FIND and APPLY for Federal Grants. The U.S. Department of Health and Human Services is proud to be the managing partner for Grants.gov, an initiative that is having an unparalleled impact on the grant community.
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Thursday, 8 November 2012

How to Find Affordable Housing For Single Parents With Low Income

How to Find Affordable Housing For Single Parents With Low Income
Living in low income housing can offset high housing expenses for single parents trying to make do with what they have. Low income houses are usually reserved for families in need, so each family will have to meet a income requirement. Monthly rent charges are usually based on the renters total income, so typically there is not a set fee. 
Instructions 
1 Before contacting a agent about low income housing gather information needed. The agent will ask for last years tax records, Government issued ID, social security card, and last paycheck stub if applicable. Parents will also need information regarding child support if they are receiving any. If mother and father have split custody each parent still may apply for affordable housing separately but different income guides may come into place. 
2 If having trouble with any steps and need help contact the local economic security or family services office. When searching for a house most applicant will have to go through the office, but when searching for apartments most of the paper work is done through the apartment manager. 
3 To find where affordable housing is in the local area go online to the website hud.gov to fill out a application and find out more information. 
4 Select the location to find government funded low income housing listings in the local area. It is best to start with a single zip code then look in other nearby areas if the type of affordable housing was not found in the desirable area. 
Print out or write down housing that was found desirable. This will help refer back to any other housing if some are found to have to big of a waiting list. 
6 Call the land lord of the housing facilities you are interested in to inquire about the waiting list. Most times the contact information can be found on the website. 
7 The land lord will walk you through the qualification and paper work needs to participate in low income housing. Make sure to bring the information you found in step one with you.










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Saturday, 8 September 2012

Home Property-What Reverse Mortgage Lenders Are Looking for in Borrowers

Home Property-What Reverse Mortgage Lenders Are Looking for in Borrowers
One of the greatest benefits of reverse mortgages--besides the fact that they provide seniors with additional cash through retirement--is that they are easy to qualify for. During retirement, many seniors rely on Social Security and savings to cover their expenses. With a limited income, it can be difficult to qualify for traditional home equity loans. These loans were originally designed to be available to seniors of all income levels, as long as they have enough equity in their home.
What Reverse Mortgage Lenders Are Currently Looking for in Borrowers
The current requirements for a reverse mortgage are fairly straightforward. Lenders are looking for borrowers who are at least 62 years old, own their home, and have accumulated a substantial amount of equity in their home. The specific amount of equity borrowers need will depend on their age. However, to qualify, borrowers must have enough equity to repay their original mortgage loan with the proceeds of their new loan.
Reverse mortgage lenders are also looking for certain property types. To qualify for a loan, borrowers must own and reside in a single family home, two to four unit property, FHA-approved condominium, or an FHA-approved manufactured home. People who meet these requirements will typically qualify for a loan.
How Qualifications May Change in the Upcoming Year
While most lenders currently offer lenient eligibility requirements, these requirements will be changing very soon. Last October, the National Reverse mortgage lenders Lenders Association (NRMLA) encouraged reverse mortgage lenders to begin evaluating potential borrowers more carefully. Instead of approving seniors based on age and equity, NRMLA suggested that lenders also consider borrowers' income.
By evaluating borrowers' income, lenders would be more able to determine which borrowers could afford to maintain their loan. To keep the loan in good standing, borrowers are required to maintain the condition of their home, have homeowners insurance, and pay their property taxes. Borrowers that fail to do so will be forced to repay their loan early or face losing their home.
In mid-2012, the Department of Housing and Urban Development (HUD) is expected to release new underwriting guidelines. Instead of having the option to follow NRMLA's suggestions on how to underwrite loans, reverse mortgage lenders will be required to evaluate borrower's based on income. These new guidelines might also impose credit requirements on future borrowers. By imposing these guidelines, HUD is hoping to reduce the number of borrowers who end up defaulting on their loans.

In all probability, HUD's new guidelines will not be overly strict. These loans were originally designed to help senior homeowners, and they will continue to do so in the future. Still, these new guidelines might disqualify some seniors, especially those surviving on a limited income. To avoid being subject to additional underwriting, on-the-fence seniors will need to act soon. In the next few months, reverse mortgage lenders will no longer be approving borrowers based on their age, equity, and property type alone.

Amber enjoys teaching people about financial products that can be used to further their quality of life without putting an extra strain on their pocketbooks. To see how much you can receive, please visit http://www.seniorreversemortgage.com for a reputable reverse mortgage lender and more information.












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Tuesday, 28 August 2012

Easy Home loan Aproval

Easy Home loan Aproval

Today the market of affordable housing is growing fast. Likewise the number of people who want to buy home has also increased in some past years. Amongst these most of are youth who are getting good salary in very young age and want to possess their own home. As a result of this there is a boom in home loan market. But do you know what points you should keep in mind before you proceed for home loan. When you should be aware and where you should save yourself from being confused. Let's take a look at some points.

