Posted on: 29th Jan, 2011 09:11 am
I have a house that I bought last year after someone foreclosed on it. I paid cash for the house and it is not a expensive house. I bought the house for 11,101 and the apprasial I had done last year was at 25k.
The question I have now is what would be the best type of loan to put on this, after my failed marriage I walked away with 23k in debt and used the cash I had on had to buy this house instead of paying down the debt, now I have the debt paid down to 16,000 from 23k less than a year ago and would like to put a loan on the house to pay off the rest. I bought the house in April of 2010 so I know I will probably need top wait till march to apply. Just seeing what route is best to go.
Financially I had a chapter 7 BK in 2004, I make 50k ish a year and credit scores are hovering a little under 700 per myfico.com. I would like to get a loan to wipe the revolving debt out to be able to better get a nerw mortgage for a different house, I am owner occupied right now but I do have a renter living with me and I get 400/ month from them, if I get a new house they are willing to stay there on a year lease for 650/ month for the whole house.
ETA : this is SE Michigan
Any options?
The question I have now is what would be the best type of loan to put on this, after my failed marriage I walked away with 23k in debt and used the cash I had on had to buy this house instead of paying down the debt, now I have the debt paid down to 16,000 from 23k less than a year ago and would like to put a loan on the house to pay off the rest. I bought the house in April of 2010 so I know I will probably need top wait till march to apply. Just seeing what route is best to go.
Financially I had a chapter 7 BK in 2004, I make 50k ish a year and credit scores are hovering a little under 700 per myfico.com. I would like to get a loan to wipe the revolving debt out to be able to better get a nerw mortgage for a different house, I am owner occupied right now but I do have a renter living with me and I get 400/ month from them, if I get a new house they are willing to stay there on a year lease for 650/ month for the whole house.
ETA : this is SE Michigan
Any options?
You haven't mentioned what your credit score is like. If you have a good credit score of around 700-720, then you can apply for a conventional loan. If you have a score around 620, then you can get a FHA loan. If you've a score lower than 580, lenders won't be ready to give you a loan.
I put it in my post, I am just under 700, 690's
Your game plan is good, however, you wil have a very difficult time finding someone to do a mortgage under $50,000.
Your best bet is a local bank or savings bank. There are a lot of mortgage bankers and mortgage brokers on this site. They normally do not do mortgages below $50,000 either becasue they are not permitted to do so or simlly becasue they can not make money doing it.
Good luck.
Your best bet is a local bank or savings bank. There are a lot of mortgage bankers and mortgage brokers on this site. They normally do not do mortgages below $50,000 either becasue they are not permitted to do so or simlly becasue they can not make money doing it.
Good luck.
You can settle for a 95% LVR home loans or 95/5 home loans that are highly are available for people with a good income, stable employment and a 3% - 5% deposit. You can find out more about this type of loan and how to get approved.
