Fha Debt Consolidation

First is the mortgage?

My husband and I are authorized to buy our first home this year. We are going through an FHA lender and planning to buy a HUD home foreclosure there are so many in the area that interests us have loans outstanding for a car, and a consolidation stupid debt (big mistake). The car does not bother me, but the loan of other selves. Let's say the price is $ 81,000 HUD and the value is above that. In a first mortgage you can borrow up to the value in the house, so you can shoot one of our mortgage debt and eliminate it? Or do I have to wait a year to do it?

You can only borrow up to the sales price of the house minus your down payment. What you are asking is what has a lot of people in mortgage trouble. Loans more money than the house is worth. The price is $ 81k HUD. That's all I can borrow. FHA will not allow anything more. Wait a year, maybe, just maybe Once you can get a home equity loan to pay off the consolidation loan. But be careful with the terms and conditions. Sometimes, these loans are as bad as the consolidation loan itself.

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