I would like to purchase a home, but I have a 13,000 credit card thats holding me back. Is there a way to?

Asked by Steve, Tampa, FL Wed Mar 19, 2008

combine my credit card debt with a mortgage?

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Alma Kee, Agent, Tampa, FL
Tue Mar 25, 2008
Hi Steve,

If your income is less than 120% of the median income for Hillsborough County you may be able to get downpament assistance which will pay your 20% downpayment. I have a client who got $55k on a $180k townhouse and I'm working with another who is qualified to buy a $180k house and will have her 20% downpayment paid plus another 4% will be paid for her closing costs. This may help you to buy a more expensive house than you can qualify with your credit card payments. If your credit card interest rate is higher than 10% you might call your credit card company and ask for a lower interest rate. Credit card companies are known to drop the interest rate if you just ask.

Another idea..... not sure if it will work but many new home builders have excess inventory and are willing to be creative so perhaps there's a way you could buy a builder house with the condition that the builder payoff most if not all of your credit card balance at closing.

Call or email if you want details of how to apply for the free downpayment money or if you need help finding a builder who can offer you a creative financing deal.

Alma Kee, Real Estate Consultant
Charles Rutenberg Realty, Inc.
Web Reference:  http://www.soldontampa.com
1 vote
Hi, , Virginia
Tue Mar 25, 2008
pay down the credit card debt
save your money for a downpayment
buy something in 2010


good luck
0 votes
Katrina Made…, Agent, Tampa, FL
Mon Mar 24, 2008
WOW 13,000 credit cards, that's A lot!! Just kidding.... you may or may not have to pay off or eliminate debt, this is a question you really should ask a mortgage consultant.

If you need help in this area let me know, I have 16 years in the industry, good bad or ugly... I will always give you the truth.

Katrina Madewell
0 votes
Antonio, Agent, Tampa, FL
Wed Mar 19, 2008
there're many people in your situation, I'd need a little more information.
If the only expense is your credit card it might not be a problem at all; usually to qualify they look at few criteria i/e: debt ratio, gross income vs gross "living" expenses, time at job, timely payments.
I'd suggest to check my site calculator to have an idea........ better yet if you could provime me with more information and I'll be glad to refer to one of the lender I know; it might be costly at the beginning but you can definetely refinance when you balance things up, let's look at it......... I'm confident I'll find a program for you.
0 votes
Keith Junor, , Fort Lauderdale, FL
Wed Mar 19, 2008
Instead of buying with a down payment maybe you may qualify for 97% or 100% financing and use the down payment money to pay down your credit card balance instead.

I will check to see if any of my lenders still do programs that will lend you more than the loan amount in order to pay down debt.

0 votes
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