Mortgage Options For People With Damaged Credit

Commitments. Commitments. Commitments. They fill our days, our heads and our lives. Most of us are in the commitment business. Of course, that’s not what we call it. At work, we’re making commitments to customers, suppliers, bosses, coworkers and staff. At home, we’re making commitments to family, friends, neighbors, community and organizations. Not to mention commitments to pay taxes, credit card bills, mortgages and car loans.

Jack has donated millions of dollars to charitable foundations such as the Make a Wish Foundation, Cure for Cancer, Candlelighters, Harlem Globetrotters, and Drug Awareness. He has set up famous athletes to meet sick children in the hospital such as seven time world champion boxer Larry Holmes and the world’s hardest hitting boxer Ernie Schavers, to name a few. He chose to be a charitable person and feels the more you give the more that comes back to you. Like a river, you have to keep it flowing; that is why they call money currency. He believes in Karma and the more you give, the more good things will happen to you. Jack would like to take this opportunity to thank everyone for their time and efforts in raising all his charitable donations for such great causes.

The exact same loan program as #1, with all of the same loan program options above, but with a different twist. The seller pays all of the 2.5%-3.5% in closing costs. This is the way to go if your buyer has no money at all but fairly decent credit.

Quite by accident I stumbled on a better way to invest in tax sale property. The drawback of going to these sales is that you have so much competition that it’s hard to get any really stellar deals. Properties, especially desireable ones, are often bid up to near retail value, which poses two problems: one, if you are trying to acquire property, deals where you make a lot of money will be few and far between, and two, if you are trying to bid on liens, and you encounter the occasion where an owner doesn’t pay you off and you end up with a DEED to the property when you were just looking for interest, you may end up with a property you paid almost retail value for that you don’t really want.

A conforming mortgage conforms to Fannie Mae and Freddie Macs; (the biggest purchasers of Mortgages ) underwriting guidelines. Their 2007 loan ceilings are: 1 family homes $417,000 2 family homes $533,850 3 family homes $645,300 and 4 family homes $801,950. The rates are generally competitive among lenders give or take an eighth to a quarter of a rate. “Jumbo” Polar Mortgages London exceed the conforming ceilings. Jumbo rates are usually higher than conforming rates.

So what are the benifits to selling a mortgage? A very important one is “big bucks versus tiny bucks”. A person will get his money all at once, instead of having to wait longer to get that amount. He gets less by selling the note and mortgage, but he gets it much, much sooner. Another reason to sell is Polar Mortgages not to worry”. If a mortgage holder sells his payments, he need not worry about foreclosure if the payments stop coming in, sending forms to the IRS, or the property itself becoming less valuable due to a fire or some other tragedy.

Yet, debt has another face. This face of debt can be a great gift to those who recognize it and use it well. Why? Debt allows you to take advantage of someone else’s money to buy something you could not afford to buy. Debt allows you to do and be and have what you could not do on your own.

The government’s solution, under both Bush and Obama is to cut out the middle man and just take the losses directly to the taxpayer. Ginnie Mae writes guarantees for FHA and other government agency backed mortgages. The down payment requirement for FHA backed loans is 3.5% and there’s no credit score requirement. Ginnie Mae now has almost 18% of the agency backed mortgage bond market. Their portfolio has doubled in just over two years and is expected to grow by another 30% over the next year. Sub-prime lending and trading hasn’t gone away. It’s being consolidated and your money is funding it.