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One Thing to Know About the USDA Mortgage Loan: Take a Look at Your Income

22 Jan , 2016  

Don’t get us wrong, though: the USDA mortgage is quite the secret in the real estate market. Just check this article out for yourself. If there was a way for someone to get a home loan approval fast and easy, it would be the USDA. But there are certain guidelines to keep in mind.

Keep an Eye on Your Income and Your Debt

It’s called the debt-to-income ratio. How much debt do you have? Is it ruining your credit? Do you need Lexington Law or Independent Credit Solutions to help you through those muddy waters? Good. Do it. But bear in mind that if the debt, plus the mortgage amount, just happens to be over 31% of your actual monthly income, the specific loan might be a no for you.
The VA program, another mortgage program out there, sticks to the similar rule: 41% is their measuring stick. Jumbo mortgage loans, the conventional ones, however, tend to stick to lower ratios overall given the assumption that when you take out a home loan, you’re entrusted to pay it every month despite whatever debt you already have.

And That’s What the Mortgage Guideline Is For:

It’s to protect you from buying a home that might be too expensive. When debt continues to drown you out, foreclosure commences. That’s something this real estate market won’t want given the growth we’re seeing in down payment averages and home prices.
So what should you do? Get on the right path, and without a doubt, the USDA mortgage loan might be your best bet, because it has plenty of benefits! Clean up your debt. Fix your credit. Sign up with the HOPE Program.

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Condominiums,Credit Repair,HOAs,Home Mortgages,Home Renting,Home Selling,Land Contracts,Landlords,Real Estate Market,Rent-to-Own Homes,Taxes

#ITPN   #Taxes  #Finance #RealEstate #Business #Investments

22 Jan , 2016  

#ITPN   #Taxes  #Finance #RealEstate #Business #Investments

Income Tax Planning » Blog Archive » The 1031 Exchange: Building Bigger Houses of Cards

We’re sure many wonder just how people get rich: tenacity. That’s the only way we can describe it. It all boils down to how you buy a candy bar for a buck and then sell it for two bucks. Simple as that. Increase the scale as high as you want to go, and you have a major money maker on your hands.

The post #ITPN   #Taxes  #Finance #RealEstate #Business #Investments appeared first on The Complete Real Estate Site.

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Condominiums,HOAs,Rent-to-Own Homes

The Funny Thing About Condo HOAs and Rent-to-Own Agreements

14 May , 2015  

The funny thing about HOAs (Homeowner Associations) is that they legally can choose to work with — or not work with — the ‘tenant’ in question. You’re all throwing your arms up in disgust, thinking that it’s unfair given the fact that tenants may have rent-to-own agreements with condo owners, for instance, right? Of course the HOA should work with you! Of course you can represent your landlord in this case. You’re going to own the condo anyway, correct?

It’s Not That Simple Given Such Rent-to-Own Agreements Are Only With the Owners — Not the HOAsrent to own condos

That, therefore, means the HOAs can choose not to even work with those tenants possessing rent-to-own agreements. By law, they would have to work with the actual condo owners themselves. You, as a tenant-soon-to-be-homeowner can’t represent that condo owner, not even a little bit.

The fact is even if your landlord asks or expects that you interface with an HOA, the HOA can still turn the cheek and say NO…. “I need to speak to the owner.” You literally can’t do anything about it until that property’s legally yours. At that current moment, you’re nothing more than an occupier, paying rent.

Some Exceptions Could Be Made, of Course

As with all contractual law, though, it can be something stipulated and allowed by an HOA in regards to rent-to-own agreements. But you need to be well aware of that in writing. If it’s not in writing, don’t expect to get anywhere with representing your landlord for the HOA regarding anything about the property. You’d have to contact the condo owner specifically instead.

Knowledge Is Power, Right?

Most definitely. And in the real estate industry, everyone has a role — whether you’re a tenant, buyer, owner, seller, agent, broker or whoever. Heck, even the plumber has a role! You simply have to remember that while you’re renting, you’re a tenant. When you’re finished with all rent payments for that period, you’ll be something more…. Any other questions about rent-to-own? Feel free to peruse the site even more!

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