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Real Estate - Tips To Buying A Home With Zero Cash and Bad Credit

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Real Estate - Tips To Buying A Home With Zero Cash and Bad Credit Powered By Docstoc
					                                                   Presented by Daniel Toriola


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                           Buying a Home with Zero Cash and Bad Credit: Fact or Fiction?
                                                                  By Rob K. Blake



   I know it sounds too good to be true, but you really can buy a home with no money and bad credit.
With the relaxed lender cash and credit requirements, it’s still possible. But don’t wait. They won’t be
this forgiving for much longer.

So, it’s a fact…but for how much longer?

You may have owned a home before and are presently renting, or are a first time homebuyer and need
a way to break into the housing market but held back because you thought you required a substantial
down payment. Or you may be in the position where you do not want to liquidate your financial assets
to use as a down payment on a home. Regardless of your present situation, you want a way to get into
or to reenter the housing market without having to invest any cash. The Zero Cash Program may be
just the answer you need.

Many uninformed consumers, real estate agents and even mortgage professionals all knee-jerk to
thinking FHA an VA home loans as the only options for No Down Payments loans...boy is that old
news! There are other restrictions in FHA and VA loans when compared against the new programs
lead me not to recommend them for our purposes here.

Conventional loans typically viewed as "A" credit loans have undergone a major overhaul with the new
automated approval systems (named Desktop Originator for Fannie Mae and Loan Prospector for
Freddie Mac) that allow for Zero Down loan programs combined with credit issues. Fannie Mae has
even recently added a new program to their system, the My Community Home loan which has even
more advantages than their original Zero Down program call the 100% Fannie Mae Flex loan.

Fannie Mae’s programs also provide for bad credit. Most folks don’t know this. The computer system
approves loans with credit issues and ranks them as Level 1, 2, and 3. Each level represents an
increase in risk and therefore warrants an increased interest rate. But to offset this increased rate, the
programs offer what they call a Timely Payment Reward at Level 2 and 3. This “reward” is a half
percent and a whole percent rate decrease once you’ve had 24 month without a 30 day late on you
record. That’s automatic reduction of rate and payment as soon as you string 24 months consecutively
without a late payment…not a bad deal. The only drawback for Fannie Mae’s programs is they
required a minimum buyer investment of $500. So, it’s not a true “Zero Cash, but for most it’s close

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                                                Presented by Daniel Toriola


enough.

Now let’s discuss the fastest growing sector of the mortgage industry: sub prime lending. By definition,
these lenders and their loan programs are designed to give those with credit issues an opportunity to
become home owners. These lenders and loan programs number in the thousands…too numerous to
discuss each here. Suffice it to say, if you can prove your income- pay stubs, bank statements, etc –
there is a 100% loan even down to a 500 credit score. In case you don’t know, that’s really low credit
score! These lenders disregard collection accounts but require that judgments get paid off. Some
lenders require you have at least 3 open credit accounts and offer low rates; others don’t and have
higher rates. Some lenders even allow two related and living together borrowers to average their
scores and get a better rate. Virtually all these programs allow the buyer to close without any cash
investment at all…not even the $500 Fannie Mae requires. We have found the “true” Zero Cash home
buyer program!

Sub prime lenders and the loans they offer are becoming pretty controversial these days. With home
values stagnating and eventually dropping, these lenders and loans are quickly becoming the
scapegoat for the increase in foreclosures across the country. This charge (well founded or not) will
shortly have a negative effect on the continued availability of these programs. So, if you have bad
credit and want to buy a home…now is the time. Buy now before it’s too late!

Note: The term 100% loan program as a term that's interchangeable with Zero Down...they mean the
same thing...your loan is the same value as the sales price of the home. For example, you find a home
for $200,000. A Zero down loan means no down payment so the loan is $200,000 which also equals
100% of the sales price. So that explains why the two terms are interchangeable...at least I hope so!

