California Bad Credit MortgageWritten by Carrie Reeder
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2. Find a seller who is motivated to pay closing costs or carryback a percentage of loan - If you find a seller who is really motivated to work with you, that may help you get approved with a lender. If seller can pay your closing costs, this can free up that money so that you may have a small down payment. If seller is willing to carryback a percentage of loan then loan-to-value may be low enough that lender may consider that as good as a down payment. If seller is motivated to work with you, they may be willing to work through a down payment assistance program to help you make a down payment. It is illegal for a seller to give you down payment for their house, but through down payment assistance programs like Neighborhood Gold and Nehemiah program, it is totally legal. 3. Borrow or ask for a gift from relatives toward a down payment - After you have financed house, you can usually take out a 2nd or 3rd mortgage up to full value of your house, and then you would be able to repay relatives. Keep in mind that if you intend money to be as a loan only from relatives, you would need to disclose that to lender before you close. Lenders usually have regulations about where down payment is coming from and if you are not honest, it could be considered defrauding a lender. To view our list of recommended bad credit mortgage lenders who can service California, click on this link: California Bad Credit Mortgage Lenders.
Carrie Reeder is the owner of ABC Loan Guide. ABC Loan Guide is an informational site with articles and lists of recommended lenders for bad credit mortgage loans.
| | Frog In The PotWritten by Al Thomas
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results. Any plan to jump out is better than no plan at all. Whether you own stocks, mutual funds or ETFs (Exchange Traded Funds) you can set a limit as to how much you are willing to lose from this point (that’s now, today). Any fool (frog) can buy, but it is wise man (frog) who knows how to sell (escape pot). If you want to have money for retirement you must protect your capital from loss with a risk management strategy. First protect your principle and then protect profits you have made on recent stock market advance. It is not difficult to do. With stocks and ETFs you can place an Open Stop Loss Order with your broker or financial planner. He won’t like this, but it is your money not his. Don’t let him talk you out of it. For regular mutual funds you must have a mental stop and when that price is hit you call your broker (he won’t call you) or fund directly to tell them to transfer your funds to a Money Market account. Cash is a position. If you are not familiar with stop loss orders you can find books in your library and there are hundreds of articles on Internet. See some of my previous articles on my web site. The water is heating up. Don’t fall asleep and become a poor frog.
Al Thomas' best selling book, "If It Doesn't Go Up, Don't Buy It!" has helped thousands of people make money and keep their profits. Read the first chapter at www.mutualfundmagic.com and discover why he's the man that Wall Street does not want you to know. Copyright 2005
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