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Some Mortgage Loans are Available with Absolutely no Money
Needed From You
Today, FHA will loan up to 97 percent of the purchase price of
a home, meaning a borrower only needs 3 percent. The three
percent down payment can come in the form of a gift, and closing
costs can be financed into the loan, making this a true no money
out of pocket purchase transaction.
Now, you may be thinking, I don't have anyone to gift me the
money for a down payment, so what good does this do me?
Not to worry.
There are organizations that specialize in this kind of
mortgage transaction. If you have a good mortgage professional,
ask him or her about AmeriDream Inc. or the Nehemiah Corporation.
Both of these companies offer gift down payments.
Don't worry about qualifying, if your credit isn't perfect.
Unlike conforming lenders, who want good credit and other things
that make qualifying for a mortgage difficult, FHA is not a
credit score driven program. In fact, you can even have a
bankruptcy on your credit and still get an FHA loan, along with a
very good interest rate. (Your bankruptcy must be discharged for
two years.)
Even if you have a very low credit score and other problems,
like collections, you can still get the loan.
Just check with your mortgage professional, and a true no
money down loan can be yours.
Mark Barnes is the author of the new novel, The League, the
first work of fiction, based on fantasy football. He is also an
investment real estate and home loan finance expert. Learn more
about his suspense thriller at http://www.sportsnovels.com Get
his free mortgage finance course at http://www.winningthemortgagegame.com
 MORE RESOURCES updated Tue. February / 07 / 2012
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Obama Unveils Mortgage Refinance EndeavorsMortgageorbby MortgageOrb.com on Wednesday 01 February 2012 The Obama administration has presented the mortgage refinancing plan that was first announced during the president's State of the Union speech on Jan. 24. According to a statement released by the White ...and more » |
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AgedLeadStore.com to Add 1100000 Aged Mortgage Refinance LeadsMiddle East North Africa Financial NetworkCOM, January 26, 2012 ) Baltimore, MD AgedLeadStore.com is increasing its value for its customers by adding 1.1 million aged Mortgage Refinance Leads in February. This is important as many people depend upon their ability to refinance to make progress ... |
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$11.94M Refinance for Northeast RBS Citizens Bank PortfolioCitybizlist Real EstateGreg Nalbandian, Senior Vice President and Managing Director of NorthMarq Capital's New Jersey Regional office, has arranged a first mortgage refinance totaling $11.94 million for a RBS Citizens Bank Portfolio of 16 RBS Citizens Bank branches in New ... |
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Boehner On Refi Plan: Bad Idea, Obama!Mortgageorbby MortgageOrb.com on Thursday 02 February 2012 Any hope for bipartisan support of President Obama's mortgage refinance proposal was squashed by House Speaker John Boehner, who dismissed the new initiative as a continuation of failed policies.and more » |
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Peek Inside: Sound Credit Union's Marketing DepartmentThe Financial BrandFirst, from a sheer results standpoint, we recently introduced a re-purposed home equity product as a no-fee, mortgage refinance option. The target audience was people who had about 15 years or less left on their mortgage, who wanted to take advantage ... |
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RELATED MORTGAGE AND REFINANCING ARTICLES:
Bad Credit Remortgage
Loan: When Bad Credit Plays Mischief With Your
Mortgage
Financial difficulties are married to bad credit. It is a
tough marriage but can be peaceful with a little bit of
counseling.
Alternative Options For
Rising Interest Rates
As interest rates have risen in the last six weeks from
record lows, homeowners are once again face with finding
viable options to reduce the amount of interest paid on
their home loans. The rush to refinance provided borrowers
with good to excellent credit the opportunity to take
advantage of low interest rates, that helped to reduce
their monthly mortgage payments, which was the only benefit
provided by the lowered rates.
Home Loans and Mortgages
- The Myth of Tax Deductible Interest
Home ownership has risen sharply in recent years, and the
percentage of Americans who own their own homes is
approaching a record seventy percent. That's a good thing;
we'd all rather live in our own home than consider the
alternatives.
Home Loans and Mortgages
- Beware of Deed Theft Scam
The average home in the United States has a value of
$206,000, a record amount. Real estate prices have been
rising throughout the country during the last five years,
and homeowners have seen the value of their property
skyrocket.
