more thats what caused the housing crash.
February 13th, 2010 at 3:20 am
It can not be done no way no how. Who is going to lend you 140K on a 120K home, you can’t even borrow 120K on a 120K house thats 100% financing with no down payment. Your wasting your time.
February 15th, 2010 at 2:40 pm
For more then 965 of the sales price that is possible to.
For more then 965 of the sales price that is as high as high as it is possible to go.
For more then 965 of the sales price that is possible to go.