Are there loans that allow first time home buyers to consildate current debt loads into a home loan?

Asked by Mike'n'michelle, 95139 Sun Mar 23, 2008

Hello all, the title really says it all. my wife and i are looking to see if we can somehow take advantage of the current home market to MAYBE get in to a house, BUT we carry a significant amount of credit card debt. We were just curious if there were specific loan types, or options to consolidate our current debt into a new home loan. We unfortunatley had to rely heavliy on our credit card's in 07 due to the fact we just got married, AND my wife got laid off a month later :-(. she was a casualty of the current run of mortage lending companies that went under. anywys, any input would be very helpfull in steering us toward or away form housing at this time. We understand that alot of lending institutions are tightening up on there lending practices and we just wanted to test the water and get some input from some professionals before we dig deeper into the process.


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Angel Pricer, , Camp Hill, PA
Sun Mar 23, 2008
You are right - lenders do have more strict guidelines and that is a good thing. By ensuring that a loan applicant will actually be able to stay in the home they are being approved to purchase, everyone wins. Programs for debt consolidation are out there and if you are credit worthy you should be able to secure a a loan that will both consolidate your debt (perhaps with a much lower interest rate) and purchase a home that you can afford. Now is DEFINITELY a great time to buy! Call some local realtors and see if they are a full-service brokerage (with an in-house lender). You are not obligataed to use the lender, but that is an excellent place to start your search for the right debt consolidation and mortgage package.

Best of luck to you!
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