Zillow Advice: Mortgage Types - I have about 30,000.00 in credit card debt. http://www.zillow.com/advice-thread/I-have-about-30-000-00-in-credit-card-debt/469856/ Zillow Advice | Zillow Real Estate Jeff, Amber is correct. The ... http://www.zillow.com/advice-thread/I-have-about-30-000-00-in-credit-card-debt/469856/ Jeff,<br/><br/> Amber is correct. The lender will not finance more than the purchase price of the home. They will also use that purchase price as the value for any type of refinancing for the following 6 months. In the event there is enough documented repairs to the property that would significantly increase the value, you would be able to do a cash out refinance using a new appraised value. Good luck and please feel free to reach out to me with any questions you have. Our office is in Norwell. Thu, 06 Dec 2012 16:19:00 GMT http://www.zillow.com/advice-thread/I-have-about-30-000-00-in-credit-card-debt/469856/ 2012-12-06T16:19:00Z Thank you all! http://www.zillow.com/advice-thread/I-have-about-30-000-00-in-credit-card-debt/469856/ Thank you all! Thu, 29 Nov 2012 19:49:00 GMT http://www.zillow.com/advice-thread/I-have-about-30-000-00-in-credit-card-debt/469856/ 2012-11-29T19:49:00Z It isn't impossible, but ... http://www.zillow.com/advice-thread/I-have-about-30-000-00-in-credit-card-debt/469856/ <p>It isn't impossible, but it probably isn't going to be easy--or worth it.&nbsp; A hard money lender will happily refi you some cash out at a high rate IF you have a lot of equity...but equity usually takes time to build.&nbsp; You would need to somehow buy one heck of a property, at one heck of a cheap price, and then pay a hard money lender 9-13% in interest (plus points) to get your money out.<br/><br/>Back at square one?<br/><br/>My advice would be to buy&nbsp;a house, keep paying your card off, and budget yourself.&nbsp; I graduated from school with 26,000 dollars in credit card debts myself and managed to pay it all off in 2 years with serious budgeting.<br/><br/>Best wishes from So-Cal and good luck</p> Thu, 29 Nov 2012 19:41:00 GMT http://www.zillow.com/advice-thread/I-have-about-30-000-00-in-credit-card-debt/469856/ 2012-11-29T19:41:00Z Also, typically a lender ... http://www.zillow.com/advice-thread/I-have-about-30-000-00-in-credit-card-debt/469856/ Also, typically a lender will not lend on more than the purchase price of the home for at least 12 months, unless there is documented major renovations i.e. complete remodel of whole house. So even if you did manage to get yourself a deal on a home, you would have to wait a min. of 12 months to get that home equity loan. What I would recommend instead is working with a credit counseling service to get your credit card debt in line.&nbsp; Thu, 29 Nov 2012 19:12:00 GMT http://www.zillow.com/advice-thread/I-have-about-30-000-00-in-credit-card-debt/469856/ 2012-11-29T19:12:00Z Hi Jeff:Your proposed scheme ... http://www.zillow.com/advice-thread/I-have-about-30-000-00-in-credit-card-debt/469856/ Hi Jeff:<br/><br/>Your proposed scheme sounds extremely optimistic (i.e. not very likely). <br/><br/>There are a number of factors evaluated to qualify to purchase a home, including income, debt, credit scores, down payment.&nbsp;&nbsp;&nbsp;&nbsp; Do you have a down payment saved up?&nbsp;&nbsp; Do you know your FICO credit scores?&nbsp; <br/><br/>when buying a foreclosure, while the price may be slightly less than the same home in a traditional sale, it doesn't create instant equity.&nbsp; <br/><br/>Here's a link to <a href="http://www.zillow.com/wikipages/Buyer%27s-Roadmap/">Zillow's buyer's roadmap</a>.&nbsp; It is an excellent place to start to learn about what is required. <br/><br/> Thu, 29 Nov 2012 18:02:00 GMT http://www.zillow.com/advice-thread/I-have-about-30-000-00-in-credit-card-debt/469856/ 2012-11-29T18:02:00Z OH my, you don't know the ... http://www.zillow.com/advice-thread/I-have-about-30-000-00-in-credit-card-debt/469856/ OH my, you don't know the drill I am afraid. I think you are incorrectly assuming that you will be able to buy a house so far below it's actual value that you could get an instant equity loan on it as well. It just does not work out like that. You won't get a short sale or bank owned home for that much below market value and a lender just will never do that. To get the loan the lender will look at your debt, they will not ignore it because you are buying a home that might have some (not much but some) instant equity that might be used to offset your current debts. <br/><br/>You probably need to make a visit to some lenders to speak with about the chances of getting a loan and for how much. It's free.<br/><br/>Tim Thu, 29 Nov 2012 17:58:00 GMT http://www.zillow.com/advice-thread/I-have-about-30-000-00-in-credit-card-debt/469856/ 2012-11-29T17:58:00Z