My husband and I are approved to buy our first home this year. We are going through an FHA lender and plotting on buying a HUD Foreclosure home since there are so many in the area we’re interested in.
We have outstanding loans for a car, and a stupid debt consolidation (huge mistake). The car one I am not worried about, but the other loan I am.
Let’s say the HUD price is ,000 and the value is above that. On a first mortgage can we borrow up to the value on the home so we can roll one of our debts into the mortgage and eliminate that? Or would I need to wait a year to do it?
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You can only borrow up to the sales price of the house minus the down payment.
What you are asking for is what got a lot of people in mortgage distress. Borrowing more money that the house is worth. The HUD price is $81k. That’s all you can borrow. FHA will not allow anything more.
Wait a year, then maybe, just maybe you can get an home equity loan to pay off the consolidation loan. But be careful with the terms and conditions. Sometimes these loans are as terrible as the consolidation loan itself.
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