ANSWERS: 2
  • You don't. The reason that lenders have set-up guidelines regarding income & debt ratios, is so that people wont get themselves in a position of owing more money than they can pay back. What you are considering doing, is putting yourself in a position that you may not be able to meet your monthly obligations, and may loose everything. The smarter choice would be to wait a year, and up your monthly payments on your auto loan so that you can pay if off quicker. Then, when the car is paid off, look into buying a home.
  • You do not persuade anyone. Banks have very strict rules now because of high foreclosure rates and inability to pay mortg. payments. If I were you, I'd go to investors where you would need to pay at max 5-10k down, will get the title of the home (so you own it) and owner will provide the financing, which is VERY different from the banks. Let me know what state/city you're in, and I'll if I have such investors for you.

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