I have no money down and a good amount of debt (approx.. 60,000 with student, cars, and credit cards.) Would I be able to get a mortgage to buy a three family home and rent out two of the floors? If I was to roll my debt into the mortgage and take out a $200,000 mortgage (debt, house, and fix-up money) I could pay the mortgage with my paycheck each month, no questions. First time buyer
Ummmm….
A lot depends on the value of the property. While you might be able to afford a $200,000 loan with your normal income, what the lender will consider as more important is the value of the property. If the property is not valued at more than $240,000, they would probably not lend the amount you want.
Ummmm….
A lot depends on the value of the property. While you might be able to afford a $200,000 loan with your normal income, what the lender will consider as more important is the value of the property. If the property is not valued at more than $240,000, they would probably not lend the amount you want.
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Yeah, try calling 1-800-inyourdreams. If you can’t even pay off your debt, then how do you expect to pay off a mortgage?
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