| |
| |
|
Nationalrealtyresource.com
|
| Home | Find a topic | Links | Guest Book |
| Welcome |
|
|
|
Real Estate Financing - Ten Ways
Do you remember when real estate financing meant you saved up enough to put 20% down on a house, and then you got a mortgage loan for the other 80%? Well, you can still do that, but there are many more options now. Here are ten of them. 1. Gifting programs. In some parts of the country, builders fund foundations that give you a portion of the downpayment, so you can get into a home with as little as 3% downpayment from your own pocket. FHA and other lenders have so far approved of or allowed this. 2. No-doc loans. These and "low-doc" loans, meaning no or low documentation requirements, are back, and you can find them through online banks. These are for those of you with bad credit but 20% to 30% to put down on a home. You don't even have to have a job. 3. FHA loans. The Farm Home Administration doesn't actually loan the money, but guarantees your loan for the bank, so they can loan up to 97% of the purchase price, depending on the particular FHA program. 4. VA loans. If you have been in the armed services, have a decent job, and can save two or three paychecks, you can probably get a home with a VA loan. 5. Land contract. Also called "contract for sale" and other names depending on the part of the country you are in, this just means that you make payments to the seller instead of a bank. It's up to you and them to negotiate downpayment amount, interest rate, and the term of the loan. 6. Seller-carried second mortgages. Some banks will allow you to have as little as 5% into a home purchase, but will then only loan you 80%. The seller can take payments on a second mortgage from you for the other 15%. 7. State housing programs. Almost all states have some sort of financing help in the form of a loan-guarantee program or outright loans for low-income buyers. 8. Family loans. It may not be out of charity that a brother or a friend lends you the money to buy a home. A 7% return might look awfully good if their money is sitting in the bank at 2%. 9. Manufacturer loans. Some manufactured-home companies are arranging financing with 5% or less down for their buyers. They must feel their money is secure, since a good modular on a piece of property is nothing like a mobile home on a rental lot. 10. Credit cards. This is a risky one, but if you have a low-interest credit card, you can use it to come up with the downpayment, especially if you can pay it off soon with a coming tax refund, for example. Banks generally won't allow this, but you can combine this with seller financing. Are there more ways to approach real estate financing? You bet. This was just to get you thinking. 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 http://www.HousesUnderFiftyThousand.com
MORE RESOURCES:
Real-Estate - Google News |
|
|
|
RELATED ARTICLES
Is An Old Home for You? - The Cons So you think you might like to buy an old home? Perhaps even something old enough to be historic? It's a good idea to carefully evaluate the pros and cons before you decide. There are plenty of both. Subdividing - But NOT Land! Many people are familiar with the concept of sub-dividing a large piece of property into smaller lots. The same concept can be very profitable in other areas. Real Estate Investing - Maximum Leveraging of Your Money At this moment, you have access to some amount of money, from the extremes of only pocket change to the reserves of Bill Gates or Warren Buffet.Suppose you want to invest your funds into some vehicle that will multiply the return. Just Give Me Eleven Reasons to Buy in Dubai Buying overseas property is not always for the fainthearted but we think Dubai is an exception to this. Here are eleven reasons to buy in Dubai:1. How To Best Negotiate A House Deal Whether it's selling your home or buying a home, more often than not you'll come across a stage where you'd have to negotiate. Negotiation is the art of getting what you want at your terms and conditions. FSBO - Selling Your Home FSBO (for sale by owner) - Is It Worth It? FSBO, what is it? FSBO means For Sale by Owner, and it's a term that's generally referred to when you're selling your home without soliciting help from a Realtor.FSBO, what's the benefit to you? You'll save thousands of dollars in commissions if you sell your home this way. Property Investors, Scrub Your Thoughts and Start Again - Brazil, Brazil, Brazil! Brazil Property - FortalezaThe PlaceWhat to do in a place like this - You can swim, surf, dive, sail, golf, play ball, ride, explore, bargain hunt, sight see, explore, drive a dune buggy for 100 miles in any direction, or take a jeep up a steep mountain trail. You can explore environmental preserves, or just swing in a hammock and do nothing at all. Eleven Questions to Ask in an Agent Interview Questions Sellers Should Ask in Agent Interviews:1. Is your license in good standing?You can check an agent's certification yourself with your state's department of real estate. Fraud in Real Estate, Are You Being Victimized? - Part II The phone range and Peter was on the other end of the line. "Willard, I have a friend of mine that has a real estate problem. Searching for CLUEs: What Homebuyers & Sellers Need to Know About Homeowners Insurance Homebuyers and sellers should be aware about issues involving homeowners insurance and the C.L. Real Estate: Financial Considerations $$$ Raw land as opposed to improved property is much more difficult to finance through traditional lenders. The main reasons are that it generates very little income, development costs can be expensive, there are no buildings or improvements that can be used as collateral, and it is often considered speculative. How To Build A Million Pound Property Portfolio Looking to quickly build a million pound property portfolio? You could try a high risk and speculative technique that has been used over recent years by investors hoping to make big profits from property.The technique relies on re-mortgaging and negotiating good discounts on off-plan property to take a £50,000 deposit and turn it into a million pound property portfolio within a couple of years or less. Dealing With Difficult Tenants When managing residential properties one bad tenant can often undo the good work that one hundred excellent ones may have achieved. A bad tenant is a bad tenant regardless of whether they are in the West Riding, Western Australia, Westchester, Wanganui or the Western Isles. How To Create A House Buying Wish List For Your Dream Home Buying a house is one of the most exciting things you will ever do. But there are LOTS of little details involved - details which can be very costly if they are overlooked. Realtors: Forget Your Address? It's a large real estate agency, and the company depends on a steady stream of leads. The website is classy, with delightful graphic elements and layout. Home Owner Association Restrictions - Read Before Buying Many communities have associations for homeowners, property owners, condo owners, or similar associations. The presence of a homeowners association, also known as "HOA", introduces another layer of rules and regulations to consider when buying a home. How to Buy a Property in Bulgaria The CostAlthough the property prices in Bulgaria are quite low compared to the other European countries, there is still a wide variety of prices depending on the property type and location (as a rule the properties in Sofia and at the Black Sea are more expensive). The first thing you will need to figure out is how much you can afford to spend and thereafter to determine the price range for your purchase. Negotiating the Real Estate Contract Negotiation is the process of communication back and forth in order to reach a joint agreement. There is no "one size fits all" strategy of negotiating a real estate contract. At Home In Your Overseas Home Homeownership, in any form, is a big step for most people. In fact, it's often one of the biggest financial decisions of our lives. Evil Gains Entry When we open our doors to strangers, we can never be certain what malice an outsider might bring in. Police officers tell us to keep our doors locked with good reason.
|
| |
| |
|
Home | Guest Book |Site Map | Recommended Resources | Search Powered By: TJTMEDIA |
| © 2006 |
