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becthompson50 · Joined: 12 Dec 2009 Posts: 3 1.87 Dollars($)

I am in KS and need a home loan of 32,000 minus 3200 for down payment, the home I am wanting has dropped in price from 35,000 to 20,000 and I owe 7,500 on my car and 4,000 on a credit card. I am wanting to consolidate them all so I can afford this home as my debt to income ratio is bad, my credit scores are 680, 716 and 730 with a tax lien I just paid off and filed the paperwork in district courtn and have the stamped satisfaction of judgement. I am on SSI disability and the consolidation is the only way my debt to income ratio will work, where can I get this done?

jenkin7 · Posted: Thu Dec 17, 2009 1:06 am Post subject:

Hi becthompson,

It is a good idea to consolidate your high interest credit cards, car loans and other debts into a single mortgage. It saves a lot of money in interest payments. But much depends on how much time equity you have in your property. If you say your property value has gone down to $20k, it will not be possible for you to get a loan of $32k to consolidate your debts. Your credit scores are good and you have paid off the tax lien. But unless, you have enough equity in the property, you will not be able to consolidate all your debts into a single mortgage.

JKennedySLG · Posted: Thu Dec 17, 2009 4:58 am Post subject:

You are not going to be able to obtain a mortgage of more than the Purchase Price. If the Purchase Price has dropped that much and your debt ratio is still high you may want to reconsider your attempts to purchase this home.

Only on a refinance transaction are you going to be able to consolidate your debts and roll everything into one loan. Purchase loans are strictly limited to the monies necessary to purchase the home and nothing more. I hope this helps...

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