Posted on: 13th Feb, 2011 05:08 pm
Hello.. I hope I am in the right forum for my question...
I need to increase my mortgage loan by 15-20k... I am finding that thier is a major difference between 200k homes and 220k homes.
Is their a way to go about this?
1) Does the amount you are given vary from company to company?
2) Would it make a huge difference if I pay off 5k in credit cards and a 4k car loan?
3) Can I get a per sonal loan aside from the mortgage loan and use that in my negotiations?
The major issue is that my fiance makes 6 figures but has awful credit. We cannot use his income on the loan application. Therefore its solely on me. It is discouraging to me that between the both of us we make around 160k a year yet we are designated to only looking at houses we could easily pay for.
Thanks for any insight!!
I need to increase my mortgage loan by 15-20k... I am finding that thier is a major difference between 200k homes and 220k homes.
Is their a way to go about this?
1) Does the amount you are given vary from company to company?
2) Would it make a huge difference if I pay off 5k in credit cards and a 4k car loan?
3) Can I get a per sonal loan aside from the mortgage loan and use that in my negotiations?
The major issue is that my fiance makes 6 figures but has awful credit. We cannot use his income on the loan application. Therefore its solely on me. It is discouraging to me that between the both of us we make around 160k a year yet we are designated to only looking at houses we could easily pay for.
Thanks for any insight!!
Welcome rmccann,
It will depend upon your income, debt to income ratio and your credit scores as to how much loan amount you can qualify for. If you pay off your credit card debts and your car loan, it will improve your debt to income ratio and you might qualify for a higher amount. You may take out a personal loan and then negotiate for a mortgage.
It will depend upon your income, debt to income ratio and your credit scores as to how much loan amount you can qualify for. If you pay off your credit card debts and your car loan, it will improve your debt to income ratio and you might qualify for a higher amount. You may take out a personal loan and then negotiate for a mortgage.
If you are finding a major difference in homes that you like for that amount of money you should look at short sales, bank owned homes, or negotiate down the purchase price to what you can qualify for. The loan amount may only vary depending on the house that you buy and how much you finance. Paying off debt would only help if you need to bring your debt to income ratio down. Taking a personal loan out to purchase the home? Probably not because lenders will want to see where those funds came from and it will add to your debt to income ratio. Does your partner have a good savings. He good gift you a large down payment.