No Down Payment Home Loan Requirements Â

by avlxyz

No Down Payment Home Loan Requirements  

Article by Jeffrey S. Ragan

Many have heard of these no down payment home loan products. Perhaps you would like to get one too for your home purchase. But you are wondering, you have heard the requirements are hard to meet, so what are the requirements for this type of loan?

It's not that the requirements are so hard, but that each type of loan product has usually a unique requirement that not all applicants will be able to meet.

No Down Payment Home Loan Requirements

Now take the USDA Rural Loan Product, one requirement is your income can only be 115 percent of the median income for the area you want to buy the home in. You must be able to afford a mortgage payment with taxes and insurance and have a need for adequate housing. In other words, where you are living is not adequate for the size family you have. You also have to have a credit history that shows you are a good payer of your bills. The other unique requirement is the home cannot be in the city. It must be in a area that meets the USDA location requirements. So not every home purchase will fit into this type of loan product.

The good thing there is no down payment required and no private mortgage insurance. The other advantage is they are flexible on credit scores and they have 30 year fixed rates.

VA Home loans is another loan product that has zero down payment requirements. The requirements are the same as for most loans except you must be a veteran to qualify. That is the unique qualifier for this loan and not everyone who wants to buy a home will be a veteran. But if you are, you will find some great loan products to go after. Here is another great no down payment home loan product, VA Vendee Loans. This is a VA loan but you do not have to be a veteran to qualify. The unique qualifier for this one is the home has to be a VA home foreclosure, otherwise you cannot use this loan product. You must plan to occupy the home and not intend to use it for investment purposes. It is a wonderful product if the home you want to buy is a VA fo! reclosur e. The difficult part is you have to find those type of foreclosures.The nice thing about this loan product is it is not credit score driven. But they will want to know if your income is high enough to make the loan payments. So they will have to prove you have the income to qualify and show you have been employed for two years.

If there is not a no down payment home loan product that fits your particular needs, you can check into the awesome down payment assistance programs out there. But if you do meet the unique qualifiers of the above mentioned home loans it would be worth your while to investigate those programs. So dig in and get started and see if you qualify for a no down payment home loan!

About the Author

Jeffrey Ragan has several years of experience helping people reach their goals and wants to help you learn more about zero down home loans and other helpful information on their website, First-Time-Home-Buyer-Solutions.com.

There are many phases to buying a first home, so get professional advice, do your homework, and know what you want. Video Rating: 4 / 5

No Down Payment Home Loan Requirements  

Exploring US Bank Home Mortgage Loan Solutions for Home Purchasing Â

by NCinDC

Exploring US Bank Home Mortgage Loan Solutions for Home Purchasing  

Article by Ask Bill

Exploring US Bank Home Mortgage Loan Solutions for Home Purchasing  

Home Loans: Standard Or Extended? Â

by mkosut

Home Loans: Standard Or Extended?  

Article by Veronique Jackdaw

It is possible to request and extended period home loan, which mean that your monthly repayments are lower, but take place over a longer period of time. This lower payment is due to the fact that the amount owed is spread out over a longer time span. Sounds good does it not? But is it really all that economical?

True, you do pay less each month than on a standard home loan (20 year loan), but you are also making less of a dent in the balance than on a standard home loan. This means that you end up paying more interest. So whilst it may be easier on a month to month basis to keep up with the payments, you do end up spending more than if you had opted for a standard home loan.

For example, assume you wish to compare a standard home loan to an extended period home loan for a value of R500 000 rand, at an interest rate of 7%. The standard home loan will work out to 240 repayments of R3876.49, the extended term (30 year) loan will equate to 360 repayments of R3326.51. It seems so far as if the extended loan is a better option, you are paying R549.98 less per month than on the standard home loan. If however, we now work backwards to see how much you would pay in total, the standard home loan adds up to R930 357.60 whilst the extended period loan causes you to pay R119 7543.60, that is an extra R267 186! Not quite so cheap after all, is it.

Although an extended period loan does cost less on a month to month basis, it ends up costing an arm and a leg in interest. Of course the ideal would be not to have to take out a home loan at all, but there are not many people who have the ready cash to buy a house without financing of some description. So you need to consider your situation carefully before making a decision. If you are considering an extended period loan, think about what you could do with that added cost!

Which option is better for you? It depends entirely on your situation. A person with financial independence and stability will be able to afford a standard home loan muc! h more e asily than a person who works on commission or on a contract basis. It also depends on the cost of the house. If you have found your perfect home and it is out of reach because if a few hundred rand a month, perhaps an extended bond is a consideration for you, you may be paying more, but at least you will not have to settle for second best. The standard home loan is also a shorter commitment than the extended home loan. Whilst you will be paying more each month, it will not be long before that money is freed up for other uses, paying for your children's' schooling perhaps or a new car or any number of other things. Take everything into consideration when applying for a home loan; you could save yourself a lot of money if you negotiate it correctly

About the Author

For more standard home loan tips, as well as more information on bancassurance, visit our insurance website.

Kenn Renner at KPLE

Home Loans: Standard Or Extended?  

