Question : How to obtain a home loan for more than the home costs?
Is it possible in our current market? If so, can it be in one loan? Say the home is purchased for $120k, can the buyer ask for another $20k for personal debt? Does this have to be done with a home equity loan?
- asked by Tink
All Answers:
Answer #1
The valuation of the house would have to be morethan the price you pay by at least the additionalamount you want to borrow
- answered by Bluey
Answer #2
in addition to what bluey said, yoyr credit scorewill have to be high too
- answered by Baby Colton is home! 7-02-09
Answer #3
Cannot be done, period.
- answered by godged
Answer #4
It is extremely unlikely you will get anythinglike this. You have to have actual equity in ahome to get a Home Equity loan. The banks don'tplay that game any more. That's what caused thehousing crash.
- answered by doinou
Answer #5
It can not be done no way no how. Who is going tolend you 140K on a 120K home, you can't evenborrow 120K on a 120K house thats 100% financingwith no down payment. Your wasting your time.
- answered by Leo F
Answer #6
No, there are no loans for more then 96.5% of thesales price, that is as high as it is possible togo.
- answered by Janet P
| 
