How to Get a Lender to Put Up All or Most of the Money in Visual C#.NET

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How to Get a Lender to Put Up All or Most of the Money
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Today, however, with new nancing available from Fannie Mae and Freddie Mac (the big brothers of nancing who buy most of the loans that lenders and others make on the secondary market), that s all changed Today you can easily get nancing for 90 percent of your purchase Depending on your nancial situation, you may be able to get 100 percent, sometimes even 103 percent of nancing (to help pay for some of your closing costs)! These are called conforming loans (They conform to Fannie Mae and Freddie Mac underwriting standards) Is there a catch Of course there is! You have to meet speci c guidelines set up by the two giant secondary lenders Generally speaking these guidelines are as follows:
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Underwriting Guidelines for Big Brothers: Fannie Mae and Freddie Mac Loans
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Maximum loan amount (as of this writing) is $322,700 Must meet strict credit guidelines including a strong FICO score (see below) Must meet strict income guidelines
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Where do you get this miracle nancing Almost any bank, mortgage broker, or other large lender can handle it for you (See 4 for more details on locating a good lender)
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TIP SPECIAL LOANS FOR SPECIAL BORROWERS
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You do not always need to have great credit or high income to qualify for a conforming loan Both lenders have special programs that are designed for people with limited income and credit problems For a few examples (available through lenders, not directly from Freddie Mac or Fannie Mae):
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Affordable Gold 5 from Freddie Mac, is designed for moderate-to low-income borrowers It only requires a 5-percent down payment and is available on a mortgage with terms of 15, 20, and 30 years
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Four
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Freddie Mac s, Affordable Merit Rate Mortgage is a mortgage for borrowers who have had some small credit problems The loan is for a higher interest rate If the borrower is able to make 24 consecutive on-time payments within a four-year qualifying period, the interest rate is reduced Fannie Mae s Fannie 97 offers a 97-percent mortgage There are, however, income and geographic area restrictions And the borrower must participate in face-to-face education programs And there are other restrictions
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Other Low-Down-Payment Mortgages
There are other ways to get nancing with little to nothing down VA (Veterans Administration) guaranteed loans, up to around $240,000, are for nothing down FHA (Federal Housing Administration) insured loans, up to around $210,000 are for just a little bit down (See the next chapter for details on these)
Will I Need Mortgage Insurance for Low-DownPayment Loans
Unless you go with a VA loan, the answer is yes All FHA loans have it And all conforming loans where the loan amount is greater than 80 percent require it In other words, on a $100,000 house, if you put less than 20 percent down, you re probably stuck with paying mortgage insurance Mortgage insurance does not protect you It protects the lender If you don t make your payments and the lender has to foreclose on you, the insurance picks up a substantial portion of any loss the lender may incur That s why lenders demand it (That, and the fact that the government requires it!)
TRAP EXPECT EXTRA CHARGES FOR MORTGAGE INSURANCE
PMI (Private Mortgage Insurance) is expensive Expect to pay an additional 1/2 percent in interest for it However,
How to Get a Lender to Put Up All or Most of the Money
once you pay your loan down (or your property appreciates) so that your mortgage is less than 80 percent of the value of your property, you can usually get it removed
Be Creative Have the Seller Handle the Low-DownPayment Financing for You
What used to be called creative nancing is nothing more than having the seller nance your purchase Instead of going to an institution, such as a bank, to get a mortgage, the seller carries back the paper, sometimes for the entire price However, in order for the seller to do this, he or she must have a substantial equity in the property Often this is the case with retirees who are downsizing They want to get a smaller home and often have their existing home paid off, or close to it While they may need some cash, often they come out of the sale with a lot of extra money, which they then put into the bank or CDs to earn interest However, if interest rates are low, they are in for a hard time Until you offer to borrow the money from them as part of the purchase While the bank may pay 1 to 5 percent, you can easily pay 6 to 10 percent, depending on market conditions For a seller who is looking for income from cash, you can be a godsend Often these seller- nanced sales are constructed with two mortgages You go out and get a conventional rst mortgage for up to 80 percent of the sales price (These are relatively easy to obtain) Then the seller lends you an additional 10 to 20 percent to cover what otherwise would be your down payment
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