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Author: admin | Category: Car Loan Canada | Date: 04.02.2015

Here are 7 really important things that will make your life so much easier, as you get started on your journey. START SAVING – Make a goal of saving at least 5% of the purchase price of the California home you have your eyes on. REALISTIC MONTHLY PAYMENT – Have a general idea of what monthly payment you are comfortable with and discuss it with your lender. Talk to at least a couple of local mortgage lenders as their rates and fees can vary, but tell them what you are doing. Essential Guide to Getting the Best Rate & Program for a New Home Loan!Tips from Jackie to make the process pain free.Download Now! One thing you should know as a first time or repeat home buyer is that mortgage lenders allow financial gifts to be used toward the down payment on a house. If you are looking for a first time home buyer program, explore the possibility of receiving a downpayment gift.
No matter what type of loan you will apply for, a gift from an eligible source can give you a leg up when qualifying for your first home mortgage. Conventional loans backed by Fannie Mae and Freddie Mac allow the borrower to apply financial gifts to the down payment, fees, and closing costs. The borrower usually does not need their own funds when receiving a gift if the gift covers the entire down payment and other loan costs. In years past, the borrower needed 5% of his or her own funds, but this is no longer the case for most transactions. To clarify, the borrower does not need any of his or her own funds when receiving a gift that covers the entire down payment and closing costs, unless the final loan amount is over $417,000. You may be thinking that it’s pretty rare for someone to give away enough money to cover the entire down payment and closing costs.
The minimum investment is the FHA’s way of making sure the homebuyer has “skin in the game” which lowers risk of foreclosure.
Using gifts on USDA and VA loans is not as common, because these are both zero down programs.
US Department of Agriculture Rural Development (USDA RD) loans allow the use of gift funds to be used to cover any down payment required or closing costs not already covered by the seller.
FHA expands the rules a bit, allowing an employer, charitable organization or government agency to contribute. Whether it be a conventional or FHA loan you are qualifying for, the most important thing lenders want to know is that it’s a legitimate gift. Nor can gifts come from anyone who would benefit from the sale of the home – the seller, agents, loan officer, etc. For instance, FHA allows a maximum of 6% of the sales price in interested party contributions. The loan officer usually provides a template gift letter for the borrower to provide to the donor. Then the receiver will have to show proof of the gift money coming out and a receipt from escrow showing the funds were received. Some steps can be cut out if the donor wires the gift money directly to the escrow company handling the transaction. Likewise, if gift funds were received a long time ago, documenting it may not be necessary. Conventional loans allow for a gift type called a “gift of equity.” A gift of equity can be given when the seller of the home sells the property to a family member. For this to work, the current owner must be an eligible donor as per conventional loan gift guidelines, and must own and have equity in a piece of property. As an example, if your parents own a second home worth $100,000, they could sell the home to you and give you $20,000 in equity.
As far as the paper trail, the lender will accept the final settlement statement, also called the final HUD-1. The gift of equity may appear to fall within the definition of an interested party contribution, since it’s the seller who is giving the gift.
Although receiving and documenting financial gifts for down payment can be cumbersome, it can be well worth it. Receiving a gift reduces the amount of savings needed to close the purchase transaction and also lowers the payment on the future mortgage.
Tim Lucas is a mortgage writer with over 11 years of experience as a loan originator, processor, and team manager. Please contact our support if you are suspicious of any fraudulent activities or have any questions.
The wide scope of online identity fraud has goaded the FBI, FTC, and independent businesses to issue warnings on how to avoid online scams and keep yourself protected.
Always question e-mails and opportunities that seem too good to be true, because they almost always are. Variations of this scam have been around in snail mail form since the 1920s, but they have only become more advanced as technology has grown. This scam is particularly despicable because it victimizes those who have already been victimized.
A recent spin has the scammers pretending to be legitimate companies such as Google, Microsoft, or a security company, telling you they’ve remotely caught a virus. Contact the supposed funeral service if the e-mail looks suspicious, to confirm the funeral. Did you know that short shaggy hairstyles for thick hair is one of the most popular topics on this category? Did you know that butterfly foot tattoos designs is most likely the most popular topics on this category? Buying a car is still an inherently risky process, full of mine fields and booby traps that work only one way -- in the house's favor.
