Archive for the ‘Finance’ Category
Real Estate Financing Made Easy
Can you still recall the time when all you needed to do when purchasing a house was to save up 20% for the down payment and apply for a mortgage loan to shoulder the remaining 80%? Although that can still be done today, but there a whole lot of other ways to help you get your dream home.
1. State housing programs. A vast majority of the states have some kind of financial assistance available for buyers with low-incomes. It could be an outright loan or some sort of loan-guarantee program.
2. Gifting programs. In some areas of the country, there are builders that fund those foundations who are able to provide you with a part of the total downpayment. This way, you will be able to get a home even if you only have 3% of the total downpayment available.
3. Land contract. This is also referred to as “contract for sale”. This kind of financing would have you paying the seller instead of the bank. It would be up to you and the seller to discuss the amount for downpayment, the terms and interest rate of the loan. Read the rest of this entry »
Filed under Finance : Comments (0) : Mar 22nd, 2008