Home Loan | Mortgage | Refinance

Archive for June, 2010

Applications for mortgages rose last week as consumers refinanced their loans at the lowest rates in more than 40 years. Overall applications increased nearly 9 percent from a week earlier, the Mortgage Bankers …
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Applications to refinance mortgages jumped 12.6% last week, the Mortgage Bankers Association reported this morning, to their highest level since May 2009, thanks in part to a low 30-year mortgage rate. The average 30-year mortgage rate slipped 0.08 percentage point to 4.67% last week, the MBA …
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Dave talks to viewers who have followed his plan and are now Debt Free including a couple who paid off $60K in 18 months, paid off student loans, credit cards, 2 cars, & 2nd mortgage, and a man who paid off $96K in 18 months
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Tropical Storm Heading for Gulf Oil Spill, Mortgage Rates Fall to Low, Tapes Roll as Rod Blagojevich Trial Begins
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So you’ve taken a good, hard look at your financial situation, and you’ve determined that bankruptcy is the only viable way out. You’re probably wondering, though, if you’ll ever be able to establish credit again. This is one of the things that keeps many people from filing bankruptcy, even when they know there’s no other good option.

The good news is, you can reestablish credit after bankruptcy… and faster than you might think. It’s often easier to rebuild credit after bankruptcy than it is by continuing to struggle to pay your debts. There are two reasons for this: First, you’ve got a clean slate to work with – you won’t be trying to divide your income among all the creditors who are hounding you every day; second, if your credit is already in the trash, bankruptcy will actually improve your credit score as soon as your debts are discharged.

The first thing you should do after a bankruptcy discharge is obtain a credit card. If you’re lucky, you might find a company willing to give you a low limit unsecured card… but if you can’t do that, at least get a secured card. Having a credit card in your name and making your payments on time will do wonders for your credit score.

After you’ve obtained a credit card, try looking for a secured line of credit. Some stores will offer lines of credit for home goods, electronics, and other items. Again, you want to make sure you make your payments on time, so the account will be reported to the credit bureaus as current.

In about a year, you will have rebuilt sufficient credit to be considered for a car loan. The interest rate might shock you, but a car loan will help your credit score considerably.

In two years, you will be eligible for an FHA home loan. If you’re thinking about buying a house, this is the time to do it. Your interest rate will be one or two percent higher than standard loan interest rates, but by keeping your mortgage payments current, you should qualify to refinance the loan after about two years.

You don’t have to wait for years after bankruptcy to begin building your credit. In fact, waiting to reestablish credit will only hurt you in the long run. Using a methodical strategy immediately after discharge will help you put the pieces back together within just a couple of years.

And by now I bet you are ready to learn more about whether bankruptcy is right for you, right? So then now I would like to invite you to claim your FREE information when you visit http://www.NewYorkBankruptcyHelp.com

You’ll get tons of free information about filing for bankruptcy, dealing with harassing bill collectors, and hitting the reset button on your financial life. You’ll also get my free book about how to fight back against abusive bill collectors.

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Are you worn out by trying to raise money for a good cause with bake sales, car washes and raffles? You know, there is another way to go about raising money. Ever heard of free grant money? That’s where you’re going to get yours.

But first, what is free grant money?

Free grant money is funding provided by a federal, state, local group or funding provided by a private, charitable or civic organization. Often, the people who receive free grant money are non-profit groups, such as health care organizations, schools, arts programs, and service agencies.

There are also instances where free grant money is provided to help assist in or underwrite the costs of various projects, ranging from providing food and shelter to the homeless to funding art programs to disabled adults. Free grant money may also be used to underwrite the cost of computers for a classroom or certain extra costs in public libraries.

The Federal Government of the United States gives away free grant money every year to various individual groups with community-based projects. Congress allocates money every budget year just for these government grants. In addition to federal free grant money, state grants are also available.