The world is now full of consumers who think they've scored a great deal by getting "invoice price" off the Web, only to get screwed by tack-on delivery fees, expensive financing or back-room shenanigans like window etching.
Before you get your auto loan, make sure to check your credit score for any errors or negative accounts that could cost you more money in interest or lower the total amount of the auto loan. A word on invoice price, which was a valuable tool when it first began appearing online: Dealers have figured this out, and now muck it up with holdbacks or other fees to convince consumers they are getting a cheap price while hiding their profits. As with all goods, there's one only way to arrive at a fair price -- to see what the market will bear by comparison shopping. And about those discounts: Dealers may promise crazy discounts or trade-in values, such as doubling blue book value. Some consumers also have luck buying a car near the end of the quarter, or of the month, when a dealer might be more anxious to "make a number" and reach an automaker sales incentive.6.
Dealers nearly always try to find ways to not honor those e-mailed price quotes you've received.
NOTE: You can't take this walk-away step if you don't have time, that's why it's important to avoid buying a car under duress.
If you find you've been tricked into purchasing an extended warranty, many states have "regret laws" that give consumers five or 10 days to back out of that part of the deal, no questions asked.
Speaking of saying anything, part 2: Some states make consumers sign a piece of paper saying that the agreements between buyer and seller are entirely on the paperwork signed by both parties, making clear that no verbal agreements can change what's on the paper contract. If you do have a few dings “LATES” in the last 12 months, it is still possible to get a CA Home Loan, but you will have some explaining to do… and you may pay a little higher interest rate.


If you don’t have ANY debt or credit, you will find it more difficult to get a CA Home Loan. We do have programs for less of a down payment, but the more money you can put down on your CA home, the lower your monthly payments and interest rate. If the underwriter looking at your loan thinks you have just accepted an informal loan, you may have some explaining to do. It may be easier to look at them during a Holiday dinner, but they should be experienced in the business, not just available and in need of some money.
Jackie and her local team at Right Choice Mortgage have many programs to help the First Time Home Buyer and we make the process simple and easy to understand. If the gift amount does not cover all upfront costs, the borrower needs to prove they have the money to cover them, or receive a higher gift amount. But, it happens a lot more than you might think, and has allowed many homebuyers to achieve homeownership much earlier than they would have on their own. This means that if the purchase price is $100,000, the borrower needs to come up with $3,500. However, borrowers may find themselves in a situation where they need to receive a gift for these loan types.
According to Fannie Mae’s underwriting guide, a giftor can be “a relative, defined as the borrower’s spouse, child, or other dependent, or by any other individual who is related to the borrower by blood, marriage, adoption, or legal guardianship.” In addition, a fiance or domestic partner can give a gift.
There’s even a provision for a friend to give a gift, provided a documented, long-term relationship was in existence prior to the real estate transaction. This letter will be signed by the donor, and state that the money is to be used for the sole purpose of purchasing a home, and that there is absolutely no expectation of repayment. Often, the mortgage lender requires the donor to hand over a full copy of his or her bank statements, showing all transactions and personal information.
In that case, all that would be needed is the donor’s bank statement, and a receipt from escrow. The mortgage lender considers the funds yours if you can show bank statements that 1) do not show the initial deposit, and; 2) show the amount has been in your account for 60 days. The donor of gift equity would need to complete and sign the gift letter, just as if the gift were given in monetary funds. The final HUD-1 statement is provided by the escrow company, and displays each fee that’s related to the property sale transaction.
However, Fannie Mae and Freddie Mac make this situation exempt from interested party contribution rules when the buyer and seller have an eligible relationship. For many first time home buyers, it can mean the difference between buying a home now, or buying years from now.
With a little education on the gifting process and a willing donor, receiving a gift to be applied toward the down payment on a house can turn out to be a very sweet deal for the first time home buyer. We do not directly offer mortgages, accept applications or approve loans but we work with partners who do. If you would like to find out more information about your benefits, please visit the Official US Government website for the Department of Veteran Affairs or the US Department of Housing and Urban Development.
