In Business Since 2001 We accept Paypal
Home for Writers for Publishers Article Directory Article Search
Guides
Article Marketing Secrets
20-Min Article Writing
Author Resource Box
35 Traffic Strategies
Kindle Uploads 101
Fantastic Fiction Decoded


Click Here to
see on Amazon


Site Navigation
Home

Writing Services
+ FAQ

FAQ

+ About Us
+ Blogs
Search Tools
+ Search Our Articles
Article Directory
+ Authors
+ Articles
Other Sites We Own
Writing Puzzle

Professional Book Marketing

Platt Publishing

Marketing Help


 
Article Teaser: Getting a home loan from a bank is becoming more difficult with each passing day in today's home marketplace. But, what if you have a good deposit now and you need a home now, not five years down the line or whenever the housing market picks back up? Do you have any options? In short, yes.

Keep reading below...

Home Financing in a Foreclosure-Heavy Market

Copyright (c) 2008-2017

In today's housing market, foreclosures are at a high that hasn't been seen since 1979. Seven percent, or roughly one of every 11 homes, is currently in foreclosure. According to the Mortgage Bankers' Association, 6.35 percent of homes are in delinquency but not yet in foreclosure.

The housing crisis is happening everywhere -- from Indiana to Texas and Maine to California. Though we most often hear about record foreclosures in California and Florida, a brief internet search will show you it truly is not limited to any particular region or state.

The housing market woes do not just affect potential home buyers. The mortgage brokers themselves are feeling the crunch. In Massachusetts, approximately 80 percent of the brokers who were in business at its peak (about two years ago) have now left or will leave the housing market by the end of June 2008. Those that are left have had to severely cut back and make changes in order to survive (letting go other personnel, working more hours, selling fewer homes).

Qualified buyers are typically seen as those who have credit scores of above 680 (FICO scores range from 350-800), with good, steady jobs and incomes. Today, many banks, feeling the burden of too many loans gone bad, do not want to give loans to anyone with a credit score below 720.

Also gone are the days of easy-to-get adjustable rate mortgages. Banks have learned that market will not always be in an upswing and not everyone can afford a home mortgage.

If you do end up in foreclosure, it will most likely be at least five years before you'll be considered for bank financing again. In addition, you'll need to have a credit score of at least 680 and at least a 10% deposit.

But what if you have a good deposit now and you need a home now, not five years down the line or whenever the housing market picks back up? Do you have any options? In short, yes.

There are actually lots of people who are willing to do owner financing. If you see a For Sale By Owner sign, it's a good idea to check it out and see what kind of a deal they would be willing to make you.

Creative home financing options can help you and your family get into a house sooner, and help the owner get out of their home sooner. After all, with banks so hesitant to give loans, FSBO homes aren't going to have a very good chance of selling, either. Creative financing can help owners and buyers find mutual satisfaction.

In addition to looking for FSBO homes, there are other things potential home buyers can do to increase their chances of getting a home. To start, save up and get as much cash together as you can for a down payment.

When home owners are faced with letting their homes sit on the market for years (because no bank will give a buyer a loan) or taking a nice chunk of money up front and then a steady income from monthly payments for a number of years, they're going to be tempted.

Having that nice down payment also can help the current home owners get into their next houseóa point that should be made to them in case they haven't thought of it. There are also experts available who know the ins and outs and strategies of creative home financing.

Another version of creative home financing is a land contract. This is along the lines of what we've already talked about, but with some sellers, they may be willing to accept a much lower down payment, spread your payments out over 40 years instead of the typical 30, and negotiate with you on the interest loan.

Check with your friends and family. Sure, there are reasons to be cautious when lending and borrowing money with relatives and friends. But if you know people who could probably spare the money for a down payment, and you can offer them a higher interest rate than they're getting by having their money sit at the bank, it could be a very attractive option for both of you.

Do you have other property? If you have other property already, you may be able to get a loan from that property to put towards a down payment on new property. It's worth thinking about.

The next idea is one you should think very cautiously about, but it is an option. Particularly if you are dealing with a FSBO situation, perhaps you could put part of your down payment on your credit card. This should really only be contemplated if you're going to be able to pay that amount off on your card very quickly (say, if you're expecting your tax refund or stimulus check) because credit card interest rates, as well all know, are ridiculously high.

