---

can we get a regular mortage in this situation

Author	Message
	Add to del.icio.us Add to YahooMyWeb Add to Simpy Add to BlinkList
alejohh27 Joined: 10 Aug 2009 Posts: 4 2.45 Dollars($)	Posted: Mon Aug 10, 2009 4:33 pm    Post subject: can we get a regular mortage in this situation Like 0 Dislike 0 I built a house in Texas on a lot we owned and still paying for it to a relative and the title of the lot is in our name. We build a house with money from credit cards because the banks did not wanted to lend us money to build a house with the material we were using since there is no other contractor in the area familiar with this type of construction. Now we are 85% finish and are looking for a loan to pay off the credit cards but the bank is telling us that the loan they we can take is a home equity that does not cover all the loans that we have for the construction since it will cover only 75% of the costof the property. Can we take another type of loan?. There is anything else we can do to get a regular mortgage on this property?
eric1 Community Expert Joined: 04 Jan 2009 Posts: 1511 226.93 Dollars($)	Posted: Mon Aug 10, 2009 4:43 pm    Post subject: Like 0 Dislike 0 I would try and borrow from friends or relatives. The other thing you can do is attempt to get an "as completed" appraisal at a higher value. _________________ Eric JFree Rate Quote, Stated Income Loans FHA RATE QUOTE Mortgage Rate Quote
alejohh27 Joined: 10 Aug 2009 Posts: 4 2.45 Dollars($)	Posted: Mon Aug 10, 2009 5:39 pm    Post subject: Like 0 Dislike 0 the loan is not to complete the house, we can do that. The loan we need is after the house is completed and then pay off our creditors.
jenkin7 Joined: 04 Jun 2007 Posts: 4537 Location: Hawaii 728.43 Dollars($)	Posted: Mon Aug 10, 2009 11:25 pm    Post subject: Like 0 Dislike 0 Hi alejohh, If you hold the title to the lot and the house, and you qualify for a loan, there's no reason why you should not get a loan. Why does the lender want to give you loan only up to 75% of the home value. Have you talked with any other lenders? Can they not finance at least 80% of the home value? I think you need to talk with some other lenders and ceck out if they can raise the loan to value ratio to at least 85% so you can cover the credit card debts. If you go for 75% LTV loan, you can also seek to cover the rest of the 10% by taking a personal loan.

Quick Reply
Your Name
Subject
Image Verification	Enter the code above here : Can't read the image? click here to refresh
Message body

All times are GMT - 7 Hours

Page 1 of 1

---

We have chosen to apply the Creative Commons Attribution License to all works we publish. This work is licensed under cc by 2.0