Combo Loans on First Mortgage?
I’m trying to figure out any way possible to buy a home so my husband and I can get out of our current situation, which is very bad! Last year we qualified for a $ 160,000 loan, but both agreed that we don’t need that much house, which is quite a lot in our area. Our biggest problem is that we have a lot of small bills and the payments are using up our extra cash. Our total debt including car payments is only $ 26,000. My credit score is low due to a past divorce that was just settled (but now all my old debts are paid) and my husband’s score is 700 and improving. Of course, we wouldn’t be able to save more than a few thousand for a down payment. We qualify for an FHA loan. Is it possible to obtain a combo loan with a first mortgage if you are able to buy the house for quite a bit less than FMV? I’m just trying to find a way to “consolidate”.