As is true any time you are looking to take on debt, you need to be cautious. The banks have learned their lesson, so they're not going to be as easy to finance a home with for some time.

You, too, as the potential home buyer, need to be careful. Think through just how much debt you can take on. But do not let the current market discourage you from moving forward with home ownership plans. You may have to look a little harder, search a little longer, and maybe keep your dream house away for another few years. However, with the right spirit, intentions, planning, and creativity, you will find a home financing option that works for you and the seller.




About The Author: Shop Amazon - Top Gift Ideas
Cory Shrader writes for the Liberty Home Sellers website. We buy and sell homes in north and central Oklahoma. We provide owner financing on many of the homes we sell, and we occasionally offer handyman specials to real estate investors. Be sure to fill out the relevant forms on our website, so we can help you find the kind of home you are looking to buy. Learn more about available Stillwater Oklahoma homes at: http://www.LibertyHomeSellers.com

Follow "The Phantom Writers" on Twitter (@phantomwriters)
to be notified when new articles are made available.


VOTE ON THIS ARTICLE
Needs Work >> 0 - 1 - 2 - 3 - 4 - 5 << Excellent Article

Tell our authors what you think about their article.



Top-Level Category: Real Estate Articles

10 Most Recent Articles Written by Cory Shrader

Understanding The Due On Sale Clause On Your Home Mortgage
Written by: Cory Shrader | Distributed: 2009-02-04 | Word Count: 1835 | Page Views: 6193 | Votes: 18 | Rating: 3.61
The Due On Sale Clause is among the most frequently misunderstood and most-feared legal terms in American contractual law. In this article, we are going to take a look at what it is, what it is not, and how to avoid violating it.

Buying And Selling a Home During a Credit Crunch
Written by: Cory Shrader | Distributed: 2009-01-27 | Word Count: 1580 | Page Views: 4113 | Votes: 14 | Rating: 2.21
As President Obama is taking office, many people who had hoped to buy a home in 2008 or 2009 are stressing as to whether a bank will be found, which will finance a home purchase.

All of Author's Articles on this site:

Most Recent "Real Estate" Articles

Amendments to Construction Lien Law in New Jersey
Written by: Steven Nudelman, Esq | Distributed: 2011-07-25 | Word Count: 1136 | Page Views: 2702 | Votes: 3 | Rating: 0.33
Based on a report issued by the New Jersey Law Revision Commision, a revision to the Construction Lien Law was signed by Governor Christie in January, 2011.

Saving Time and Money Working with a Real Estate Buyer's Agent
Written by: Darrell Self | Distributed: 2010-05-06 | Word Count: 926 | Page Views: 2001 | Votes: 4 | Rating: 1.00
Consumers interested in residential real estate too often make the mistake of answering a "homes for sale" ad rather than carefully hiring a buyer's agent to protect their interests and to help them make the best purchase for their needs, tastes, and finances.

How To Buy Real Estate in Mexico
Written by: Fernanda Rodriguez | Distributed: 2009-10-15 | Word Count: 1059 | Page Views: 2720 | Votes: 2 | Rating: 4.50
Buying property in Mexico has become more popular every year. Whether you would like to purchase a vacation home or are planning on retiring there, owning real estate in Mexico is easy and safe. With its incredible natural resources, rapidly improving economy and modern facilities and infrastructure, Mexico is the place to make your dream home a reality. This article will answer most of your questions about buying real estate in Mexico.

Tips About Vacation Villas In Chianti, Tuscany
Written by: Teresa Cambi | Distributed: 2009-10-15 | Word Count: 512 | Page Views: 1903 | Votes: 2 | Rating: 2.50
Travelers who enjoy wine, food, beautiful scenery and a relaxed pace will love Chianti. Not only is the region home to its namesake wine which is one of the most beloved and popular wines in the world, but it is also home to some of the most characteristic farmhouses and villas in Tuscany.

Find The Right Property For Sale In Tuscany
Written by: Alice Migliorini | Distributed: 2009-10-14 | Word Count: 529 | Page Views: 2128 | Votes: 3 | Rating: 3.33
All the basics as far as real estate are essentially the same. If you are buying a condo in Miami or a property in the rolling hills of Tuscany you follow the same road. The road just meanders a little bit more when you deal with purchasing a house in Italy rather than the US.

