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i have some questions about loans for the house....

i have three loans,,, i get like 25,000 ish a year.. if i apply for another loan for the house.. more like they will turn me down? you have to have more money than the total of loans? or what..
this person wants to sell me her house only to me.. and i want so much to buy from her but... if i apply for the loan for that house.. i might be turn down... i dont know much about house i have been living in an apts since i was teenager... a little help, please.. thanks!

Answer Question
 
tiggerneeyore

Asked by tiggerneeyore at 11:29 AM on Apr. 8, 2009 in Money & Work

Level 1 (0 Credits)
Answers (3)
  • I'd go to a reputable lawyer first. Maybe you can assume her loan or you can do a rent to buy loan?Lawyers fees vary from free consult to a nominal charge. Be careful!
    Anonymous

    Answer by Anonymous at 11:32 AM on Apr. 8, 2009

  • You're asking about debt to income ratio. Do you have money to put down on the house? 20 percent of the purchase price? If so, and if your debt to income ratio is good (in other words, you're not carrying too much debt compared to your earnings) then you should be able to get a loan.
    gdiamante

    Answer by gdiamante at 12:11 PM on Apr. 8, 2009

  • There are many factors to consider:
    How much is the home worth
    What is the sales price
    How much do you have saved for a down payment
    what is the total amount of all of your debt(s)
    How much can you afford to pay out a month?

    You can email me if you want with any questions:
    krista@mtgmentors.com
    mamakirs

    Answer by mamakirs at 3:25 PM on Apr. 8, 2009

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