But while there are government funds available, competitions during the application process may be tougher with various organizations countrywide competing for a grant. For this reason, it often helps if you look closer to home for a source of free grant money. Besides which, local funding is less likely to have administrative and regulatory mandates and is most often the easiest type of grant funding to secure.

Aside from the government, there are several other groups that offer free grant money. Think about organizations in your community that raise funds for good causes. The Elks Club, Women’s Club, Rotary, Kiwanis, and other civic or fraternal clubs. They don’t have to be grand corporate groups or philanthropic celebrities. Any group whose agenda include doing some good to the community may consider giving you free grant money if your project idea deserves funding.

Sometimes even, grant funding is available from local businesses especially the local division ofa national firm such as Wal-mart or Blue Cross Blue Shield.

To find out who in your community are offering free grant money, it’s helpful to start by talking with people who are in a position to know. These people are the kind who does fundraising professionally. Because of their background in fundraising, they can be great resources in helping you locate sources for your free grant money.

Many communities these days have their own professional network of fundraising professionals. Check to see if your own community has one of these. Contacting a network may be the easiest way for you to go about seeking funds for your cause. Not only will they help you locate resources for free grant money, but they will also help you with the application process by providing you with detailed reference material giving information about funding availability, grant writing, how to apply and levels of funding that may be available.

We all have heard about the negative news lately about the real estate market and the glut of home foreclosures on the market. You may be thinking now is the time to take advantage of the low interest rates and purchase a foreclosed home. But the problem may be some of the foreclosed homes you have seen need a lot of repairs and improvements. You don’t have the cash to make these repairs. Well, there is good news and it comes in the form of the FHA 203K Rehab Loan.

When I refer to the FHA 203K Rehab Loan I am referring to the FHA Streamlined 203(k) Limited Repair Program. It is for improvements and repairs that don’t require structural improvements. It is not for total renovation of a property but for repairs not totaling more than $35,000. The FHA 203K Rehab Loan did have a minimun of $5,000 costs of repairs, but that has been eliminated.

There are many benefits for using a FHA 203K Rehab Loan for improvements to a house you are planning on buying. Also, you can use this FHA Loan Program to refinance your existing mortgage and do repairs and improvement to your existing home.

Some of the benefits of a FHA 203K Streamlined FHA Rehab Loan Are:

1. The borrower can take out just one mortgage to cover both the purchase of the property and the cost of upgrades. This loan can be amortized over 30 years, unlike a conventional rehab loan that has a shorter amortization period and higher interest rates.

2. Like I said before that there is no minimum cost for repairs. You could use it only to put in an energy-efficient furnace.

3. There are many different repairs and improvements you can use the loan for. You can read an article on the list of improvements by clicking on the links at the bottom of this article.

4. This is not a government loan, it is a FHA insured loan. There are a lot of FHA Approved Lenders across the country. Because it is insured by FHA, the FHA Approved Lenders are more willing the make the FHA 203K Rehab Loan.

5. On of the biggest benefit is the low down payment of 3.5%. Most conventional rehab loans require a 20% down payment.

6. Lower interest rate. Because FHA insures the loan, FHA Approved Lenders can make loans to people that don’t have perfect credit. That doesn’t mean any one can get a loan, you still have to prove you can pay the loan back.

7. The FHA 203K Streamline Loan eliminates the need for a consultant, engineers, plans, and consultant’s fees. This speeds the process up and lowers the costs of the improvements.

As you can see if you are considering buying a home that need repairs or want to make improvements to your own home, the FHA 203K Rehab Loan could be just what you are looking for.

P.S. Want More Information On FHA 203K Rehab Loans Or FHA Loans? You can find more articles on what improvements or repairs are eligible for the Streamlined 203K Loans by clicking on the links below.

If you are considering a FHA 203K Rehab Loan or any other FHA Loans you can get more articles by clicking here FHA Loans Information.

You can information on FHA home foreclosures for sale by clicking on How to Buy HUD-FHA Homes for Sale.

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