How To Obtain A Home Loan For More Than The Home Costs?
Posted by admin on December 15th, 2009 at 06:46am
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?
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6 Comments for How To Obtain A Home Loan For More Than The Home Costs?
1. Tink | December 15th, 2009 at 7:14 am
No, there are no loans for more then 96.5% of the sales price, that is as high as it is possible to go.
2. Janet P | December 15th, 2009 at 7:28 am
It is extremely unlikely you will get anything like this. You have to have actual equity in a home to get a Home Equity loan. The banks don’t play that game any more. That’s what caused the housing crash.
3. doinou | December 15th, 2009 at 7:55 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.
4. Leo F | December 15th, 2009 at 8:34 am
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
5. Bluey | December 15th, 2009 at 9:21 am
Cannot be done, period.
6. godged | December 15th, 2009 at 9:34 am
in addition to what bluey said, yoyr credit score will have to be high too
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