i have lke 5 thousand in credit card debt, and was looking to buy a home, is it possible to add my debit to a home loan, so that i can get appproved?
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Don’t “look to buy a house” you can not afford a home if you have to add your debt to it in order to qualify for a home loan. You will need about 6 percent of your loan amount for closing costs and 5-20 percent down depending on your sourse and credit history. So how much do you have saved up? Will that cover the 5K if so pay it off then save some more for the house. How are your scroes?
And no you can not add 5 K to pay off other debt unless that house is worth 200,000 and they are asking for 5,000 and then you might get a loan for fix up.
You cannot make a home loan for more than appraised value
Plus, you will need a down payment for a home
Conclusion: You are in no way ready to purchase a home
Especially with any credit card debt
Get rid of that debt, save up a down payment and closing costs
Then…. you can get a home
No