Before we get down to the nitty-gritty on how to buy with Zero Cash and Bad Credit, let's get a few
definitions out of the way. First, Zero Down Payment is not the same as Zero Cash. Zero Down
Payment means exactly that..no cash needed for down payment, but what about all the closings costs?
 Buying a house involves closing costs, prepaid interest, and usually establishing an escrow account
for taxes and insurance...every time. There is no getting around it. All of those added together will
need to be paid in cash at the closing and be thousands of dollars. You can estimate pretty accurately
for homes with a sales price between $170,000 and $300,000 of between 3.0%. So for example, on a
$200,000 priced home, 3% equals $6,000. Needing $6,000 cash to closing is hardly Zero Cash! So
don't be hood-winked by advertising saying "Zero Down" home loans...you now know there's more to
the story. But don't lose hope, there are ways to use a No Down payment loan and create a Zero Cash
sale for those of you without cash or those who do, but don't want to use it!

How do we turn a Zero Down Payment Loan into a Zero Cash transaction? It’s really rather simple.
You use a Zero Down Payment loan (Fannie Mae or sub prime) and then get the all the costs paid by
the seller. It’s not rocket science, I know, and if the market wasn’t so slow, it would be pretty tough to
get sellers to cover costs…but right now it works just fine. So, if you have bad credit and want to buy a
home with Zero Cash do it now before it’s too late.

Rob K. Blake, author of the book Mortgage Secrets Exposed! has been teaching folks for 15 years all
the tactics to save $1,000s on mortgages.For more tips, Visit his website at
www.themortgageinsider.net.




Real Estate Without Credit Or Cash
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                                                                                                        Page 2
                                                  Presented by Daniel Toriola


                                          Credit Repair: Separating Fact From Fiction
                                                                By Joseph Feross



It is not always easy to know the best way to deal with debt and credit problems. Most people would
want to wipe the slate clean, but do not know how to do it. The facts of credit repair are often quite
different from the fictions people have created in their minds.

 Fiction: You have to pay huge amounts of money to get your credit repaired.
 Fact: Some companies will charge high fees. Some even demand that you pay them money for the
debts and then never send the money to your creditors. You can save yourself all this money by doing
the credit repair yourself.

 Fiction: You have to sign up with a credit report service to get a look at your credit report.
 Fact: Those services offer some special features besides a simple credit report. Some, for instance,
offer identity theft protection through alerts when someone uses your credit in an unusual way.
However, you have the right to get one free credit report from each credit bureau each year. You can
get them spaced out through the year to work on your credit repair.

 Fiction: The best way to repair your credit is to sit down with a credit report and pay all the debts listed.
 Fact: Almost anyone who gets a credit report will find something on there that does not belong to
them. What is more, you can continue to work on credit repair even after you have disputed the
obvious mistakes.

 Fiction: There is a limit to the number of debts you can question.
 Fact: The truth is that you could question every debt on your credit report no matter how many there
are. The credit bureaus realize that mistakes are made. Mistakes, in fact, are made quite often.
Finishing your credit repair may depend on this reality.

 Fiction: There is a limit to the number of times you can question a particular debt.
 Fact: The number of times you can question a single debt is limited only by your imagination. You
cannot repeat a reason for questioning a debt if you have been satisfactorily answered. However, you
can question the debt on other grounds. That is one tool in completing credit repair.

 Fiction: Credit repair is best left to lawyers.
 Fact: Most lawyers do not actually repair your credit. They advertise that they will help you do away
with nagging creditors and escape judgments. The way they do this is not by fixing your credit, but by
helping you file bankruptcy.

 Fiction: It will take many years to repair your credit.
 Fact: It does usually take several months to do the job. Yet credit repair rarely takes longer than a year
or two to complete. As long as you are persistent and understand the process, you can get it done
fairly quickly.

 By sorting out the fact and fiction of credit repair, you can begin to get an idea of what is possible.
Once you have explored your options, you will see that you can probably take care of your bad debts
by following the correct procedures.



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                                                                                                                           Page 3
                                 Presented by Daniel Toriola


Joseph FeRoss is a leading expert in credit repair and provide amazing credit repair services. Visit MSI
Credit at http://www.msicredit.com




Uk Fiction Markets 2005
UK markets for short fiction.
                                                                                                      Page 4
                                    Presented by Daniel Toriola




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