The Purchase and Cashout Question

dollylee9 · Joined: 19 Jul 2009 Posts: 63 -0.18 Dollars($)

I need to get a loan large enough to purchase a house and consolidate credit card debt at the same time and with little down payment. Friends have told me they have purchased homes in this same manner...sometimes with no down payment... I've never purchased a home before and therefore am clueless ...how does this work?? I know there must be "penalty fees" involved for not having a sufficient amount of down payment

sunnyca2009 · Joined: 04 Aug 2009 Posts: 1735 35.94 Dollars($)

In the current market, there are rarely any loan program with no down payment. Minimum in this market would be 3.5%

Also Gettign aloan for more than the vavalue fo the house will be probably impossible unless you show that the extra money you get will be used to repair the house

Probably all your frinds got this loan few years back, when such loans existed, but after this bubble has bust the regulation have changed and also the lenders are becoming strict in hwo they process the loan

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