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Hello everyone.
I’m 30 years old and I’m looking into buying a house of my own.

My job isn’t perfect. I make $ 300 a week. I have just over $ 1000 saved(if need be I can get or borrow whatever more is needed for down payment or closing…

my credit is just below average. I had issues 2 years ago but have been doing well the past 2 years(no bankruptcy’s or defaults, just a messy breakup that caused my credit to drop due to late payments)

I’m not looking for anything fancy. Perhaps a foreclosure or a fixer upper somewhere.

My issue is that last summer I bought a new car. on top of which I have a personal loan. around $ 14,000 left for the car and $ 7,000 for the loan.

I know it’s a long shot, and I’m not sure it’s possible so I’m asking here. Can I get a mortgage anywhere, would there be a place that would consider rolling my other loans into the mortgage?

Say I found a house valued at 50k selling for 20k? would anyone grant me a mortgage for 42k under such circumstances?

I’m not looking for anything more than 60k. at most and in my area there are dozens of houses going for 10-20k. their full value and such I have yet to look into, but that is another matter in hand. If I can’t find a house I can’t find a house. step one is making sure that if I find a house I’ll be able to get the house so I don’t waste time or money looking.

Doing calculators even at 7% interest(very high I know) at a 50k mortgage, my payments would be almost half what I’m paying now, and doesn’t even take into account my current rent!

This is something I need, more than anyone can imagine. So, is there a way, or a place or a person or a company that would work with me?

Thank you to any and all answers. 🙂

2 Thoughts on Can I get a Mortgage anywhere that can also roll my other loans into it? If so, where? How?
  1. Reply
    August 30, 2012 at 8:25 pm

    not happening as all mortgages are based only on the purchase price. You must meet the debt to income limits as well as credit and employment checks as well

  2. Reply
    August 30, 2012 at 9:08 pm

    No, you cannot do this your way.

    The only way this could happen is if you bought, then either refinanced to take out the equity, or obtained a HELOC.

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