I need a short term mortgage (1 year) on a house I found but can't get conventional mortgage for now

Asked by Lcschma, Baton Rouge, LA Tue Nov 3, 2009

Will be renting out my current home in city and my daughter will begin paying students loans I cosigned. Hoping one year should do the trick. Credit otherwise good.

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Dp2, , Virginia
Tue Nov 3, 2009
OK . . . that's what I thought.

I'm working with an agent in TX on 2 similar transactions. Please PM me with more details on this.
0 votes
Lcschma, Home Buyer, Baton Rouge, LA
Tue Nov 3, 2009
No I only want this home. It is in the country (Clinton, La) on 2 acres and it is my dream to live there. So cheap!!! I have never not paid a bill in my life and this credit industry now is really infuriating! I have a great job with great salary that I've had for 20 years. Doesn't matter. Cosigned those student loans. I feel certain my credit score will be acceptable to get a conventional loan after I get her loans off my credit.
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Lcschma, Home Buyer, Baton Rouge, LA
Tue Nov 3, 2009
The plan would be to make payments on the short term mortgage for one year until I obtained conventional long term financing from a bank or credit union. The home I want is a really good deal and hate to pass it up. Owner doesn't want to do lease purchase.
0 votes
Dp2, , Virginia
Tue Nov 3, 2009
I might be able to help you out, but I'd need more details.

Do you intend to buy another house with new financing? What makes you certain that you'll be able to pay off this loan within a year?
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