Debt Problems
Can we use a first time home buyers loan to consolidate other debts?
We would like to consolidate recent medical bills and a small student loan with a first time home buyers loan. We are preapproved for $15,000 more than what we are looking to buy but are told that we cannot get cash back.
Public Comments
- They usually offer a cash out option and they usually pay your bills off for you or give you a check for the amount you need. You can deposit it into your account. They wont give you actual cash.
- The answer above me is wrong. You can not get more money than what the house appraises at. You can wait 6 months-one year and refinance the house then. At that time, you can get extra cash for those loans you owe. That's what I would do.
- There are lenders who will do this for you. If you find one, let me know and I'll arrange a prison cell for him. It's illegal.