These people will go to great lengths to con a poor, unsuspecting samaritan into giving up their pertinent information, identity, details, or bank account numbers.
The first step on this list is always this: Do not respond to unsolicited e-mail, and do not click on any embedded links within those e-mails.
You would think everyone would know about this scam in 2014, and that nobody would fall for it, but you’d be wrong. A wealthy Nigerian family or a widowed African woman is trying to get money out of the country. These scams promise to refund and recover money already lost to schemes (such as the Nigerian Wealth scam). They say they’ll issue refunds if you provide bank information for the direct-deposit reimbursement. Malware crusaders steal the names of legitimate funeral homes, send invitation notices to an unnamed friend or relative’s memorial service, with an attached link to celebrate the friend’s life. New car sales jumped 17 percent last month, to 1.5 million, the highest level since the beginning of the Great Recession. The Internet, once seen as a great equalizer for consumers in the car-buying process, is now a part of those booby traps, and can hurt as much as it helps. Many buyers haggle like they are at an Egyptian bazaar, only to overpay for car registration or some other tack-on.
You can get a free look at your credit score, plus a breakdown of which components of your credit history are hurting you by using the Credit Report Card.2. Dealers often give buyers a good price on a new car, then make up the markdown by low-balling the trade-in.
Don't negotiate up or down from MSRP, or bother with invoice, or any of those other distractions. Your job isn't to screw the dealer by paying less than you *think* the dealer paid for the car.
Some even promise to give buyers a check for a thousand dollars after they finance a car purchase through what's known as a negative amortization loan. Eat a big meal, and know a dealer's strategy can involve wearing you down so you fall for one of their traps along the way. That's when the finance manager will try to convince you to take dealer financing rather than your own, or to buy an extended warranty, or undercoating, or some kind of anti-theft device.
In Washington, for example, buyers need only drop off a letter at the dealer to get a refund for the warranty portion of the deal.
To put yourself in the right frame of mind when buying a car, read this incredible undercover story by Chandler Philips, who took a job as a car salesman so he could see dealer tricks from the inside.
That sounds like a consumer protection, but a€¦ it also means the dealer can say *anything* to the consumer and, at least on paper anyway, not be held responsible. Just a thought, if you have multiple lates on your credit it may be a sign that you need to get things under control before home shopping.
Having debt and showing the ability to pay on a month to month basis = being responsible and just what the lenders want to see before approving your CA Home Loan.
Be nice to your relatives, you can also get gift funds to help in your quest for a nice down payment! Some lenders and realtors will want to see what you qualify for at the highest possible loan.
For instance, if the appraised value is lower than the purchase price or funds are needed for closing costs.
For both of these programs, follow the same donor guidelines and documentation procedures as for conventional loans. An example would be a high school yearbook, a family photo album, or proof of being roommates in college.
If it’s truly a loan, the payments need to be included in the borrower’s debt ratio calculation.
Any moneys received from anyone involved in the transaction are subject to the limits of “interested party contributions” as designated by the loan program.
The letter will include items like the donor’s name, address, phone number, bank account number, and relationship to the homebuyer.


When dealing with gift funds, “sourcing” gift funds means providing a bank statement showing that the donor does in fact have enough money to give. Many donors don’t exactly enjoy handing over personal information for a loan that’s not even theirs.
The HUD-1 will show the gift by showing an item stating “Gift of Equity – $20,000,” or something to that effect.
We are not affiliated with the US Government, US Armed Forces or Department of Veteran Affairs. As long as people are falling for these too-good-to-be-true opportunities, the prevalence of these scams will only increase.
The scammers create phony recovery programs to restore a victim’s lost money, but first you must pay an up-front fee.
The invitation appears authentic at first glance, but the danger is in the attached link, typically downloading malware to your computer rather than redirecting you to a funeral service site. And ask yourself: Do you have any recent friends who have died who would invite you to such an impersonal service? We got this picture on the internet we feel would be probably the most representative images for lions tattoos designs. We got this picture from the net we think would be probably the most representative pics for short shaggy hairstyles for thick hair. We took this picture from the net that we believe would be one of the most representative pics for butterfly foot tattoos designs. Consumers are buying cars even while they remain reluctant to spend on other big-ticket items, and it makes sense a€“ drivers can only put off buying a new car for so long.
