Posted on: 25th Apr, 2010 06:09 am
Hello, Here is my scenario. I have a home with a present appraised value of $380,000. I owe $230,000. I have just gotten a divorce. As part of this agreement the house is on the market. Assuming a sale of $380,000 my ex is to receiver $82,700 of the proceeds. Due to this divorce I have accumulated about $50,000 in credit card debt. I am currently paying approximately $1100 a month on these cards. My questions is this, Are there banks that will lend 95% of appraised value? 95% would be $361,000 which would allow me to pay my ex, pay $48000 to the credit cards and allow me to reduce my monthly expenses by over $600.
Hi tmhm,
If you're looking for a conventional loan, then I don't think you would be able to get a loan which is 95% of the appraised value of the property. You can go for FHA loan wherein you will have to pay 5% down. If you satisfy the required criteria of the FHA lender, then you would be able to get the mortgage.
If you're looking for a conventional loan, then I don't think you would be able to get a loan which is 95% of the appraised value of the property. You can go for FHA loan wherein you will have to pay 5% down. If you satisfy the required criteria of the FHA lender, then you would be able to get the mortgage.