Posted on: 26th Feb, 2010 08:39 am
Is it possible for a mortgage lender to increase the amount borrowed to cover a credit card dept that is owed ?
Can you use the mortgage loan to also cover closing costs?
This would probably be a FHA loan.I have enough for the down payment but not closing costs.I have good credit and a stable job.
Is it to late to take advantage of the 8,000 tax credit with the limited time remaining?if not could I use that money for closing and other costs?
Can you use the mortgage loan to also cover closing costs?
This would probably be a FHA loan.I have enough for the down payment but not closing costs.I have good credit and a stable job.
Is it to late to take advantage of the 8,000 tax credit with the limited time remaining?if not could I use that money for closing and other costs?
FHA requires 3.5% down (which can be a gift from several different sources). FHA allows for a 3% sellers concession. That should cover most of your closing costs and it's not too late to for the tax credit. Some lenders can use the tax credit as a second position/bridge loan but, I don't know of any off hand.
claytn, as long as you are under contract to purchase by april 30 and have a closing on or before june 30, that $8000 tax credit will be waiting for you. there's no telling if the credit will be extended, though it's doubtful enough that there's no reason for delays now.
on a purchase, you would never be able to consolidate a credit card balance into the mortgage loan.
on a purchase, you would never be able to consolidate a credit card balance into the mortgage loan.
