FHA Loans for First-Time Home Buyers

FHA loans are mortgages that are granted by the Federal Housing Administration (FHA) to purchase or refinance one to four unit owner-occupied residential properties, condominiums, and manufactured homes. This type of loan is also perfect for first-time home buyers as the guidelines are not too strict, but can be used for anyone who qualifies under FHA requirements. These loans are not actually funded by the FHA, but are instead a guarantee that the loan will be repaid in case the borrower defaults. Unlike most traditional loans, FHA continues to thrive in the housing market even in these hard economic times. (more…)

Disputing Errors to Improve Your Credit Score

Improving your credit score is crucial when it comes to obtaining financing such as a new loan or credit card, especially when you credit is poor. To help get your credit rating back on track you need to go straight back to the source, which is your credit report. Your credit report is what contains all of your financial information and data on which your credit is based off of. If you change the data on the credit report, your credit score will change. This can potentially make your financial life much better. For this reason, checking your credit report a couple of times a year is essentially vital. (more…)

Business loans for people with bad credit

Are you a entrepreneur that is looking to obtain a business but having trouble doing so due to poor credit? If so, you are definitely not alone. With the economy in such horrible condition and jobs scarce, many people are in need of a bad credit loan to finance almost anything. One of the first things you will want to do is take a look at your entire financial situation and work on rebuilding your credit rating. (more…)

Can I get a commercial loan with bad credit?

Are you an entrepreneur planning on starting your own business, but cannot do so because of a credit crunch? This is an extremely common scenario in today’s economic crisis. The financial markets have been feeling the heat from our recession for the last three years now, leaving many aspiring business owners to choose whether or not they can pursue their career or have to look for a new job. However, this does not have to be the only two options in this situation. If you have an excellent business plan that seems profitable in the lender’s eyes, the lack of funding or credit problems can be remedied by getting a bad credit commercial loan. (more…)

Loans for students that can’t get a co-signer

If you are a student looking for financial aid to help you get the education your looking for, there are a couple of different options you can choose from. The first, and probably the most favored type of financial aid is through a scholarship, which can help pay a significant amount of education costs. The other option would be to secure a student loan.

Most students are aware that only a small percentage of people will qualify for a scholarship, and to be one of these selected few, you must stand out above the rest of your class. This leaves most students stuck having to search for a student loan to help pay for school. Even though most loans will require a co-signer, there are tons of students out there in search of a loan that does not require credit history nor a co-signer.

Even if you have little to no credit, that doesn’t mean you cannot get a loan. Those without a co-signer may also have the chance to secure financing. However, by not having a decent credit score or a co-signer, your options are very limited.

Below are a couple options to help one secure a student loan without a co-signer.

1. The first thing you will want to do is research federal student loans at Free Application for Federal Student Aid (FASA.) Unless you are not a traditional student, you are most likely going to be limited for federal loans. Generally, the Stafford and Perkins loans are the most common and will not require a credit check.

2. You can fill out a free application for federal student aid at FAFSA. The FAFSA has helped many people secure government loans. By filling out this application you will not only have the chance to receive a loan, but it will open doors to other opportunities such as government grants (if applicable).

3. Apply for a Stafford student loan. This type of loan is specialized for students in need of help, so if you have no credit history nor co-signer and a low source of income, this loan may be the right one for you. While the amount given for this type of loan is usually very small, it is a great starting point to help the costs of your schooling.

4. Apply for a Perkins loan. This type of loan was designed for people who demonstrate the greatest financial need. Perkins loans come with an interest rate at about 5% and will carry longer terms then that of a Stafford loan.

5. Try to apply for a Pell Grant. This is a special grant that is awarded to those that are struggling financially. Unlike student loans, these funds will not have to be repaid by the student.

6. Non-traditional students will have other options available to help with funding. Although they may only qualify for a Stafford or Perkins loan, there are various scholarships and grants awarded to returning students in search of a degree. To find out more information about this check out your school’s website or visit the financial aid office.

Tips and warnings

If you are in high-school consult with your high school counselor to learn about your loan options.

Fill out your FAFSA first. While you may not be eligible for additional loans, the government may be able to send grants and scholarships your way to offset the cost of education.

If you are a non-traditional student, check with your school. Most colleges offer special scholarships and grants for students returning to school to complete a degree.

Private College Loans

Student loans that are obtained from private sources, such as banks or credit unions, generally do require a cosigner. However, if you have very good credit and/or a high interest rate attached to your loan, then you may be able to obtain one without a cosigner.

It is more than possible to obtain student loans without a cosigner – in fact, it is more than likely that you can. Federal student aid is available to almost anybody to make college more affordable, and no cosigner is necessary. Gift aid and private student loans also may help you to fund your academic career but may be more difficult to obtain, or more difficult to obtain without a cosigner, respectively.

My Nightmare With Wachovia Bank by Richard Leet

Downtown Santa Cruz, California from Mission Hill
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Santa Cruz, Ca 95060 (LoanSafe.org) – My house on Anderson St has been in my family since 1967. I grew up in the summers there and moved in full time after High School in 1981. I was fortunate enough to have an opportunity to purchase the home in 1997 from my mother. I lived myself in the house for 29 years.

I had done several refinances over the years and in 2007 I was tricked into a horrible loan by a loan broker and the help of World Savings. I had about a $500k balance at the time and the appraised value at the time was in the high $600’s. I had a refinance set up to receive a $ 60000 cash out. I was paying a prepayment penalty of $16000 to process the loan for my last refinance was just under two years prior. Due to that fact I had done business many times with this broker and was already familiar with all the same title insurance , notary’s etc I signed the paper with out reading the documents which was my mistake. Several days later I noticed that only $500 was wired to my account. (more…)

Where can I get a loan quick with bad credit?