Sarasota Florida: Top Ten Reasons to Visit in 2009
Written by: John C Allen | Distributed: 2009-08-04 | Word Count: 877 | Page Views: 2904 | Votes: 14 | Rating: 2.57
An abundance of visitors from around the world visit Sarasota each year to enjoy all of the amenities this small city on the Gulf Coast of Florida has to offer. Each year, Sarasota's warm climate attracts "snowbirds" down to the Sunshine State for its high season from January through March. Visitors and residents alike enjoy the city's internationally recognized cultural amenities matching those of the nation's largest cities. A world-class destination, Sarasota, Florida has many reasons to live, work and play in this gorgeous coastal setting.

Longboat Key Florida: How to Make the Most of Your Visit
Written by: John C Allen | Distributed: 2009-07-30 | Word Count: 625 | Page Views: 3038 | Votes: 11 | Rating: 3.18
Longboat Key Florida is an 11-mile long island that borders the Gulf of Mexico to its west and the calm waters of Sarasota Bay on to its east. The 8,000 permanent residents of Longboat Key live in a variety of residential styles from condominiums, townhouses, small single-family homes to luxury waterfront estates. While providing activities such as beachcombing, walking, swimming and fishing, the Key is manicured and secluded allowing a relaxing lifestyle. Longboat Key is known throughout the world for its outstanding beaches, sweeping water views, excellent dining, great weather, luxury lifestyles and don't forget the sensational sunsets.

Lake Toxaway Homes for Sale - Your Dream Home Away From It All
Written by: Alan Nilen | Distributed: 2009-04-30 | Word Count: 472 | Page Views: 2108 | Votes: 4 | Rating: 4.50
Lake Toxaway NC provides quiet living away from it all, with natural beauty wherever you look. It's the perfect place to live, to retire, or just to own that summer home that takes you away from the hustle of your busy life.

Buying Property In Italy On The Cheap
Written by: Fabrizio Giglioli | Distributed: 2009-02-24 | Word Count: 511 | Page Views: 3534 | Votes: 7 | Rating: 2.57
An Italian property expert offers invaluable tips on where to buy the cheapest properties in Tuscany.

Understanding The Due On Sale Clause On Your Home Mortgage
Written by: Cory Shrader | Distributed: 2009-02-04 | Word Count: 1835 | Page Views: 6193 | Votes: 18 | Rating: 3.61
The Due On Sale Clause is among the most frequently misunderstood and most-feared legal terms in American contractual law. In this article, we are going to take a look at what it is, what it is not, and how to avoid violating it.

Most Viewed "Real Estate" Articles

FHA Loans- Affordability Solutions for First Time Homebuyers
Written by: Jared Martin | Distributed: 2008-06-05 | Word Count: 1131 | Page Views: 7181 | Votes: 27 | Rating: 3.30
This article discusses the features of the FHA loan, both good and bad, and presents the circumstances under which itís a beneficial program to the homebuyer.

Understanding The Due On Sale Clause On Your Home Mortgage
Written by: Cory Shrader | Distributed: 2009-02-04 | Word Count: 1835 | Page Views: 6193 | Votes: 18 | Rating: 3.61
The Due On Sale Clause is among the most frequently misunderstood and most-feared legal terms in American contractual law. In this article, we are going to take a look at what it is, what it is not, and how to avoid violating it.

Is Downtown Condo Living For You?
Written by: Lynn MacKenzie | Distributed: 2008-02-22 | Word Count: 462 | Page Views: 4785 | Votes: 9 | Rating: 1.89
In the last year there has been an increase in the number of buyers moving into downtown condominiums. With the closeness of amenities and affordable prices it's easy to understand why buyers want to live in a condo for sale in Calgary. Many buyers see condo living as an attractive option because of the traffic congestion nightmares, the longer commuting times and the ever increasing construction of the Calgary roads.