1 ) Good Financer - You should be in regular contact of your financer, hence your financer's customer care policy should be excellent. To know this your can contact the old customers of your financer or bank. You should also check the old records of company regarding how much benefit their customer s got on the rebate of interest rates and also check did this company increased the interest rate initially.

2) Big Amount of down payment would be much better - You should have some amount for down payment before you go for home loan. Big down payment amount means lower the amount of home loan and as a result of this EMI would be also less.

3) Which scheme is better Fixed or Floating - It is presumed that fixed loan are more costly over floating rates. But there is no assumption of interest rate in the case of floating. Hybrid loan combines the benefits of both. In case of Hybrid, Some amount of loan is based on floating and some is based on fixed.

4) Benefits of extending the time limit of loan - if your age is not too much then you can be saved from both, pre payment and more EMI. Instead the time limit of paying the loan will be increased and you won't have much burden.

5) Pr-payment is much better - If fortunately you acquire some funds through any source and you are in fix for choosing between the option of more EMI and pr-payment then pr-payment is the good option. Some people may agree with more EMI so they get more rebates on income tax on interest. Before taking any decision analyze carefully which is more beneficial between pr-payment and rebate on income tax on interest.

6) Think about refinance - If some other financer is giving you loan with much less burden in comparison to your home loan financer, then you can also think about refinance, however for doing this you will have to pay a fee. You will have to take the closing quotation from our current financer and provide it to your new financer. Closing quotation means how much principle is left and how much amount you have to pay for closing the loan account. Your refinancer will take over the loan account by giving the cheque of this amount to your previous financer. You will have to pay some pre- payment penalty to your old financer and some processing fees to your new financer.

Innovions consulting Pvt Lt. is one of the best Property Consultant in Noida, providing expert advice regarding home loan, buying and selling residential and commercial property in Noida, Gurgaon and Lucknow, renting out the property etc. Contact Innovions for hustle free home loan.


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Thursday, 23 August 2012

Government Grants For First Time Home Buyers-Home Buyer Grants 2012

Government Grants For First Time Home Buyers-Home Buyer Grants 2012
If you're a younger couple and you may be planning on buying home, you know how difficult it is. Together with the economic climate being what it is right now, it could in fact be the best period to buy your very first dwelling.
I know the banks and mortgage lenders may not be simply making it easy to get a mortgage. It really is unique just how the banks are carrying out business right? They need people to purchase properties however they happen to be making it more difficult to secure a loan.
There is certainly good news however! You will find government agencies which have been providing important information that will allow you to get on your way to getting government grant for first time home buyers.
The government grants for first time home buyers is making it promising for many who thought they couldn't afford a home to get it faster than they believed possible. Needless to say one of the qualifying criteria for the government grants for first time home buyers is that you have not formerly owned real estate.
Another factor in obtaining this particular grant money is you ought to have a favorable credit record and be pre-approved for a mortgage. Be certain to ask the bank you want to do business with if they encourage a payment in advance from a first time home buyers program.
Your first step to be eligible for a first time home buyers grant is to get pre-approved by your bank. The next phase is to schedule a meeting together with the particular area representative for the grant. Your bank can certainly lead you in the best direction here.
The really good factor about obtaining the government grant for first time home buyers is that you will not have to pay off this money. Make sure you understand the provision of the grant because there may be something revealing you need to live in the home for a given amount of time.
I'm positive that it isn't going to be a problem for you. The grants have these type of checks and balances for the reason that they need to safeguard from people attempting to game the system.
You can just envision individuals wanting to acquire properties and then trying to make cash by marketing them at a higher rate.
Don't let a provision such as this stop you from getting a house by applying for the home buyer grant. That's the reason you should be informed. Some may say if you sell your residence within a specified amount of time, you will need to pay back the grant money. If that's the case for you, no problem, your house may have increased in value anyway. So none of your money is really being used.
The first time home buyers program is an exceptional way for you to get into your initial house. Think about how great it will feel to have your own property and be a first time home owner. You can probably already imagine the family get together and the holiday parties can't you.

