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Can I consolidate bills into a purchase?

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Icon Mini Profile swfamily4





Joined: 09 Feb 2009

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Post Posted: Mon Feb 09, 2009 10:11 am    Post subject: Can I consolidate bills into a purchase?
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I have land in Tennessee that is paid for. We have found a home to put on the land but our dept ratio is high. Our credit is excellent but we have some bills we need to pay off. Is there a way that we can sell our land back to ourselves and finance the land and home together?
Icon Mini Profile sara
sara
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Post Posted: Tue Feb 10, 2009 4:04 am    Post subject:
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Hi Swfamily,

It's good to know that your credit is excellent. But your debt ratio is high. So, there are less chances of qualifying for a mortgage, though there are other factors that lenders will consider.

Quote:
Is there a way that we can sell our land back to ourselves

I didn't get what you're trying to say here. How can you sell your land back to yourself?
Icon Mini Profile ashleyblanton
ashleyblanton


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Joined: 03 Feb 2009

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Location: San Diego, CA
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Post Posted: Fri Feb 13, 2009 3:34 pm    Post subject:
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If you go to a specific lender or someone with private money, you can most likely "refi" your land and pull out the "equity".
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