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//-->Real Estate No Money Down -The Easy Way 7 Simple Steps to Owning a Home Without a Down PaymentContentsDisclaimer..............................................................................................................4Introduction ..........................................................................................................6Seven Steps to your New Home...........................................................................8Step One Visit the Down Payment Assistance Web Sites and Take Notes...10Example Transaction WITHOUT Down Payment Assistance:................................. 11Example Transaction WITH Down Payment Assistance: ......................................... 11Down Payment Assistance Web Sites ...............................................................13The Nehemiah Program: ............................................................................................ 13The Ameridream Charity: .......................................................................................... 15National Home Foundation:....................................................................................... 17Equity Grants: ............................................................................................................ 18New Song Down Payment Assistant Program........................................................... 21Step Two Finding the Right Lender ................................................................22Banks vs. Mortgage Companies................................................................................. 22Lender Interview Form .............................................................................................. 26Mortgage Payment Chart ........................................................................................... 28Additional Mortgage Resources................................................................................. 30Step Three Finding a Real Estate Agent .........................................................32Real Estate Agent Interview Form............................................................................. 34Step Four Finding the Right Property ............................................................36Inspecting a Home...................................................................................................... 38Step Five Making an Offer to Purchase ..........................................................44Call Your Lawyer/Attorney ....................................................................................... 44Double Check with Your Lender ............................................................................... 45Items to Consider ....................................................................................................... 45Deposits.......................................................................................................................................... 45What’s Included With the Home?................................................................................................... 45Inspection Contingency .................................................................................................................. 46Down Payment Assistance ............................................................................................................. 46Time Frame Specific ...................................................................................................................... 48Purchase Price ............................................................................................................................... 48When your offer is presented ..................................................................................... 48Step Six Finalizing the Loan Application and Gift Funds ............................50What Happens After You Apply................................................................................ 51©Copyright 2003 - George Chapinhttp://www.NoMoneyDownBook.com/giftsPage 2 of 84Real Estate No Money Down -The Easy Way 7 Simple Steps to Owning a Home Without a Down PaymentHomeowner’s Insurance ................................................................................................................ 51Home Appraisal ............................................................................................................................. 51Title Search .................................................................................................................................... 51Property Survey.............................................................................................................................. 52Step Seven Loan Closing...................................................................................53Avoiding Last Minute Problems ................................................................................ 53Conclusion ...........................................................................................................55BONUS INFORMATION .................................................................................57Locating Discounted Properties ................................................................................. 57Sheriff's sales.............................................................................................................. 59Credit Score – What is it and what does it mean to you? .......................................... 60Credit Score Chart...................................................................................................... 61Other Low and No Down Payment Programs ........................................................... 66VA loans..................................................................................................................... 66VA Quick Tips ................................................................................................................................ 66FHA Mortgage Loans ................................................................................................ 67FHA Mortgage Quick Facts........................................................................................................... 67Conventional loans..................................................................................................... 68Seller Financing ......................................................................................................... 69Other Sources for a Down Payment........................................................................... 71Do You Need A Real Estate Agent to Sell Your Home?.................................73Advanced Real Estate Topics ............................................................................75Investment properties ................................................................................................. 75Screening prospective tenants........................................................................................................ 75Credit history ................................................................................................................................. 76Past rental history .......................................................................................................................... 76Personal references........................................................................................................................ 77Income to debt ratio ....................................................................................................................... 77Sample Debt to Income Calculation: ............................................................................................. 78Single Family Houses ................................................................................................ 79Condominiums and Townhouses ............................................................................... 80Multi-family properties .............................................................................................. 80Apartment buildings................................................................................................... 82Rehabilitate “REHAB” Properties ............................................................................. 82Financial and tax advantages of owning real estate................................................... 83Debt consolidation ..............................................................................................84©Copyright 2003 - George Chapinhttp://www.NoMoneyDownBook.com/giftsPage 3 of 84Real Estate No Money Down -The Easy Way 7 Simple Steps to Owning a Home Without a Down PaymentDisclaimerThis book is not to be used in place of sound legal, accounting, mortgage,financial, investment, tax or other professional service.The author does not provide mortgage, broker, legal, accounting, financial,investment, tax or other professional service.Concepts in this manual represent the author’s individual experiences andopinions.You are highly encouraged to seek legal counsel (see a lawyer) before you enterin to any contracts.Buying a home is a major investment and involves life-long decisions. Youassume the entire risk of any transactions that you are involved in.The author does not endorse or guarantee the services or companies referred to inthis manual.The manual is for informational purposes only.The author and contributors shall in no event be held liable for any loss or otherdamages incurred from the usage of the manual.©Copyright 2003 - George Chapinhttp://www.NoMoneyDownBook.com/giftsPage 4 of 84Real Estate No Money Down -The Easy Way 7 Simple Steps to Owning a Home Without a Down PaymentThis manual is copyrighted and may only be distributed by members ofeBookWholesaler.©Copyright 2003 - George Chapinhttp://www.NoMoneyDownBook.com/giftsPage 5 of 84 [ Pobierz całość w formacie PDF ]