A shop window advertising payday loans.

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People that are looking for a quick loan and have bad credit need to understand that they are going to get a high interest loan if they do in fact find someone who will extend credit to them. Hence, this will place you in a high risk position to either get ripped off or to not being able to pay this credit back.

However, that doesn’t mean you are going to get scammed or that you wont pay the money back. It just means that the percentages of people who cannot pay these loans back are high. You really need to understand that fully before you go out rush to agree to a deal that may ruin you financially for good.

If you now are aware of the risks, you can now make the plunge to see who will lend you some much needed cash.

Here are some sources and ideas to start out with:

  • Personal Loan From a Family Member – This is the best place to find some low interest cash to get you out of a bind. If you don’t ask, you don’t get. So, go here first and proceed to other options if you fail.
  • Paycheck Advance From Your Employer – Why don’t you ask your boss to give you an advance on your paycheck? I have done this myself many times in my life and it has worked almost every time. As long as you have a good track record and work history with your boss, you should be fine.
  • Community Assistance Plans: Your city probably has local support grants, cask or gifts that they can assist you with. Often a local church will be operating these programs for the city or county. (more…)

Realtors and Loan Originators Need an Image Makeover

Concerns over a lack of professionalism and fraudulent activity that has plagued the industry in the past and is a concern still today.

(LoanSafe.org) – There are few times in our lives when we are granted an opportunity to lead in any meaningful way.  Far too often we are able to go through our lives never truly impacting the World around us in a lasting manner.

For many, they view today’s financial crisis as an excuse to accept mediocrity in their lives.  However, there are a few who see today as their moment in time.  A moment that will allow them to make a change that will have a lasting impact.  A moment in time that warrants a paradigm shift in thought and behavior like no other time in our collective lives.

The shift must be from self, to serving.

The public has never needed professional Realtors more than they do today.  Real Estate is a community and neighborhood based business.  We shop at the same stores, attend the same Church’s, play on the same sports fields and attend the same “back to school nights” with our past, current and future clients.

We can and must do better. (more…)

FHA Refinances for Underwater Mortgages Has Begun

Underwater habitat

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(LoanSafe.org) – Ahoy underwater homeowners with an FHA mortgage! The captains of the U.S. government have thrown you a life raft to help pull you from the depths of the deep blue foreclosure sea. But please do not stop holding your breathe just yet. If you do, you may just get a mouth full of stagnant real estate water.

In the recent past, the Obama administration has tried to assist the ailing housing market with one mortgage initiative after another. Thus far, virtually none have done much to help struggling loan borrowers. So, this new FHA plan that is boasting to help 1.5 million homeowners has me a bit concerned.

This new FHA program which started yesterday is intented to refinance borrowers with underwater FHA insured mortgages into new home loans. The maximum amount allowed to be forgiven is 10%. To help facilitate the news refinances, the U.S. Treasury intends to provide incentives for existing second mortgages who agree to “full or partial extinguishments” of the liens.   (more…)

FHA Short Refinance Program Now Underway

WASHINGTON – (LoanSafe.org) – In an effort to help responsible homeowners who owe more on their mortgage than the value of their property, the U.S. Department of Housing and Urban Development today will begin providing an additional refinancing option for underwater borrowers. Originally announced in March, this enhancement of Federal Housing Administration (FHA) refinance program will offer certain ‘underwater’ non-FHA borrowers who are current on their existing mortgage and whose lien holders agree to write off at least ten percent of the unpaid principal balance of the first mortgage, the opportunity to qualify for a new FHA-insured mortgage. (more…)

How to obtain a mortgage

Buying a home and obtaining a mortgage is probably going to be the largest financial investment most people will make in their lifetime. As with most major goals in life, this process will deal with a variety of rules and complex issues. Your best approach to obtaining a mortgage is to not stress yourself out too much and divide your process into easy tasks, including gathering your documents, determining the amount you want to borrow, and understanding various mortgage options. (more…)

I just wanted to tell you, your website has saved my life (literally)

(LoanSafe.org) – We receive comments and testimonials like the one below almost daily. I am certain that there are not many websites in the world that get people unsolicited to say such nice things about their work. Words that give me fuel to fight the foreclosure and mortgage fires.

It is comments like this that help give me the drive to work so hard for the people that are struggling on Main Street.

Submitted by Homesweethome –  Hello Moe, I just wanted to tell you, your website has saved my life (literally), I stumbled on your site in the middle of losing my home, I was able to network with people going through the same thing as I am. I didn’t feel alone anymore, I have tried to give back and counsel those that haven’t walked in my shoes yet.

We hear so much about what is wrong with America, I just wanted you to know, you are whats “right” with America.

I am known as “Homesweethome” on your site, and thank you again.

Might as well save our money, not give it to anymore greedy lenders

Submitted by Homeowner Daniel – I give up, I spent ten years paying off a lot put a well, septic, foundation, lumber pack, and payed the framing out of pocket. Over 250k. Our other house was under contract so I obtained a construction loan to finish the house. I worked for the rocky mountain news for 12 hrs and the wife for the Evergreen park and recreation center for 14 years. Then the unthinkable happened the economy crashed, our buyers backed out, I and my wife lost our jobs due to cuts.

Our FICO was close to 800 and we valued our credit. I quickly obtained another job making a third of what I used to and the wife started before and after school care for a local elementary school. We had six months of reservers and some vacant land we invested in. Ascertaining our situation we listed our house under construction. Knowing we had to act quickly to wright our deter eating situation. After all we had 250k out of our pocket in it ( equity) a week after listing the property our lender called and asked if the house was on the market. I explained our situation, they didn’t care and stated in the application for the construction loan we stated we intended to live in the house, and putting the house on the market was a breach of contract. (more…)