Helping a client take out a hard money loan is not a task most everyday brokers are equipped to handle. The majority of states do not include hard money mortgage information in their broker training courses and these specialized loans require extensive knowledge and relationships with lenders / investors. If you choose a broker that does [...] [...more]
Now that most lenders require a mandatory 20% down payment, potential borrowers are frantically searching for alternatives. Fortunately, one of the best ways to make a small down payment is relatively easy: take out an FHA insured loan. The FHA (Federal Housing Authority) is a government agency designed to help citizens purchase their own homes. While [...] [...more]
New statistics show that sales on existing homes dropped to the lowest point since 12 years ago. As sellers become more desperate to eliminate the burden of an unwanted property, many are offering creative financing strategies. MSNBC reports: “The National Association of Realtors said Wednesday that sales of existing homes fell 5.3 percent to an annual rate [...] [...more]
So, here’s an unusual story. Several years ago a Missouri family purchased a cave using partial seller financing and turned it into their home. Now that the economy has turned everything upside-down, they’re looking to sell. cnet reports: “The cave cost $160,000, of which the Sleepers put down half. The other half they borrowed from the people [...] [...more]
Taking out a mortgage from the bank is becoming more difficult. Instead of waiting out the credit crunch, a growing number of potential homeowners are seeking loans elsewhere: from their family and friends. The Baltimore Sun reports: ” Your loan could prevent a loved one’s foreclosure, bankruptcy or other dire fate. You’d be a hero. Then again, the [...] [...more]
Included in the federal stimulus legislation is a first time homebuyer tax credit. In a nutshell: citizens purchasing a home for the first time can receive a credit of up to 10% (or 8k) of the purchase price when they file their taxes. Market Watch reports: “In the earlier Senate version of the bill, the amount was [...] [...more]
Under the new Homeowner Affordability and Sustainability Plan, a whopping 9 million Americans may be able to refinance with lower rates and incentives for paying on time. Although the complete details won’t be available until the beginning of March, the White House just released their preliminary plans. Basically, there are two groups of people the foreclosure [...] [...more]
CreativeFinancing101.com has just joined Twitter. If you want to join the conversation about creative financing techniques, look us up. Similarly, if you’re a mortgage professional with tips to share, we’d love to hear from you. Here’s our profile: Twitter.com/FinancingIdeas Image Credit: Wordle.net [...more]
“Lease to own” deals often seem like a smart idea to home buyers who can’t qualify for traditional loans. But, be aware that a lot of these offers are designed to rip you off. A few years ago, I spoke with a man who made a living with lease to own properties. Basically, the process went [...] [...more]
If you’re considering taking out a hard money mortgage, the first thing you’re going to need is an experienced broker. Simple real estate transactions can be done by agents found from flipping through the yellow pages. But, won’t want to leave this one to chance. Here’s what can happen if you choose the wrong broker for [...] [...more]
