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I am looking at buying a house. It is a foreclosed property that needs some work due to water damage. I would like to pull out a mortgage and be able to have money to repair the house. I would like to also be able to put my student loans on the mortgage.

The total amount of money that I would need for the house, the repairs and the student loans would still be less than 20% of the value of the repaired house.

Does anyone know of a program out there that would allow me to do this?
Reason I would like to put my loans on the mortgage is becuase my dad owns a corporation and I didn’t get student loans that many other people do. I had to get personal “student” loans. They are currently at 8.75%.

The dwelling is acually a town home and the exterior is insured by the association. I would have to get a condo/renters policy to cover the inside and my personal belongings. I would only plan on living there for 5 or so years so when I sell the property my student loans and all would be paid off.

4 Thoughts on Does anyone know of a mortgage loan that would allow someone to fix up a propery and add student loans to it?
  1. Reply
    Rick B
    May 19, 2011 at 2:03 am

    You want to roll student loans into a 30 year mortgage?!?! WOW! That better be some kind of degree if you plan to pay for it for 30 years.

    I would NOT recommend that.

  2. Reply
    FaZizzle
    May 19, 2011 at 2:13 am

    Not going to be possible. Those are two seperate and just not going to work. You have to pay off the student loans AND the mortgage, why combine it.

    Mortgages don’t cover repairs. It doesn’t work like that.

    You will have to get a mortgage, a personal line and then just pay off your student loan.

  3. Reply
    Expert Realtor
    May 19, 2011 at 2:49 am

    Good luck finding one that cheap.

    I don’t think you have a full concept of how extensive water damage is or the fact that most insurance companies WILL NOT insure a home that has had water damage in the last 5 years AND you will be REQUIRED to disclose the water damage when you sell it….too many houses on the market for a buyer to take that kind of risk?

    You are probably wondering why insurance companies won’t insure the home…you can thank a SC woman that won over $ 60 million a few years ago due to a black mold claim.

    Insurance companies say that it takes 5 years to thoroughly dry out a home.

  4. Reply
    Jennifer
    May 19, 2011 at 3:26 am

    Hi,
    I used “Credit Solution” to settle my loans.They managed to reduce my loans up to 58%.It’s legitimate.I came across this company on NBC News Special Edition.Check it out here:
    http://shortlinks.co.uk/4cl

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