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If you had to file for Chapter 7 Bankruptcy, don’t worry, you aren’t alone. Millions of Americans have to file for this BK in order to get the fresh start that they need. It’s how you conduct your finances after the discharge of the Chapter 7 bankruptcy that will determine your ability to buy a house in the near future Looking for Current Mortgage Interest Rates? Click Here. THE WAITING PERIOD Each loan h...

Before you can close on a mortgage, your lender will need to know a few things about your home. The most important is the value. They cannot lend you money if the value of the home isn’t high enough. Second most important, however, is if the home is in a flood zone. If it is, you will be required to carry flood insurance, which differs from homeowner’s insurance. Compare Offers from Several Mortgage Lender...

Do you plan to buy land that doesn’t have a home on it yet? You may not be able to get a mortgage, even if you have the good intention of building a home on the land ‘someday.’ Mortgage lenders don’t like to take the risk on unimproved land. It doesn’t hold its value and it certainly doesn’t appreciate like a home would. Looking for Current Mortgage Interest Rates? Click Here. So where does that lea...

Buying a home that is in perfect condition and has the exact layout you desire is no easy task. In fact, some people find it near impossible. Rather than giving up or giving in to purchasing a home that you consider “just okay,” you can use the 203K loan program that enables you to have the money to purchase a home as well as make renovations to it. The funds are all tied into one loan and you are able to g...

Buying a house in your own state is tough enough. When you have to look out of state for a home, the problems just get exacerbated. Before you start the process, learn the simple steps you should take to help make the process as easy as possible for you. YOU NEED HELP You need a buyer’s agent. You want to hire someone that will represent just you, not you and the seller. A listing agent is motivated to sell t...

Are you ready to buy a home? Before you step foot into a potential home, you should take the time to get pre-approved. This way you know what size loan you can get. When you combine the loan amount with the amount of your down payment that you have saved, you’ll have a pretty good idea of how much money you can spend on a home. Looking for Current Mortgage Interest Rates? Click Here. Just what does a lender n...

The IRS allows a one-time exception for first-time homebuyers that want to tap into their IRA to put money down on a home. That exception saves you a 10% penalty, which could amount to quite a bit of money. But just because you can withdraw the money (even if you aren’t a first-time homebuyer), does it mean that you should? Looking for Current Mortgage Interest Rates? Click Here. WHERE DO YOU STAND FOR RETIRE...

VA loans can be used to buy a manufactured home, but you may have to shop around for a willing lender. The VA has their own rules and guidelines, which include the ability to buy a manufactured home, but it’s up to the VA lender if they are comfortable with the purchase. Looking for Current Mortgage Interest Rates? Click Here. Keep reading to learn the VA’s guidelines to see if your manufactured home purcha...

If you are a veteran with VA benefits, you may want to buy a condo with your VA loan. Condos are often great starter homes or homes for those that don’t have time for exterior maintenance or that don’t need a lot of space. Compare Offers from Several Mortgage Lenders. Can you use your VA loan benefit to buy a condo? Keep reading to find out more. THE VA APPROVAL The largest obstacle you’ll face when you w...

If you are looking for a deal on a home, one of the best ways to get one is by buying a pre-foreclosure home. Typically, you’ll see pre-foreclosures homes listed as a ‘short sale.’ In other words, lenders are willing to take a smaller amount that the owner owes and consider the mortgage paid in full. This is one way the owner can avoid having a foreclosure on their credit report. Looking for Current Mortg...