Find out what you'll have to write on a check to drive away with the car, and talk only and always about this. Once you've settled on the car you want, with the options you want, e-mail at least five local dealers and one non-local dealer, and ask for their best out the door price. Dealers don't want 2013 cars taking up lot space when shiny new (and more profitable) 2014 cars are there. They will say there's a delivery charge because the color you want isn't on the lot after all, or they'll find a new excise tax to charge, or they'll say you can't get that car without $300 mud-flaps. Dealer sales reps will sometimes say nice things like, "Oh, we don't charge for that," when the contract says otherwise. Buying a used car is a good way to save money over buying a new car, but it's not the slam-dunk it used to be. The allure of the bigger home can be intoxicating, but be careful you don’t take on too much mortgage debt = stress. This is the kind of real-life documentation the underwriter might ask for when receiving a financial gift from a friend.
The final sale paperwork would say that the home sold for $100,000, but only $80,000 would be required to pass from the buyer to seller. This is proof that the intangible equity has been transferred from the seller to the buyer.
US Government agencies have not reviewed this information and this site is not connected with any government agency.
While the Internet and online security become more and more advanced as the years pass, so to do the tactics of these e-scams.
Many people think they are good at buying cars, but like a good wrestler, dealers are very good at using their alleged strength against them. There are clever calculators for this all around the Internet, but they all boil down to this: unless you are borrowing a lot of money (north of $25,000), and the rebate is tiny (south of $1,000), take the money. Sure, new cars can lose 10 percent to 20 percent of their value as soon as they are driven off the lot, but they lose a lot of their warranty and free service perks during that first year, too.
You want to enjoy your new home and some extra cash to shop at Home Depot for all the fun new home toys.!
Borrowers do not need to contribute their own funds if receiving a gift for the full 3.5% down payment. Make sure to research a link: A legit, secure URL will redirect to an ‘HTTPS’ address, not just ‘HTTP.’ If you feel that you must open a link, open it manually into your browser, just don’t click any links! So as millions of Americans trudge for the first time in years into dealerships during this, the traditionally best time of the year to get a deal on a new car, it's time to remember this hard truth -- the house (almost) always wins.
Not long ago, I had to counsel a friend who called me bragging, "every single salesperson was shaking their heads saying I'd taken them for a great deal," but when I did the math on his monthly payments, and I had to tell him something was wrong. But all that really matters is the price your market is supporting when you are ready to buy. Because you've already shopped around and gotten a good deal on a car loan, you won't be losing much on that 0.9% financing anyway. Just ask yourself this: How many wealthy Nigerians do you know that need your specific help, and why do they need you? That's what I found when researching my book Gotcha Capitalism, and it's even more true today. He'd agreed to a $2,000 extended warranty without realizing it, and about $30 extra had been snuck onto his monthly payments right under his nose! Naturally, dealers may give you one price via e-mail, and try to change the price when you actually arrive at their door, but we'll get to that in a moment. Exercise your right as a consumer to not tolerate this kind of misbehavior, knowing that four or five other dealers are ready to give you roughly the same deal. Many folks will say you haven't really tried to buy a car until you've stormed out of a dealership for misleading you.8.
You should always do the same, or at least bring a dispassionate third party (like a friend) who can do it for you.9.
And most important, buying a used car is a totally different kind of negotiation than buying new. In reality, these prices will rarely vary by more than a few hundred dollars, so that gives you a great starting point. That can mean a shortage of new cars for some models at the end of the year, creating a price squeeze on a car you want. Even if you head to a dealer where the email price is slightly higher, you will pay less in the end by not dealing with a seller who is baiting-and-switching you this early on. You can read the tea leaves on this by following rebate offers, which are automakers' way to fine-tune model sales. If you see huge rebates, you can probably find a dealer who's desperate to sell that car model.
You can bargain all you want, and walk away from as many dealers as you want, knowing there's more cereal somewhere else.



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