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what are the alternatives to getting mortgage?

Posted on: 29th Oct, 2006 07:57 pm

I am going through financial crunch as I had to clear credit card debts which I had piled up for long, not realizing where it could lead me. And would not be able to get a mortgage. But I need to buy a home asap. Can you give me some alternatives to getting a mortgage?
Posted on: 29th Oct, 2006 10:38 pm
You can buy a home on which there is an existing mortgage. Then you can assume the home loan but be careful that the existing debt does not exceed the market value of the property.
Posted on: 30th Oct, 2006 04:11 am

one of the things i would recommend is that you talk with a loan officer first to see if you can qualify for a home. there are many programs out there that may or may not fit your needs. if in fact you cannot get a mortgage then an option is to look for a home with seller financing. the rate may be higher than market but in 6 to 12 months if you clean your credit you could then refinance the mortgage and go for a lower rate.

hope this helps.

george meehan
mortgage planner
Posted on: 10th Nov, 2006 10:59 am
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