I need some advice about mortgages!!!!?

Question

I am buying a house off a family member for 120k with a mortgage of 75k. i am a first time buyer and have got some credit against my name. we have had the mortgage agreed and we are just waiting for the surveryor to come out to value the property. i was told when we put the application in that i would only be able to get the full amount i need if i had no debts. nothing else has been said to us up to know. we were wondering if this is going to come up again, ie in the offical mortgage offer or if this shouldnt be an issue now the mortgage has been agreed?

thanks

Answer 1

!?!?!??

What is your question ?

Answer 2

.  YOu are doing everything correctly.  The bank will loan you 95% of the purchase price ($120,000) or the appraisal; whichever is lower.  That is why everyone is waiting for the appraisal to be done by the bank.  THen you will know exactly how much you can borrow.

When the loan is approved, you will go in and sign a stack of papers.  The next day, the loan money will be ready for you to pick up.  You bring in your down payment (if you have a down payment).  The title company accepts your money and sends the deed downtown to the Recorders Office.  30 minutes later, the house is yours.

One note.  Banks are very leary about sales between family members. In the past there has been a lot of fraud.   You are ok but if you ever wonder why the bank is acting strange, tell them that there is no funny business involved.

Answer 3

now that it's been agreed you shouldn't have a problem. If however its an agreement in principle pending further submissions by you and the surveyor you might have trouble securing the loan. Especially in the current financial climate where lenders are very reluctant to give out money.

If they already know then maybe you've been offered a special mortgage for someone with bad credit. Usually the interest rates are a bit higher

Answer 4

You  should start to help yourself by getting a bit of education on home buying. It is obvious you have internet access, so look up FHA and read everything about home purchase. It is people like you that that get suckered into bad deals and cause the housing crisis we're in now!!