Are there any programs to finance debt into a new home purchase?

I am looking at a foreclosure in the Grand Rapids area. It has an appraised value of approx. $63,000. I will be purchasing it with an accepted bid of $35000. I have a $10,000 high interest auto loan I would really like to finance into the purchase at the time of purchase. I have heard I have to wait six months and then refinance, but are there any programs out there that I could use to take advantage of some of the immediate equity in the house?

Probably not at the closing on the first house. If it hasn't been appraised recently, you need to wait to find out what the true appraised price is going to be. You might not have the equity you are thinking you have right now.

soapbox mode on: Don't look at your equity as a piggy bank or an ATM that you can get cash from. Learn to live within your means. soapbox mode off:

Here is the reality. Take a 30 year loan for your $35000 house. Aggressively pay off your car loan with the cash flow that was freed up by buying such a cheap house over such a long term. When you are done with the car, do the same thing on the house. In ~8 years you could fully own your home!!

good luck!

If you are a first time borrower of a home equity loan it is imperative that you have a checklist of essential questions that you need to ask each and every lender. The answers to these questions will provide a valuable reference to base your comparisons on. What鈥檚 the interest rate? Knowing this is crucial. The interest rate will determine<!--the monthly payment you will need to make. You also need to know if the interest rate is of a fixed or adjustable nature. Fixed rate implies that the monthly payments will remain constant, while an adjustable rate implies that rates will fluctuate depending on market conditions.

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In adjustable rate, when will rates change? If your interest rate on the home equity loan is of the adjustable variety, you need to know three things: when the rate is going to change (that is under what conditions), how frequently will the rate change and what鈥檚 the average-->percentage by which the adjustable rate will change. What is the Annual Percentage Rate or APR? The APR on the home equity loan will determine the yearly payment you will need to make towards this.The higher the payment in terms of points, the lower is the interest rate.

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