Posted on: 05th Jul, 2010 09:29 pm
Deal is this.. My mother put her paid off home in my name a year ago. We want to get a loan to pay off $4000 2nd mortgage (I had to get to pay closing costs), finish my basement and do some minor repairs to her house- so that we can sell her house and move her in with me. She has agreed to let me use the money from the paid off house in order to get my finances under control. I am just worried, because I just bought my house in Oct 09 and am afraid that my debt to income ratio is not good enough to get approved for a loan..
I agree with Jerry's assessment. You won't know what you can or cannot accomplish until you speak with a lender who can go over your situation with you. Preferably, you'll find someone who'll take the time to work with you preparatory to submitting an actual application. Yeah, I know...I have the nerve to advocate that someone seek out free services - the very death of the loan officer...I'm sorry. I guess I'm just too kind-hearted to folk.