Residential Builders Need to Re-create the Leave it to Beaver Lifestyle
Written by: Catherine Wilson | Distributed: 2006-07-31 | Word Count: 566 | Page Views: 4459 | Votes: 16 | Rating: 2.56
Do you ever wonder where the neighborhoods went that held the picket fences, window boxes brimming with flowers, uniquely designed houses, sidewalks, canopied streets shaded with 100 year old oak trees, front porches, swings and homes placed close enough so that neighbors can be neighbors? In our fast paced, electronic, motorized world a simpler way of live is one that many desire.

Finding Irish Castles for Sale
Written by: Patricia G. McKinney-Lins | Distributed: 2009-01-20 | Word Count: 635 | Page Views: 4261 | Votes: 11 | Rating: 2.18
It is possible to find an Irish castle for sale. If you are determined, patient, and have the resources, you can buy a castle in Ireland. If you do the research and are committed to the project, you can own a very special property!

Buying And Selling a Home During a Credit Crunch
Written by: Cory Shrader | Distributed: 2009-01-27 | Word Count: 1580 | Page Views: 4113 | Votes: 14 | Rating: 2.21
As President Obama is taking office, many people who had hoped to buy a home in 2008 or 2009 are stressing as to whether a bank will be found, which will finance a home purchase.

Mississauga, Ontario Real Estate and Trends
Written by: Brayden Bassett | Distributed: 2007-06-14 | Word Count: 721 | Page Views: 3544 | Votes: 5 | Rating: 2.20
The city of Mississauga, Ontario, Canada, is the sixth largest in that nation. With its relative proximity to the bustling city of Toronto, the population there has just exploded over the past several decades. The standard of living here in Mississauga is high, and therefore there are a lot of amenities which have flourished that provide the residents of the city with a fantastic lifestyle.

Buying Property In Italy On The Cheap
Written by: Fabrizio Giglioli | Distributed: 2009-02-24 | Word Count: 511 | Page Views: 3534 | Votes: 7 | Rating: 2.57
An Italian property expert offers invaluable tips on where to buy the cheapest properties in Tuscany.

Ten Questions to Ask Your Realtor When Buying a Home
Written by: Craig Elliott | Distributed: 2007-10-10 | Word Count: 619 | Page Views: 3483 | Votes: 8 | Rating: 1.88
When buying a home, the questions you ask your realtor are crucial. Your realtor is assisting you with an important financial matter, so you need to be sure that the decision is in your best interest. The following are ten questions you should be asking as you are working with a realtor or before you hire them to assist you.

Foreclosure Property: Homes Up To 30 Percent Off
Written by: Robert Wade | Distributed: 2006-09-13 | Word Count: 329 | Page Views: 3432 | Votes: 7 | Rating: 2.71
The key to real estate investing is acquiring property for a low price and selling or renting for profit.

Highest Ranked "Real Estate" Articles

Why Parties Engage in Real Estate Litigation
Written by: Austen Koberstein | Distributed: 2007-01-09 | Word Count: 712 | Page Views: 2917 | Votes: 7 | Rating: 3.71
Owning a home is a big part of the American Dream. For many people, this will be their ultimate investment. Therefore, it is no wonder that homeowners do not blink twice when it comes to protecting their most valuable possession. These days, real estate litigation is to the property owner, what the mamma bear is to her cub.

Understanding The Due On Sale Clause On Your Home Mortgage
Written by: Cory Shrader | Distributed: 2009-02-04 | Word Count: 1835 | Page Views: 6193 | Votes: 18 | Rating: 3.61
The Due On Sale Clause is among the most frequently misunderstood and most-feared legal terms in American contractual law. In this article, we are going to take a look at what it is, what it is not, and how to avoid violating it.

Closing on Your Home
Written by: Clint Wooley | Distributed: 2007-01-08 | Word Count: 430 | Page Views: 2603 | Votes: 10 | Rating: 3.50
The closing process of purchasing a home can be one of the most confusing parts. This article is an attempt to help first time home buyers understand the basics of the process to settle fears and anxieties about the process.

FHA Loans- Affordability Solutions for First Time Homebuyers
Written by: Jared Martin | Distributed: 2008-06-05 | Word Count: 1131 | Page Views: 7181 | Votes: 27 | Rating: 3.30
This article discusses the features of the FHA loan, both good and bad, and presents the circumstances under which itís a beneficial program to the homebuyer.

