Due to the housing crisis, a lot of creative financing options have become unavailable. Right now, it’s pretty much impossible to take out a zero-down traditional loan or NINA (no-income-no-asset) mortgage. However, some homeowners who don’t have the documented income to qualify for a 30-year loan have found a solution: the 4o-year mortgage. By adding [...] [...more]
Taking out a hard money mortgage can be a useful short-term solution to some struggling buyers. However, if you’re ever on the other side of the equation (i.e. asked to be the lender instead of the borrower), use caution. Although there are many legitimate opportunities to invest, there are also a number of ways to [...] [...more]
The declining real estate market has prompted a huge number of desperate sellers to offer creative financing possibilities to potential buyers. Seller financing ads, in particular, seem to be increasing. San Francisco Gate’s On the Block blog explains: “The appeal of seller financing is understandable — the buyer doesn’t have to jump through hoops to [...] [...more]
FHA loans have become extremely popular in recent months because they are now the only traditional lending product that allows borrowers to make a low down payment (as low as 3.5% instead of the 20% most lenders require these days). In fact, a third of all mortgages created are now FHA insured. The growth of [...] [...more]
The emergence of desperate sellers means two things to buyers looking for seller financing: First, you’re going to find many more properties offering creative financing. Two, many sellers won’t be honest in their dealings. When done correctly, seller financing can benefit both parties. However, buyers should reconsider deals with sellers that are already facing foreclosure [...] [...more]
In order to qualify for the federal Making Home Affordable refinancing program, you must have a Fannie Mae or Freddie Mac mortgage. But, how can you tell if you meet this requirement? The easiest way to find out is to pick up a phone and call your lender. They should be able to look up [...] [...more]
If you want to purchase a home but don’t qualify with traditional lenders, you may still be able to get a loan via creative financing techniques. Whether you have bad credit, a low down payment, self-employment issues, or other problems, there are dozens of realistic and financial sound solutions available. The trick is figuring out [...] [...more]
The federal government recently released more details on how to qualify for the new refinancing program. In a nutshell, if you want a federally-insured refi at a a lower rate, you must meet the following requirements: 1. you must live in the property as a primary residence 2. your mortgage must be insured by Fannie [...] [...more]
A lot of people can’t qualify for a traditional home loan in the current market, but that’s not stopping them from seeking creative financing strategies. The $8,000 first-time home buyer incentive and declining home values are making some people consider purchasing property while others are struggling to get out of upside-down loans. Credit.com points out [...] [...more]
Recently, the Department of Housing and Urban Development released the new limits on FHA-insured mortgages. Previously, potential homeowners in some areas complained that they could not take out an FHA loan because properties in their county exceeded the loan limits. The increased limits are a result of legislation included in the new stimulus bill and [...] [...more]