Other helpful Resources -
http://portal.hud.gov
http://fha.gov/









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Wednesday, 22 August 2012

First Time Home Buyer Grants For Single Mothers-Free Home Grants

First Time Home Buyer Grants For Single Mothers-Free Home Grants
There is a critical difference between a home buyer grant and a home buyer loan. Home buyer grants generally do not have to be repaid provided the stated terms of the grant are fulfilled. There are variations on this so the single mother should be alert, as should every grant applicant. Home buyer loans are simply the use of funds for a defined time period that belong to others (i.e., banks, lenders) and always require repayment, unless forgiven.
Eligibility
These first-time home buyer grant programs for single mothers are not widely advertised because it is regarded as a specific market niche and advertising dollars are not readily available. There are two basic eligibility requirements: first the earned wages of the mother have to be within the limits of the specific grant program, and secondly the mother cannot have held ownership in a home within the past three years. The grant money is not considered income and therefore free of taxes, and the money is not considered a financial liability that has to be included in any future financial matters.
Qualifying Factors
The first-time home buyer grants are geared toward supplementing the efforts of the successful applicant well along in the process, as opposed to being awarded at the beginning. The single mother usually has to have a mortgage commitment from a customary source, such as a bank, mortgage company or a credit union. 
Also, the grant program rules usually have a maximum percentage cap of the total mortgage--most do not exceed 10% of the total debt. A key concept to remember in the qualification process is DPA, which stands for down payment assistance. The idea here is a one-time help step for the single mother to afford getting started, as opposed to an ongoing grant commitment.
Professional Help
The best source of grants for first-time home buyer single mothers is the U.S. government, administered through the Department of Housing and Urban Development. Most individual states have similar programs, with a variation of title about housing assistance, and the source of these funds is channeled through HUD (Housing and Urban Development). 
The Internet is the most complete source for program descriptions and application assistance, and caution is advised relative to sources that charge fees and sell kits containing information that the public can obtain at no cost. The process can be long and slow and wearisome due to a variety of factors, so a person should plan accordingly. 
The best possible results are likely if you work with a single realtor dedicated to help you in the long process, and likewise a single mortgage or lender originator. The third adviser, if warranted, is a credit counselor to assist with credit repair and financial planning. Each of these should be knowledgeable and committed to you for the long term, and likewise you should be committed to them.

Other Helpful Resources -
http://portal.hud.gov
http://grants.gov






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Monday, 20 August 2012

Housing Grants Money For Single Women-Free Housing Grants

Housing Grants Money For Single Women-Free Housing Grants
Housing grants for women are blessings especially for single women, as they have to take care of the family and financial matters on their own. Most of the single mothers are suffering from poverty just because they are trapped in low paying jobs and they lack proper education.
These housing grants help them have modern accommodation without making them arrange for more funding. The main thing about these grants is that they are free money and need not be repaid. There are various housing grants specially designed and created to help women that are not so well to do.
These should not be mistaken as personal grants for individuals because the Federal government wants to help disabled women and those who live below the Federal poverty line. The state and community government, using the fund provided by the Federal government, usually awards these grants. 
These funds are then used and provided as financial aids to women. These housing assistance grants are for low income families also. There are other factors also that decide who is eligible for this grant and the annual gross income of the household is considered especially for the single women. Then it is calculated whether they are eligible for rental and housing aid or not.
The basic eligibility requirement for housing grants for women is that you should be a woman, citizen of America and about eighteen years of the age. If you fulfill these requirements you can apply for the housing grants and take the advantage of the assistance provided by the present government. 
There are private subsidized homes for low income families provided by the department of housing and urban development of Federal government. These subsidies are available for both profit and non profit individuals. For further details the HUD department or the respective property managers can be contacted.
There are public housing and shelter plus care programs that are available for women and eligible individuals. There are other grants like low income home energy assistance program and weatherization assistance program that are specific housing grants for women and other needy individuals and are funded by the Federal government and implemented by state and community governments.

Other Helpful Sources - 
http://usa.gov
http://portal.hud.gov







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Saturday, 18 August 2012

Bad Credit Home Improvement Loans-Get Home Improvement Loan

Bad Credit Home Improvement Loans-Get Home Improvement Loan
Home equity loans with bad credit are provided to maintain or increase the current value of your home and so before considering the home equity loan as your last option you need to have drawn a detailed plan for the home improvement measures you are implementing. With this you can draw your loan without paying for high closing rates. With bad credit your home's equity valuation can help you obtain this loan at low interest rates and restore your damaged credit ratings.
The kind of lender you obtain your home equity loan from is always a major determinant on how your credit ratings are done. Having a good knowledge of prevailing interest rates for individuals at your credit category is important to avoid being charged at higher interest rates. 
The interest rates are always fixed or adjustable, but with most lenders adjustable rates are preferred since they start out lower compared to fixed rates. Most loan with bad credit lenders allow individuals to borrow your amounts as long as your guarantee is valuable. This is always advantageous since you only pay interest for the funds you use.
Penalties are charged on any breach of the contractual agreement between the borrower and the lender. Therefore before entering into contract with the lender clearly understand how all charges may affect your credit state. 
For instance if you plan on repaying and clearing your home equity loan with bad credit in a year request that all early payment fees to be removed. Loan borrowing terms always vary from lender to lender. It's therefore important to identify the low rates and go for them since they guarantee some savings and low charges.
You should compare home equity loan with bad credit lenders and request for their credit notes. Many always have websites where one can enter personal information, request and get instant quotes and learn their terms of credit. Before committing to a home equity loan with bad credit home improvement loan, make sure you have all the lender's essential details such as rates, payment structure and refinancing costs precalculated at current rates.










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