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Akalaic

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First time mortgage + either extra cash or equity loan
I am looking to buy my first home with my boyfriend, but a big obstacle is his large student loan. The house we are looking at is being sold for around $47k but has been assessed at around $90k. I am wonder if we could do a mortgage for the total of the asking price for the house and the student loan, or if we could get a mortgage for the house and then immediately get an equity loan to cover the student loan. Based on the calculators we have looked at online, the payment for the mortgage (or mortgage + loan with similar total amount) would be less than the current payment on the student loan. We are both employed with 750+ credit scores. The only other problem is that we currently have less than $1k for a down payment.

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If you have less than one thousand for a down payment you are not ready to buy a house. First, most lenders will require a down payment much larger than one thousand dollars and secondly there will be added costs that come along with home ownership, such as insurance and other things that you will need money for. You could ask the seller to assist you with your down payment by knocking some money off, but that may not work. Your plan of getting one big loan to buy the house and pay off the student loan probably would not work either, but you could ask your lender if they would consider it.

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