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Bad Credit? No FHA Loans for You

Bad Credit? No FHA Loans for You

Mortgage loans from the Federal Housing Administration will be discontinued for clients who have unsettled their credit history starting July 1 of this year. This new regulation from the agency will be a safety measure against people who might be unable to pay their loans due to several debts like from credit cards, health related bills, car loans and other liabilities.

This policy will force clients who have not paid their dues of $1,000 or above to clear out their current liabilities first, which is very crucial. The company was supposed to adopt the policy starting April 1 but the date was moved.

However, clients who have been proven to be victims of identity theft or scams will be exempted from the new rule. Those who suffered financial crisis due to emergencies, accidents, joblessness and divorce may be given a loan provided they issue a waiver to the FHA.

This policy may decrease the number or qualified clients to a loan, however it is an action that the agency must take in order to prevent the further collapse of the housing business.

Though this new regulation will be beneficial for the housing businesses, it will not be so beneficial for about 35% of clients who are suffering from financial crisis. This is based on a 2011 study that reported 1 out of 7 citizens are struggling to pay their bills on time, furthermore about 27% of student aids given by financial intermediaries are not paid past the 30 day dude.

Even if financial and economic crisis hit, you should not be taken aback nor be demoralized. You should not allow debt to further ruin your life, take measures to improve your financial standing.

These are the ways you can do that:

Attend the credit seminars given by the Consumer Credit Counseling Services. This will show that you are making the effort to rehabilitate and alleviate your credit status.

Pay off your current balances and update your records. Paying debts will not be enough. It is important to monitor your credit history, in case errors have been committed.

Keep caution, more and more individuals are taking advantage of people who plan to rehabilitate their credit. There are some agencies or people who offer to fix your credit score for you in exchange of a very high amount of money, but these deals often end up as scams and the credit remains unchanged.

Always remember that there is no shortcut to success. Recovering from bad credit requires hard work and perseverance. Train yourself to be financially wise; learn how to plan and follow that plan in order to succeed.

Habitat for Humanity Provides Home for Families

Habitat for Humanity Provides Home for Families

Standing in front of his newly built home is Jesse Rasimas. He is so thankful for the organization which helped him and his family to acquire a new single-storey house.

Jesse and his wife, Angela, and two children, Kara and Jaiden started moving on Sunday into their new home at 112 Madison St. The home has a total area of 1,100 square feet. It is the 18th home which Wyoming Valley for Humanity constructed. Wyoming Valley for Humanity is a nonprofit organization and it will start to construct its 19th home starting Monday.

Their transfer to the new home kicked off with a cake, a basket full of cleaning supplies and a book for home decorating. Prayer and dedication was done by Rev. Will Haperman. Malcolm Williams, president of the Habitat Board of Directors gave the house key to the Rasimases.

The house has three bedrooms, an off-street parking, living/dining room which is very spacious. Whirpool donated the stove and refrigerator in the new home. Kara’s bedroom is painted in purple and the room next to it is her brother’s bedroom.

Karen Evans Kaufer, the Executive director of Habitat said she was so impressed with the cooperation of the volunteers and the Rasimases.

Jesse shared how he got the home. He said that he saw in a newspaper that Habitat for Humanity is building a home and it is looking for a family fit for it. He applied for it and with the help of Tracey Williams of Habitat he went through the process. The family invested 400 hours in the program in order to build the house. They were at the site every Saturday for several months for the house construction.

Jesse said that the labor for his new home costing $55,000 was through the efforts of volunteers. Materials were purchased at a discount. The term of payment is 20 years with no interest. The monthly payment is only $35 more than his payment when he was renting.

The main purpose of the program of Habitat for Humanity is to help people who could not make a house mortgage because of bad credit.

According to Kaufer, Habitat is preparing to construct another house next to Rasimases and it is looking for a qualified family for the next house. She said that they are building a house one at a time.

How to Get Back Up Even After You’re Cleaned Out

How to Get Back Up Even After You’re Cleaned Out

Getting a loan is not as easy as ABC in today’s world. Lynn Richardson, expert in addressing financial problems, and the writer of the book Yes, You’re Approved: The Real Deal About Getting a Mortgage and Buying a Homeshares some secrets in getting the money you need.

You may think that bad credit, being bankrupt will hinder you from buying properties. You think these circumstances will make it impossible for you to rebuild your life and save enough money to start anew, with a clean slate. Well, according to the GlobalGrind coach, there are plenty of ways to get back on your feet. The thing you need to put in mind is that you need to have the right information. Here are some ways you can get a loan even after you are cleaned out.

