FHA loans are loans that are insured by (HUD) Housing Urban and Development. FHA loans have been around since the 1930’s right after the “Great Depression.” This was when 4 out of 10 households owned a home. (FHA) Federal Housing Administration is the savior for our current market just like it was back during the roaring 30’s.With FHA loans especially during a credit crunch like we are currently are in, you can rest assure banks are willing to be more lenient to approve credit challenged borrowers with FHA financing. The reason is FHA loans are insured by HUD, and if the borrower looses the home HUD will pay a claim to lender for the loss. FHA is the largest single insurer of loans in the world.FHA Advantages.- Lower interest rates, typically interest rates are lower on FHA loans with the banks since they are government insured loans- Only requires minimum investment from borrower of 3% down payment, which can be eliminated by Down Payment Assistance. So essential you can get a 100% financing with FHA loans. Note: Requires Seller participation- If you have less than perfect credit you can typically can get a loan with FHA, they usually like to […]
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Identify theft is on the increase.
The FBI estimate that the number of individuals who become a victim of identity theft will increase between 500,000 and 700,000 each year. What’s more it can sometimes take up to a year before some realises that they are a victim of identity fraud an average of 175 hours to clear their name.
I was reminded of these grim facts when I recently received a letter from the “International Lotto Commission” telling me that I had won 850,831 Euros.
The “Payment Release Form” asked for comprehensive details including:
1. Name
2. Sex
3. Date of Birth
4. Address
5. Nationality
6. Email address
7. Phone numbers
8. Bank details
Although, if I wanted a “certified bank cheque”, the form stated that I didn’t have to give my bank account details. However, even without my bank details, if I provided the rest of information, in the wrong hands my identity would be in serious jeopardy. They even wanted to know who my next of kin was.
The letter was covered with a mishmash of photocopied logos and other images that were supposed to add authenticity to the letter from Spain. There were typos and while there was a lot of information in the letter […]
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Urban myths- We hear them all the time. Some that come to mind: alligators living in the sewers…mixing the candy Pop Rocks with soda pop will make you explode…and credit repair companies can instantly solve credit problems.Most of the myths are harmless fun; but when it comes to your credit, you could lose money and break the law if you don’t know the truth.Some credit repair companies make promises about turning bad credit into good credit. And while it may sound enticing, don’t be fooled. Truth is, nobody can legally remove accurate and timely information from your credit report. You should be skeptical of any company that claims they can do a quick fix to your credit.In fact, the Federal Trade Commission (FTC) is continuing its crack down on credit repair schemes. Eileen Harrington, Deputy Director of the FTC’s Bureau of Consumer Protection, is part of the project. “There is absolutely no reason to pay for credit repair,” Harrington said. “Despite their claims, there is nothing that any credit repair firm can do for you for a fee that you cannot do for yourself at little or no cost.”So, what can you do if you want to improve your credit? […]
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