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Okay, so there is a situation where this older couple has excellent Credit and are looking at this foreclosed home. it’s twice the size of there home. do you think that banks are lending more then they are now? They are really scared of them getting that New house, and not being able to sell there original property?
i mean money isn’t the best but, they really need the more room, which is the newer home. They have a good income, but i mean, i don’t know. Could you help me explain to them. Is it safe to buy this hud home, are banks giving out morgates rite now? they go through Fifth Thrid bank. This house is a great deal, I wouldn’t want to see it go, so would you help, now shes also scared that her having two cars in her name and paying them off as we speak makes her look bad? i was like no, that’s not making you look bad. So i mean that proves that they have excellent Crest they have no debt. all credit cards are paid off. So please help me with all of those questins .

2 Thoughts on Financial questions? PLEASE HELP hud home?
  1. Reply
    Clive L
    July 27, 2011 at 5:49 am

    It would be wise to first get a buyer for the existing home. Once contracts are exchanged on it then they should go to the bank and see if they can get bridging finance to buy the other home.

    Remember that in this market, at present, there are so many ‘good buys’ around that the house they own at present may not be such an attractive proposition when it is put up for sale.

    Most financial experts will advise against buying a second home before selling the first home.

  2. Reply
    Beverly S
    July 27, 2011 at 6:18 am

    There is money to lend if they qualify- Actually there was always money if they qualify- however with 2 homes they would have to have a debt to income ratio low enough to qualify for 2 home payments. Most people don’t. It won’t hurt for them to pay off 2 cars- in fact it helps.

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