Home Buying in San Antonio>Question Details

Linda, Home Buyer in San Antonio, TX

when applying or a mortgage loan can you add a $3,000. consolidation loan on it.

Asked by Linda, San Antonio, TX Fri Feb 17, 2012

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3
Brian M. Paris’ answer
I have not heard of any mortgage programs that also allow for debt consolidation. If your Debt to Income ratio is too high, that (usually) needs to be addressed prior to the lender approving the loan. NOW, if you have been contributing to your employers retirement program (401k), you may be able to borrow from it and reduce your interest rate. considerably.

Hope this helps!

BMParis
0 votes Thank Flag Link Tue Feb 21, 2012
The payment on $3000 should not kick your ratios out of qualifying, if it does, look internally first.
0 votes Thank Flag Link Tue Feb 21, 2012
You cannot add a consolidation loan into your mortgage. You can put a lower down payment on a house (if you qualify) in order to pay your $3,000 loan.
0 votes Thank Flag Link Tue Feb 21, 2012
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