Be honest.Write a letter about your situation, clarify every detail and do not lie about your current position. Explain clearly to the company or individual you are trying to borrow from how you got to the point of being bankrupt. If ever you lost your job, or you had an incident in the family, or you became incapable. After you state the reason why you lost your money, the next thing you should do is to relate the lessons you have learned from the experience. Finally, end the letter with what measures you plan to take in the future to make sure that the same thing will not happen again.

Do not procrastinate. Put in mind that you should never let your bills get any higher. Pay your liabilities on time. You should show the company that you will not be a problem, and that you will be a responsible money borrower. The delays will taint your records and this will not be very good for the company. If you receive mailed bills, tend to it immediately, do not wait for the due date to mind it. The earlier you pay it off and get rid of the bill; you are one step closer to your mortgage.

Do not start a credit card collection. One or two is enough. The lesser cards you have, the more you can control and monitor your spending. You should also take track of the due dates of each credit card and pay more than the minimal amount every month if possible. You should always remember to pay before the deadline because once you pay too late, you suffer from interest rates. And not only high interest rates, but your credit score will be affected too.

How to Get an Apartment Despite Bad Credit

How to Get an Apartment Despite Bad Credit

Bad credit is always the problem when you want to purchase automobiles or apply for a college loan. Banks are always specific on credit scores, making it difficult for clients to even get the money to pay for a decent apartment.

But you can always turn this around, even if you have less than the preferred status in your credit that does not mean you can never get a good place. Here are ways you can acquire that:

First, get the information of your credit reports. This will not get you the apartment overnight, but this will certainly allow you to keep the place for a long time. Getting the information about your financial status and problems will allow you to explain your situation to the landowner. Being honest and getting in the good side of the owner may just get you the approval you need.

Furthermore, monitoring and reviewing your bank’s reports will allow you to spot probable errors like a recently paid debt that was not recorded, or typos that could be harmful to your balance. It is also best to look for private apartment owners, not large company-owned ones, so that you can negotiate easily.

Second, you can as someone to cosign a loan with you. This person could be a relative or a trusted friend who has good credit. The person will be answerable too, a good financial backer also gives the landlord an assurance that he will be paid for his lot.

Third way to get you that apartment is to give a large deposit for it. But not every potential landlord may agree to give in. A big deposit is not a guarantee that you will be able to pay off the apartment in the future. Furthermore, some states have laws about maximum deposits that can be given for a property.

Fourth, try to look for a place that makes no credit checks. There are some private managers that do not bother for credit checks, and just look on to a person’s personality. If you can talk out and negotiate the price as well as the terms with the owner (provided he likes you) the place is as good as yours.

Finally, you should have a plan for the future. If you want to be able to stay for a long time you have to think far ahead. You have to repair your bad credit. If currently, all your efforts are in vain, the best thing to do is to get a good credit and lease the apartment in the future.

This will not only give you the opportunity to pick any apartment you want, it will also mean easier access to car loans, financial aids and make other purchases.

Housing Survey: Americans from Various Demographic Groups Dream of Homeownership

According to Fannie Mae, majority of Americans are still hoping that in the near future they can live in their own homes. The National Housing Survey’s latest quarterly report shows that many Americans from different demographic groups still believes that homeownership is better than renting it. They are optimistic that the economic growth will create more jobs, lower interest rates and stabilize house prizes thus enabling them to purchase a house in the future.

The main factors that motivate renters to own a house is the quality and safety of local schools. For most African-Americans and Hispanics homeownership symbolizes success. But they have observed that what makes it difficult to obtain a mortgage are poor credit, complicated process involved, and economic crisis. Another observation that they have is that African-Americans and Hispanics could not get mortgage easily regardless of their income level.

Other factors that play important role in getting a house mortgage are educational level, income stability and credit history. Groups with higher educational levels are more likely to obtain a mortgage compared to those who completed lower levels.

Many Americans are saying that due to lack of home loan information, they lose confidence in owning a home in the future. Because of this negative behavior, the homeownership rate has decreased over the last several years. In addition, the belief that safety is the primary reason why many are longing to have their own homes has dropped to 63% in the last three months of 2011. On the contrary, those with educational attainment and more than sufficient income believe that buying a house is a good and safe investment.

The National Housing Survey, in the last quarter of 2011, conducted interviews among 3,000 Americans. The interview was focused on the Americans attitudes between owning and renting a home, belief on owning a home as a safe investment, financial capacity to purchase a home, assessment on the U.S. support on housing programs and on the overall outlook on the economy. The survey was done by Penn Schoen Berland and Fannie Mae’s combined effort.

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