Need some financing advice for purchasing a new home!?

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I found my dream home. 4200 sq ft victorian. Updated throughout. Simply stunning. they are asking 34,400. Here’s where I’m at.
33000 on current home (aprox $ 15000 in equity)
16500 on car A
3500 on credit cards
2000 is in collections (and have been for at least a year)
I plan on renting out my current home FYI
The potential property is considered rural so it does qualify for the USDA loan. I’m not sure if that offer is only for first time home owners or not. If I do a consolidation is there anyway I can pull out more money so I am able to purchase this home. How do I go about this without getting simply a second mortgage. And what are the requirements? Someone please help me out!

  1. Reply
    January 31, 2011 at 3:22 am

    When applying for a home loan your credit report will be reviewed and you may be required to provide a number of other details, including: Employment and income records, Tax Returns for the last few years List of assets, List of liabilities and what you owe, Your budget showing monthly living expenses so that you can demonstrate an ability to pay.

    With this information you and your lender will be able to determine the kind of home loan and size of the right mortgage for you. In some cases, you can obtain a pre-approval or pre-qualified certificate, which shows how much you can borrow so that you can then shop for homes in an appropriate price range.

  2. Reply
    David Z
    January 31, 2011 at 4:20 am

    chris set your sights a little higher. your dream home cannot be $ 34,400. you can dream bigger. cmon!

  3. Reply
    January 31, 2011 at 4:31 am

    Much is going to depend on your income as in can you afford both mortgages, and if you have things in collection my guess is your credit score will not support you getting the loan

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