Techniques enabling poor credit risks to become happy home owners Yes, you can own your own home. Even if your credit is nothing to brag about or virtually nonexistent, it needn't prevent you from purchasing the house of your dreams. And mortgage loan officer Thomas Masters points the way. In this valuable, fact-filled resource, he discusses in depth the many options actually available to those with spotty credit who are looking to buy real estate. What's more the strategies set forth here are methods the author himself has successfully utilized to help those in similar situations rise above their credit ratings. * Details such techniques as lease options, quick qualifying loans, wraparound financing, quitclaim deeds with refinance options, assumable financing, and others * Includes many case studies based on Masters' own experiences * Provides sample purchase contracts THOMAS MASTERS (Palm Springs, California) is acting senior loan officer with CFC Mortgage. He writes about the purchase and financing of real estate for the Gannett publication, Desert Sun-USA Today.
Table of Contents
Federal Housing Administration Assumption: Nonqualifying Loans. Veterans Administration Assumptions. Owner or Seller Financing. Equity Sharing: Buying without Applying for a Loan. Reverse Mortgage: Income Through Home Equity. The "Short Sale" and "Preforceclosure Sale." Hard Money Loans and Quick Qualifier Loans. The Ultimate Fixer-Upper Loan. The Mortgage Banker's Role. Qualification Guidelines for a Home Loan. Understanding the Loan Application and Forms. Obtaining the Lowest Interest Rate. Creating Finance--Cleaning Up the Mess. Cleaning Up Credit in Writing. Form Letters and Procedures. Glossary. Reference Guide to Credit-Reporting Agencies and Bureaus. Index.
THOMAS K. MASTERS is acting Senior Loan Officer with The Mortgage Center. He writes about purchasing and financing real estate for the Gannett publication Desert Sun-USA Today. Mr. Masters lives in Palm Springs, California.