Posted on: 10th Dec, 2012 11:10 pm
Hi there… I need help and advice. In my neighborhood, there is a home which is valued over $150k. It is foreclosure. I own a home on which I am current and only 3 years left to pay off in full!! I have good credit and now want to purchase that home which is in foreclosure. I would like to just add our current balance to the new mortgage and want to know how to get into this home with the least up front / down payment. My wife and I have good jobs in the medical field where we have been working for the last 15 years. Annual salary is ~ $150k. A recent deal on this home just fell through and we want to jump on this beauty.
Hi Cullivan!
Welcome to forums!
You cannot add your current balance to the new mortgage. Two properties are different and you will have two different loans on these two properties. As far as down payment is concerned, you will have to give 20% down in case of conventional loans or go for a PMI.
Feel free to ask if you've further queries.
Sussane
Welcome to forums!
You cannot add your current balance to the new mortgage. Two properties are different and you will have two different loans on these two properties. As far as down payment is concerned, you will have to give 20% down in case of conventional loans or go for a PMI.
Feel free to ask if you've further queries.
Sussane
You can opt for FHA or VA loans because these types of loans do not require huge down payment.
Welcome Cullivan,
It should be noted that VA loans are only available to veterans and not to anyone else. However, yes, you can go for FHA loans.
It should be noted that VA loans are only available to veterans and not to anyone else. However, yes, you can go for FHA loans.
VA loans are available with zero down payment. However, to become eligible for VA loans, you have to be person who served the armed forces of the country or the spouse of that person. FHA loans and USDA loans also require you to make comparatively low down payment.
The question here is what tyoe of loan do you have now?
As for the FHA option, it will not work for an investment property, because the house will be considered investment if it closer than 50 miles. If you would like to discuss further please feel free to contact us.
As for the FHA option, it will not work for an investment property, because the house will be considered investment if it closer than 50 miles. If you would like to discuss further please feel free to contact us.