Show Me the Money: Mortgage Programs for Financially Challenged Home Buyers

Written by Kevin Onizuk

Continued from page 1

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 andrepparttar 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% ofrepparttar 149640 purchase price and a second loan for 20% ofrepparttar 149641 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 aboutrepparttar 149642 credit score, savings reserves needed, andrepparttar 149643 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 ofrepparttar 149644 mortgage possibilities available you can makerepparttar 149645 decisions necessary to make your dreams come true.

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.

Rental Properties - 10 Tips For Better Cash Flow

Written by Steve Gillman

Continued from page 1

6. Offer improvements for rent increases. If it's worth $25 more monthly rent to a tenant, install that dishwasher. Even on a credit card you'll pay less than that per month for it.

7. Install vending machines. If your rental properties are large enough, others will do this for you for free, and give you a share ofrepparttar income. 8. Rent byrepparttar 149519 room. A four-bedroom house might make more money if you include allrepparttar 149520 utilities and rent byrepparttar 149521 bedroom. This has made a lot of fortunes for investors in college towns. It does mean a lot of management, however.

9. Rent-to-own sale. Usually there's a non-refundable deposit, and higher than market rents in these deals. When renters change their minds, as they often do, you gotrepparttar 149522 deposit and better cash flow. This is great when poor cash flow makes you want to sell. You either sell or getrepparttar 149523 better cash flow as you repeatrepparttar 149524 process. 10. Reduce expenses. Every dollar of expense you cut goes straight torepparttar 149525 bottom line. List every expense of your rental properties, and look at them one at a time. How can you reduce them?

Steve Gillman has invested real estate for years. To learn more, and to see a photo of a beautiful house he and his wife bought for $17,500, visit

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