Can anyone tell me if you can role your unsecured credit card debt into a first

    
    
Can anyone tell me if you can role your unsecured credit card debt into a first time home loan? First time home buyer here. Wife and I have good credit and make good money, but our debt to income ratio is rather high. I was wondering if you can finance a home with an agreed price of 175,000 for 200,000 to pay off the unsecured debt? It would actually save us about 450.00 a month if we were ablt to do that . It would kind of be like a second mortage,...but not. Any input would be greatly appreciated.

C

Best Answer

No - the reason that mortgage rates are lower is because it is secured debt. They are not going to agree to roll-in unsecured debt unless the value of the home is great enough to cover both the mortgage and the cc debt. Even then I don%26#039;t know if they would do it...but I guess you could always ask!
Asker's Rating:
thanks 4 the input. I figured that was the situation,... just thought id ask. I wondered if there were any programs out there like that. But thanks again.

Other Answers (6)

  • as far as i know you cannot do that. when you take out a loan to pay off debt, they cut you a check to the companies you will be paying. they don%26#039;t do that with mortgages.
  • No the lender will only lend on the sales price of the home back by the appraised value. Certified Appraiser
  • I heard of deals being done like that, but I don%26#039;t know how they did it. Good luck finding out about this, especially with the housing market being so bad.
  • In todays market it is not going to happen you cannot get 100% financing much less more than the home is worth
  • No, I don%26#039;t think that%26#039;s possible.
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