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Is there anyway we could get approved for this loan?

We want a house that is $219,900. The problem is our current house will not sell for how much we owe- there would probably be about $40,000 in negative equity.  On top of that, we have a high debt-to-income ratio.  My husband's credit score is 700 and mine is 635.  We make about $82,000 combined.  We would also like to know if we would be able to roll our timeshare into the loan- the interest rate is high and it would save us money.  So if everything was combined, the loan would be for about $285,000 with probably $15,000 down.  Please help- any advice would be greatly appreciated.
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July 27 2010 - Independence
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My questions to you are.....why do you want what I am guessing is a larger home....why do you feel the value is lower....the good news is that your fico scores are good and income is good.  
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November 10 2012

This is difficult based on what you have said.
Is your current home listed as a short sale? The time-share can not be included with the new purchase.

What you may want to consider is seeing if your current mortgage can get approved for a DU REFI PLUS - this is a refinance program where you can refinance the current mortgage even though your home has lost value.  However, it only qualifies if your current mortgage does not include PMI.

But purchasing a new home with the possibility of a loss on your current home looming over you will not happen.

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July 28 2010
 
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