Real Estate Investing: Real Estate - The Hidden Investment
Written by: Robert Wade | Distributed: 2006-07-07 | Word Count: 303 | Page Views: 2509 | Votes: 15 | Rating: 3.20
With REITs and 1031 Exchanges, real estate investing can be confusing landscape. But It's also a fun and challenging opportunity. What exactly is it, and why has it made so many millionaires in this latest boom?

Las Vegas Real Estate: High Stakes or High Gains?
Written by: Mark Felder | Distributed: 2006-08-09 | Word Count: 243 | Page Views: 2516 | Votes: 11 | Rating: 3.18
Las Vegas Real Estate has certainly become a buyer's market in recent months, especially for condominiums. Real estate investors grabbed property at just about any cost during the real estate boom this past year, boosting prices 137 percent over 2000 levels, states USA Today's Noelle Knox...

Longboat Key Florida: How to Make the Most of Your Visit
Written by: John C Allen | Distributed: 2009-07-30 | Word Count: 625 | Page Views: 3038 | Votes: 11 | Rating: 3.18
Longboat Key Florida is an 11-mile long island that borders the Gulf of Mexico to its west and the calm waters of Sarasota Bay on to its east. The 8,000 permanent residents of Longboat Key live in a variety of residential styles from condominiums, townhouses, small single-family homes to luxury waterfront estates. While providing activities such as beachcombing, walking, swimming and fishing, the Key is manicured and secluded allowing a relaxing lifestyle. Longboat Key is known throughout the world for its outstanding beaches, sweeping water views, excellent dining, great weather, luxury lifestyles and don't forget the sensational sunsets.

Are You Suffering From Anemic Profitosis?
Written by: Donna Robinson | Distributed: 2007-03-09 | Word Count: 794 | Page Views: 2665 | Votes: 6 | Rating: 3.00
Is your investment income looking a bit pale and fatigued? Do you become nauseated at the site of your profit and loss statement? Are you itching to sell properties that are losing money? Chances are you're suffering from a lingering case of anemic profitosis.

How You Can Benefit from All The Foreclosures
Written by: Bob Johnston | Distributed: 2008-11-05 | Word Count: 957 | Page Views: 2103 | Votes: 12 | Rating: 2.75
Foreclosures are at an all time high and people are getting scared. One look at the markets over the last few weeks will tell you the tale. Is it possible that a person could actually prosper in times like these? Are there opportunities in the foreclosure market that we are missing? It is possible; there have been many people who started their fortunes during tough economic times.

Foreclosure Property: Homes Up To 30 Percent Off
Written by: Robert Wade | Distributed: 2006-09-13 | Word Count: 329 | Page Views: 3432 | Votes: 7 | Rating: 2.71
The key to real estate investing is acquiring property for a low price and selling or renting for profit.












Download an eBook today
 
Directory Navigation
Locate By Author

Locate By Category:
ALL Categories
Arts & Crafts
Arts & Entertainment
Automotive
Business - Offline
Business - Online
Career
Computers
Education
Family
Finance
Food & Drink
Health & Wellness
Home & Garden
Humor
Internet
Nature & Pets
Real Estate
Religion
Self Improvement
Shopping
Society
Sports & Recreation
Technology
Travel & Leisure
Uncategorized
World Events
Writing & Speaking

Change Number of Results:
50 - 100 - 200 - 500
Article Reprint Rights
Creative Commons License

This work is
licensed under a
Creative Commons
License


You are not required to show the creative commons license notice when you reprint this work.
Article Publishing Tools
Print Article
Email-to-Blog
HTML Source Code
Text Newsletter Format
Link Back HTML

Blog Publishing Tools

Internal ID: #6134
Article Statistics
Word Count: 936

Total Views: 2580

Article Rating: 2.89 of 5
Votes Cast: 9

More Articles By Author:




Article Title Search:

Widow Search
Right Blinker
Google
Yahoo!
Zuula
Bing
Cuil

Last Distribution Date:
2009-02-24 11:12:00






All Articles are Copyright © 2001-2017 of the Defined Authors.

All other material and images on this site are:
Copyright © 2001-2017, ThePhantomWriters.com