Home Equity
Loans
A home equity loan allows you to cash-in on the equity you
have built-up in your home. The funds you receive can be
used for debt consolidation, home improvement, college
education, investments or any purpose.
Escrow Accounts, Do You
Absolutely Need One?
With escrow accounts the money for your home insurance and
property tax is added to your monthly mortgage payment and
is paid out each year. With that said, you may think that
having an escrow account takes the responsibility off your
shoulders because the bank will make the payment for you
each year from your escrow savings account.
Non-conforming Home
Loans vs. Conforming Loans
The simple definition of a "non-conforming home loan" is:
You have a job and can make the payments. Your credit is
used only to determine your interest rate and the loan
amount to value of the home ratio.
Refinance Your Second
Mortgage
A 2nd mortgage is a secured loan on your property, with
your home serving as collateral. Depending on the
particular terms of your second mortgage, you could be able
to refinance if you wish to reduce your monthly payments or
are in need of extra cash.
Refinance Your Home
Equity Loan
Refinancing your home equity loan is an excellent way to
save money. By refinancing your home equity loan you can
lower your interest rate and finance for a longer or
shorter term.
How to Shop Around for
the Cheapest Mortgage Deal Online
Before you start shopping around for a mortgage, you need
to establish exactly what you want so that you do not waste
your time looking at deals that will not save you money.
You should also learn how to compare mortgages or choose
what features of the finance package are important to you.
Kings Bay Saint Marys
& Kingsland Georgia - Affordable Home
Mortgages
Buying a home is usually the largest purchase any of us
will make in a life time. When choosing a home, you want to
find one that suits your families needs best.
Think You Cant Get a
Mortgage?
You've finally found that dream home that you have always
been searching for, but you are afraid to apply for a
mortgage because you have bad credit or less than perfect
credit. Before you give up entirely, there are many mortgage
programs that are geared towards people just like you.
Stock Market, Bonds,
Deposit Account, Cash, Equities, Unit Trusts - Few, Just
Few of the Ways of Sav
Man has been known for continually simplifying things in
his own interest. First he devised mortgages then several
sub categories under it like buy to let mortgage, council
right to buy, reverse mortgage.
Buying a House? How Much
Home Can You Afford?
Maybe you've heard the expert advice that your debt to
income ratio shouldn't be more than 36 percent of your
total income. But do you truly know what that means, and
how lenders will look at your financial history in order to
decide whether or not to extend you a mortgage? If you need
help figuring out your debt to income ratio, simply follow
the guidelines below and soon you'll know whether or not
you're in a position to apply for a mortgage loan.
Be Prepared when Seeking
a Mortgage
When you're looking for a mortgage, whether it's a first
time loan or you're taking advantage of an opportunity to
refinance an existing mortgage, it may seem that you're
wading through a quagmire of uncharted territory. If you're
prepared ahead of time, you'll avoid some of the common
pitfalls and know how to find the best deal for your
situation.
First Time Buyers Fail
To Shop Around
Almost two thirds of first time buyers accept the first
mortgage they are offered and fail to shop around, often
missing out on better deals. Many first time buyers feel
pressurized by their estate agents into quickly organizing
a mortgage for fear of losing out on a property or are
attracted to a low interest rate without looking at the
mortgage deal as a whole.
Reverse Mortgage
Providing Peace of Mind Without Sacrificing Safety or
Security
For many seniors one of their greatest sources of security
is their home. It not only provides a comfortable and
familiar environment, but it provides a sense of
independence and a source of many fond memories.
Refinance Mortgage Loan
- Tips on Refinancing Your Home Mortgage
Refinancing your home mortgage can come with some great
perks. If you do it with no money out of pocket, you can
skip one to three mortgage payments.
Do You REALLY Need a
Home Equity Loan?
Your equity is the amount your home is worth, on the
market, minus the amount you owe to your mortgage broker.
For example, if your property is worth $200,000 and the
balance you owe your mortgage broker is $100,000, then your
home equity - the part of your property that you own free
and clear - is $100,000.
How to Avoid Paying
Mortgage Insurance
In today's world, a borrower should not be paying mortgage
insurance (PMI) on their home mortgage with a few
exceptions such as an FHA loan. Mortgage Insurance is a
thing of the past.
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