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

Written by Kevin Onizuk

The purchase of a home is a dream for millions of people. This dream may be a symbol ofrepparttar success they plan to achieve or a symbol ofrepparttar 149640 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 allrepparttar 149641 details specific to your situation and educate you about all of your choices. The purchase programs I will discuss inrepparttar 149642 following paragraphs are excellent examples ofrepparttar 149643 types of opportunities currently available onrepparttar 149644 market. I will show you how your dreams of homeownership can come true.

No Credit Or Down Payment, No Problem!

One ofrepparttar 149645 most popular programs offered at my company, Breakwater Mortgage, is calledrepparttar 149646 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 thanrepparttar 149647 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 allowsrepparttar 149648 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, despiterepparttar 149649 fact you are not paying a down payment, and no reserve savings are necessary. Always investigate to see ifrepparttar 149650 seller can assist with closing costs. Buyers using this program must enroll in a required homebuyers class to be educated aboutrepparttar 149651 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 arerepparttar 149652 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 programsrepparttar 149653 lender actually givesrepparttar 149654 buyer a loan for more than justrepparttar 149655 purchase price ofrepparttar 149656 home. There are higher interest rates involved with these, but you can always refinance inrepparttar 149657 future. The 103% program allowsrepparttar 149658 buyer to includerepparttar 149659 closing costs inrepparttar 149660 actual mortgage so there is little/no out of pocket expense atrepparttar 149661 time of purchase. The 107% program helpsrepparttar 149662 buyer pay closing costs, as well as other monthly debts that need to be consolidated to makerepparttar 149663 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.

Rental Properties - 10 Tips For Better Cash Flow

Written by Steve Gillman

What if you want better cash flow from your rental properties? You can't just raiserepparttar rents arbitrarily. If tenants leave, income goes down, not up. There are other ways, though, includingrepparttar 149519 ones listed below.

1. Install coin-operated washing machines. Even if you don't haverepparttar 149520 money to do this yourself, you can find a company that will do it for you, and sharerepparttar 149521 income with you. 2. Rent extra parking space. When I got tired of a renter's extra car, I just started charging a weekly fee. Then I didn't mind so much.

3. Raiserepparttar 149522 rent. Okay, we did dismiss ARBITRARY rent hikes as a cash-flow solution, but check onrepparttar 149523 rates for similar units. Are you renting at below-market rates?

4. Rent storage sheds. Especially if your apartments are small, your renters may need a place to store their things. Don't let them spend their money elsewhere. Put a few sheds onrepparttar 149524 property.

5. Enforce late fees. It is perfectly fair to have a fee for late payment of rent, and guess what? Those who are chronically late usually don't even mind - they just don't look at these thingsrepparttar 149525 same way as others.

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