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Reverse Mortgages to Buy a Home – Without down payment

Reverse Mortgages have been popular for a number of years as a way for people over 62 to tap the equity in their homes without selling them.

Qualified Seniors in the USA use this program to either get a lump sum, or a monthly payment amount.

Others have used the Reverse Mortgage to consolidate their debt or/and refinance a Mortgage.

The advantage is that there are no requirements to make monthly payments, you just pay the interest.

Under the Housing and Economic Recovery Act of 2008, Seniors can now use a Reverse Mortgage, referred to as a Home Equity Conversion Mortgage (HECM), to actually finance the purchase of a new home, as of Jan. 1, 2009.

This new option works exactly like a traditional Reverse Mortgage, with two major advantages. Even it’s getting more and more difficult to qualify for traditional Financing.

The first advantage is that there are no income requirements or limitations, and there is no minimum credit score (normal required credit score is 620).

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How do you find a good mortgage specialist?

Today’s economy continues to frighten many homeowners into taking a serious look at their mortgages.

Many homes are no longer worth what they were when they were purchased and owners are deciding what options they may have.

How do you know if you are getting ripped off?

There are scammers all over and many have absolutely no problem with taking your hard earned money from you in the guise of helping homeowner’s save not only their homes but also repair their credit scores.

These scammers prey on the economic instability people continue to face as we go forward into the new decade.

Things to be aware of when looking for a loan modification specialists:

The honest loan modification companies will not ask for money before they provide a service to you. They don’t ask you to pay a fee to visit with your mortgage lender or your creditors to help you out.

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Tax deductions for homeowners who got their mortgage refinancing

A lot of homeowners have refinanced their mortgage in the past year and now need to do their taxes.

Did you know that the costs and fees related to refinancing a mortgage are tax deductible?

Were you aware that you could get tax deductions for any points you may have pre paid for?

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Benefits and Risks of a Land Contract

A land contract can be an appealing option for a potential homebuyer who might have difficulty qualifying for a mortgage loan. But there are potential risks to be wary of as well.

Land contracts were a popular way of buying a home back in the 1970s and 1980s, but fell out of favor in recent years as creative financing made it easy for almost anyone to qualify for a mortgage.

However, they’ve been making something of a comeback lately as lenders have tightened credit requirements, sending some potential buyers in search of alternative financing.

A land contract is a fairly simple concept. The seller is financing the purchase instead of a mortgage lender.

Instead of taking out a mortgage, the buyer agrees to make regular payments directly to the seller, who still retains title to the property.

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Can You Still Get a Mortgage With Bad Credit?

Qualifying for a mortgage loan or refinance with bad credit is a lot harder than it used to be.

Given that widespread defaults on subprime mortgages triggered the financial meltdown of 2008, lenders have become much more cautious about who they’ll extend credit to.

That doesn’t mean it’s impossible to get a home loan with poor credit, but the minimum standards are higher.

You’ll likely find it a lot more costly to get a mortgage or refinance with less-than-perfect credit.

So what’s the bottom line? Your best bet for qualifying for a home loan. Either a purchase or mortgage refinance, with bad credit is either the FHA.

They will accept loans with FICO credit scores as low as 580, although individual lenders may require a minimum or at least 620.

The FHA and VA don’t actually write mortgages, they insure mortgages that meet their standards that are issued by qualified lenders.

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Can a Cosigner Help You Qualify for a Mortgage?

If you’re looking to buy or refinance a home but are having trouble qualifying for the mortgage, you might consider getting a cosigner to help.

A cosigner is someone who puts their name on the mortgage to guarantee the debt will be paid if the primary borrower defaults.

Though more commonly used for lesser debts such as buying a car, cosigners can also be used to qualify for a mortgage.

You didn’t hear much about them during the years of the housing bubble, since credit was easy to get and few people needed one, but their use has become more common as lenders tightened their credit guidelines.

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How Soon After a Foreclosure Can You Buy a Home?

If you give up your current home, how soon can you buy another one? With millions U.S. homeowners in trouble on their mortgages or even facing foreclosure, it’s a question that many are pondering.

It’s a particularly relevant question for homeowners who may be considering a “voluntary foreclosure;” that is, to simply stop paying the mortgage and give up the home because they owe more than it’s worth.

From their perspective, to continue paying a $450,000 mortgage on a home that’s now only worth $350,000, for example, is simply to throw good money after bad.

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Avoiding Credit Repair Scams

With foreclosures and credit delinquencies mounting, more and more people are suffering damaged credit.

Even if they manage to avert losing their home, the mere fact of an initial foreclosure filing or missing mortgage payments can do serious damage to one’s credit rating, making it difficult or impossible for one to get the financing needed to buy another home, replace an old car or a worn-out major appliance, operate a small business, pay medical bills or meet other necessary expenses.

Credit repair scams often promise that they can get negative information deleted from your credit report for a fee.

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Bankruptcy Becoming a Desirable Solution

A perfect indicator of the state of the U.S. economy is the escalating number of bankruptcy filings.

Many people overwhelmed with consumer debt and maxed-out credit cards are filing for bankruptcy at alarming rate. Experts believe the trend is only going to get worse.

Bankruptcy. For many, it’s an unthinkable fate, one that’s impossible in a land that rewards people for perseverance and hard work.

Yet after a few decades of addiction to credit cards and rising consumer debt, America is finding the number of bankruptcies on the rise.

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Payday Lenders making a Comeback

In the aftermath of the subprime lending crisis, it seems logical that high-risk loans would be scorned by the financial community.

An increase in payday lending, however, proves that this is not the case. It’s also an indication that the check cashing business is here to stay.

The financial services industry is known for having a variety of products.

A segment of the population that has long gone underserved, however, are people with low incomes.

According to the New York Times, more than 28 million Americans are without a bank account, and more than 50 million have no credit score.

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