Secured Loans Guide, Apply Instantly Â

by eyewash

Secured Loans Guide, Apply Instantly  

Article by Sherry Joy

Secured Loans Guide, Apply Instantly  

Resolving Credit Card Debts without Taking a Credit Card Debt Loan Â

by the|G|™

Resolving Credit Card Debts without Taking a Credit Card Debt Loan  

Article by Personal Finance Guru

Credit cards may be useful for you to use to make purchases when you are a bit short on cash. However, constant usage of credit cards in order to purchase luxury items that you probably do not really need might cause your debt to pile up especially if you do not make any urgent effort to pay it all back. Once that happens and you find yourself more than nose deep in credit card debts, the first thing that may probably cross your mind is to get a credit card debt loan in order to enable you to pay back all the outstanding balances on your credit cards.However, you might also want to consider other do-it-yourself options that may help you get rid of your credit card debts little by little; without having to take a credit card debt loan that essentially means transferring your multiple credit card debts into one single loan that is to be paid out over a longer loan life. The methods might take more than just a little bit of your effort for it to work. It might also require a tremendous level of discipline on your part, to totally be involved in getting rid of your credit card debts once and for all.The best way to solve all problems is normally to nip it in the bud. This means that it might be best for you to refrain from using your credit cards unless it is absolutely necessary. This is one of the most obvious credit card debt reducer and yet so many credit card holders find it to be one of the most difficult self-help debt reducing steps. Perhaps it is best that you reserve your credit cards for emergencies or for making large purchases. Using your credit cards to purchase small items might seem harmless and insignificant but these small purchases will add up over time and might actually rake up a much higher interest.If you think that minimum credit card repayments are developed to help you to actually be able to afford making the monthly payments, you may want to think again. Basically, by allowing you to pay only the minimum amount every month your creditors are keeping you in debt longer. This! is beca use, the longer you take to pay off your credit card debts, the higher the interest they can charge you. So, generally you may only be paying off the interest and you probably won't even go an inch closer towards the principal amount of your debt for several more months. Therefore, it is advisable that you make a monthly payment of more than just the minimum requirement. Better yet, you can aim to pay as much as you can afford because the more you pay, the debt will inadvertently reduce faster.In cases where you might be struggling to make the monthly payments, you have the option of contacting your lender as soon as you possiblly can and request a meeting where you would negotiate with them to freeze the interest on your credit card for a certain period of time. If they agree, you might want to try to make as much payment as you can. Some lenders might even offer to reduce the monthly payments. You might even gain the respect of your lenders because you are being pro-active and taking responsibilities for your own debts. After all, they are business people and in business, a little bit of money is better than no money at all.If you find yourself in a situation where you cannot even afford to make the minimum monthly repayment, you might want to consider getting credit card help and get professionals to assist you in resolving your credit card issues. The thought of asking for professional help might be embarrassing for you but it may be better to be embarrassed than drowning in debt.

About the Author

http://www.bills.com/creditcarddebtconsolidationloansarticlebills/

http://www.bills.com/credit-card-debt/

http://www.bills.com/credit-card-debt-help-article/

Resolving Credit Card Debts without Taking a Credit Card Debt Loan  

Loans: Credit Card versus Bank Overdraft Â

by MANILA IMPERIAL MOTOR SALES . . . .

Loans: Credit Card versus Bank Overdraft  

Article by Shilpika Ponnappa

There are times when we have to remove our pride and accept that we have to borrow money at some point. Borrowing money is not a bad thing- if you know how to pay your dues. When it comes to borrowing money from a financial institution, there are two options that are very popular. These are credit cards and overdrafts from banks. Both methods are very advantageous since they are flexible and they are great for short term loans. However, we should also look at the disadvantages of such options before you set out and make a loan.

Let us start first with credit cards

- There are no charges whatsoever when you borrow money and pay it before the end of the month.

- If you made a purchase but you found out that it is defective, the payment can be held up by the credit card company until the retailer resolves the issue by providing a replacement or a full return.

- When talking about interest rates, they tend to be higher compared to a Bank Overdraft.

- Nowadays, we see people here and thier screaming credit card fraud. It is a rampant issue and should be addressed speedily.

- If you want to get some cash via credit card, fees are done per transaction no matter how small or big the withdrawn money is.

Now let us look at the Bank Overdraft.

- This kind of loan is advantageous since you can avoid fines or penalties in the bank account. This is because these will be covered by the overdraft.

- This is a very good way to borrow money within several months. In fact, interest rates tend to be lower compared to credit card loans since unlike credit card companies; banks have other ways to earn their money. This includes savings accounts, mortgages as well as payment service.

- The problem with this option is that the overdraft can be called any time the bank wants to. They can ask you to pay the amount at a shorter amount of time, or else, you will be facing them in court. Some even remove your account if you do not pay your debt as soon as possible! .

- The overdraft should be borrowed for a short period only. You must also always pay in full. Otherwise, you will be charged.

- There are no securities for product issues unlike with credit cards.

Before you select the option that you need want to choose, it would be best to be aware of the apparent risks that could occur, if you choose one of them. The best way to handle the issue is to use them sparingly and pay your dues on time, all the time.

About the Author

Shilpika Ponnappa, Get more information on Bank Overdraft Facility, Savings Account Interest Rates

Loans: Credit Card versus Bank Overdraft