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Building a Home Internet Business - It's Easier Than You Think
Building a home Internet business does not take an enormous chunk of money or computer expertise to get started. With a business based on the Internet, you will be surprised at how easy and cheaply you can have your own business that makes money for...
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When some folks begin to think about a business of their own, they know in that very moment what kind they are going to start. Then, there are the rest of us...
Knowing that we want to have a business of our own is not enough. Many of us...
MLM’s and Home Businesses Get Free Advertising in Las Vegas!
Copyright 08-01-2004 by Gina Novelle at www.thirdpocket.com I’ve been self employed for 18 years, so marketing is not a new issue. My technology expertise has always been extremely easy to market. Last year, I decided to open an MLM business...
Returning home : Scottish Golf Breaks
July 2005 sees the return of the world’s greatest golf tournament to its spiritual home on the Scottish East Coast. With the 27th staging of the British Open taking place on the Old Course in 2005, St Andrews has held the event more often than...
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Show Me the Money: Mortgage Programs for Financially Challenged Home Buyers
The purchase of a home is a dream for millions of people. This dream may be a symbol of the success they plan to achieve or a symbol of the security they hope to provide for their family. Unfortunately, issues of bad credit, no credit, no savings or inadequate savings can leave people feeling hopeless about their chances of finding a mortgage. There is hope, however, as more lenders create purchase programs for potential homebuyers with a variety of financial issues. The key to uncovering all of your options is to work with a knowledgeable, attentive and trustworthy mortgage broker. A great mortgage broker will listen carefully to all the details specific to your situation and educate you about all of your choices. The purchase programs I will discuss in the following paragraphs are excellent examples of the types of opportunities currently available on the market. I will show you how your dreams of homeownership can come true.
No Credit Or Down Payment, No Problem!
One of the most popular programs offered at my company, Breakwater Mortgage, is called the Dreamaker. This program has been created specifically for potential homebuyers with no savings and little to no credit history. In order to qualify your household income must be no more than the HUD median income for your particular area. This program allows you to purchase with no money down, even if you have limited credit. Issues of no credit can be addressed through an enhanced credit evaluation, which allows the lender to consider your rent or lease payments, your utility payments and any other payments you have made each month for at least one year. You are eligible for a regular market interest rate, despite the fact you are not paying a down payment, and no reserve savings are necessary. Always investigate to see if the seller can assist with closing costs. Buyers using this program must enroll in a required homebuyers class to be educated about the responsibility of being a homeowner and this program is only available to purchasers buying a primary residence.
Mortgages That Go The Extra Mile!
Another opportunity for homebuyers with high debt and no down payment are the 103% and 107% Purchase Programs, these are mortgages that finance your closing costs, and can be combined with debt
consolidation loans. In both of these programs the lender actually gives the buyer a loan for more than just the purchase price of the home. There are higher interest rates involved with these, but you can always refinance in the future. The 103% program allows the buyer to include the closing costs in the actual mortgage so there is little/no out of pocket expense at the time of purchase. The 107% program helps the buyer pay closing costs, as well as other monthly debts that need to be consolidated to make the overall monthly payments more affordable. The extra 4% is cash you can use to eliminate numerous monthly payments and create one mortgage payment. This makes recovering from debt simpler and easier. The 103% and 107% programs are available to buyers purchasing their first home or a secondary home. No mortgage insurance is required.
Two in One
Many potential homebuyers have decent credit and savings to cover closing costs, but they do not have money to make a down payment. The idea of emptying a savings account to cover closing costs and the down payment may not be appealing. Buyers like this should consider an 80/20 Combination Mortgage. The 80/20 combo is actually two loans instead of one. The buyer receives one loan for 80% of the purchase price and a second loan for 20% of the purchase price. Although these types of loans may have a little higher interest, buyers do not have to purchase mortgage insurance. When inquiring about an 80/20 combo ask about the credit score, savings reserves needed, and the mortgage/rental history requirements necessary to qualify.
In order to achieve your goal to become a homeowner you must investigate your choices, educate yourself and receive advice from high-quality, trustworthy professionals. Once you understand all of the mortgage possibilities available you can make the decisions necessary to make your dreams come true.
About the Author
Kevin Onizuk has been in the mortgage business since 1994 and co-founded Breakwater Mortgage in 2003. His background covers many aspects of lending. Breakwater Mortgage has one office in Virginia Beach and two offices in Williamsburg, Virginia. Kevin Onizuk and the Breakwater Mortgage team are dedicated to providing the highest level of service available in the mortgage industry.
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