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//-->Real Estate No Money Down -The Easy Way 7 Simple Steps to Owning a Home Without a Down PaymentContentsDisclaimer..............................................................................................................4Introduction ..........................................................................................................6Seven Steps to your New Home...........................................................................8Step One Visit the Down Payment Assistance Web Sites and Take Notes...10Example Transaction WITHOUT Down Payment Assistance:................................. 11Example Transaction WITH Down Payment Assistance: ......................................... 11Down Payment Assistance Web Sites ...............................................................13The Nehemiah Program: ............................................................................................ 13The Ameridream Charity: .......................................................................................... 15National Home Foundation:....................................................................................... 17Equity Grants: ............................................................................................................ 18New Song Down Payment Assistant Program........................................................... 21Step Two Finding the Right Lender ................................................................22Banks vs. Mortgage Companies................................................................................. 22Lender Interview Form .............................................................................................. 26Mortgage Payment Chart ........................................................................................... 28Additional Mortgage Resources................................................................................. 30Step Three Finding a Real Estate Agent .........................................................32Real Estate Agent Interview Form............................................................................. 34Step Four Finding the Right Property ............................................................36Inspecting a Home...................................................................................................... 38Step Five Making an Offer to Purchase ..........................................................44Call Your Lawyer/Attorney ....................................................................................... 44Double Check with Your Lender ............................................................................... 45Items to Consider ....................................................................................................... 45Deposits.......................................................................................................................................... 45What’s Included With the Home?................................................................................................... 45Inspection Contingency .................................................................................................................. 46Down Payment Assistance ............................................................................................................. 46Time Frame Specific ...................................................................................................................... 48Purchase Price ............................................................................................................................... 48When your offer is presented ..................................................................................... 48Step Six Finalizing the Loan Application and Gift Funds ............................50What Happens After You Apply................................................................................ 51©Copyright 2003 - George Chapinhttp://www.NoMoneyDownBook.com/giftsPage 2 of 84Real Estate No Money Down -The Easy Way 7 Simple Steps to Owning a Home Without a Down PaymentHomeowner’s Insurance ................................................................................................................ 51Home Appraisal ............................................................................................................................. 51Title Search .................................................................................................................................... 51Property Survey.............................................................................................................................. 52Step Seven Loan Closing...................................................................................53Avoiding Last Minute Problems ................................................................................ 53Conclusion ...........................................................................................................55BONUS INFORMATION .................................................................................57Locating Discounted Properties ................................................................................. 57Sheriff's sales.............................................................................................................. 59Credit Score – What is it and what does it mean to you? .......................................... 60Credit Score Chart...................................................................................................... 61Other Low and No Down Payment Programs ........................................................... 66VA loans..................................................................................................................... 66VA Quick Tips ................................................................................................................................ 66FHA Mortgage Loans ................................................................................................ 67FHA Mortgage Quick Facts........................................................................................................... 67Conventional loans..................................................................................................... 68Seller Financing ......................................................................................................... 69Other Sources for a Down Payment........................................................................... 71Do You Need A Real Estate Agent to Sell Your Home?.................................73Advanced Real Estate Topics ............................................................................75Investment properties ................................................................................................. 75Screening prospective tenants........................................................................................................ 75Credit history ................................................................................................................................. 76Past rental history .......................................................................................................................... 76Personal references........................................................................................................................ 77Income to debt ratio ....................................................................................................................... 77Sample Debt to Income Calculation: ............................................................................................. 78Single Family Houses ................................................................................................ 79Condominiums and Townhouses ............................................................................... 80Multi-family properties .............................................................................................. 80Apartment buildings................................................................................................... 82Rehabilitate “REHAB” Properties ............................................................................. 82Financial and tax advantages of owning real estate................................................... 83Debt consolidation ..............................................................................................84©Copyright 2003 - George Chapinhttp://www.NoMoneyDownBook.com/giftsPage 3 of 84Real Estate No Money Down -The Easy Way 7 Simple Steps to Owning a Home Without a Down PaymentDisclaimerThis book is not to be used in place of sound legal, accounting, mortgage,financial, investment, tax or other professional service.The author does not provide mortgage, broker, legal, accounting, financial,investment, tax or other professional service.Concepts in this manual represent the author’s individual experiences andopinions.You are highly encouraged to seek legal counsel (see a lawyer) before you enterin to any contracts.Buying a home is a major investment and involves life-long decisions. Youassume the entire risk of any transactions that you are involved in.The author does not endorse or guarantee the services or companies referred to inthis manual.The manual is for informational purposes only.The author and contributors shall in no event be held liable for any loss or otherdamages incurred from the usage of the manual.©Copyright 2003 - George Chapinhttp://www.NoMoneyDownBook.com/giftsPage 4 of 84Real Estate No Money Down -The Easy Way 7 Simple Steps to Owning a Home Without a Down PaymentThis manual is copyrighted and may only be distributed by members ofeBookWholesaler.©Copyright 2003 - George Chapinhttp://www.NoMoneyDownBook.com/giftsPage 5 of 84 [ Pobierz całość w formacie PDF ]