If you need to obtain necessary financing for the purchase of a home it is important for you to know that there are alternative lending sources other than banks and traditional lenders that you can use for a mortgage, even if your credit or other circumstances are less than ideal. There are government sponsored programs that allow a variety of people wit different backgrounds to purchase a home with a low or no down payment and affordable interest rate. Fha purchase financing is an option many people who are involved in the buying process.

Fha purchase financing is financing insured by the Federal Housing Administration which is a government owned organization that works to extend mortgages to people who do not meet traditional lending criteria. The Fha was established under the National Housing Act, with their goal being to extend financing to people with repayment abilities who otherwise lack the ability to get a traditional loan. The FHA does not provide the finances necessary to fund a loan, however, they insure the loans of those buyers who use their programs allowing lenders who would not otherwise be able to extend them financing to give buyers a loan.

Because the Fha insures loans against default, they have opened up the prospect of homeownership for people who had previously been unable to get a loan. First time homebuyers, minority borrowers, buyers with a poor credit history or a lack of credit, and prospective homebuyers who do not have a lot of money for a down payment or closing costs can purchase a home because of Fha purchase financing.

Fha mortgages have many benefits. The major benefits to Fha mortgages are that they require a low down payment, usually 3% of the home’s purchase price which is much lower than the conventional 10 to 20%, closing costs can be included in the loan, credit requirements are much lower than with traditional loans, and other requirements such as cash reserves may not have to be met like with traditional lenders.

If you are trying to purchase a home and have had trouble attaining financing you should speak with a Fha approved mortgage broker. They will be able to tell you the details of Fha purchase financing and what qualifications you will have to meet in order to get financing. Fha approved mortgage brokers can help you navigate the process of home buying and find a loan that is compatible for your unique situation.

Yanni Raz is a mentor for many in the Real Estate Mortgage industry, Yanni Raz is been tutoring many homeowners in California and help some also to save their homes.
current mortgage interest rates

Real estate can cost investors a lot of money up front, but it can promise a higher return in the future. One basic characteristic a real estate investment has is that the payment can be amortized for a longer period of time on an installment basis. In this case, the investor will only prepare for a down payment and the remaining amount will be paid on a monthly basis. Aside from that advantage, this kind of investment has the capacity to increase its appraised value up to 10% every year depending on the location and the development of a given investment.

Real estate investment can contribute a lot to the income of an investor. But with this income, there is a corresponding cost to it. As it is said that they higher the return, the higher the cost involved. This kind of real estate investment needs proper maintenance and development in order for it to increase its value over a short period of time. The development cost for this kind of investment can require a higher cash outlay to the owner of a certain property but the fruits of his labor will be abundant.

The investor can earn a large income in the near future as long as he invests proper management into his investment. Aside from the income that the investment can provide, it can also provide the owner security for his investment. Because of its tangible but immovable characteristics, this kind of investment is secure in the hands of the owner. These are the basic things that can make the real estate as a good investment opportunity.

Clive Green is a writer with expertise in the fields of self-improvement, real estate and finance. Look here for info on real estate

Ponzi schemes such as the one Madoff perpetrated are named after a 1920′s fraudster named Charles Ponzi. It is a “rob Peter to pay Paul” scheme whereby unsuspecting investors are sucked in by a fraudster making promises of unbelievable interest rate returns. Meanwhile he is just using that new money to payoff earlier investors. Once no new recruits can be found, the house of cards collapses, much like Madoff’s did when he could not meet $7 Billion of payouts to his investors.
In reading about this fraud, several very important lessons stand out:

1. Even rich people get duped. Lot’s of very wealthy people and institutions are going to take a bath on this one, so don’t be naïve to think that just because you have money you are smart enough to not be a victim;
2. If it’s too good to be true… Yeah, I know it’s cliché, but if this doesn’t prove it I don’t know what does;
3. Understand what you’re investing in. I’ve read dozens of books, free reports and emails on stocks, puts, calls, options, credit default swaps, CDO’s, etc.. Why does it always seem like these are just games of musical chairs in which the average American always get caught without a seat?
4. Don’t go in “naked.” This is a term used in the equities market for people that invest in stocks without putting stop orders in place to protect against losses. If you’re going to invest in something, make sure you’re principal is secure and you can control your losses.
5. The SEC can’t protect you. Will someone please explain how there could be no oversight of $17 Billion of asset holdings at a stock trading office? Will anyone get fired over this or will this be excused because of “poorly drafted regulations” and “understaffing?”

Bottom line to this outrage? If you don’t take control of or understand your investments, you risk losing your shirt to a guy like Madoff. Given the current state of affairs on Wall Street, it may be time to consider a different type of secure, high yielding investment – hard money / private mortgage loans.

A hard money loan is simply a private loan given to a property owner at a pre-determined interest rate (12%%2B). The lender’s money is protected not just by a promissory note, but also by a “mortgage” on the property, usually at a very conservative “loan-to-value.”
There are many benefits to hard money lending over equity investing:

* Safety – Your money is secured by a mortgage lien that is never more than 65% of the “quick-sale” value of the property. This leaves a lot of equity in the property as a safety cushion in the event of default by the borrower (remember, don’t go in naked);
* Completely Hands-Off – No need to check your portfolio or trade stocks every day. Once you write a mortgage loan, you simply sit back collect a check every month at a pre-determined interest rate;
* Easy to Understand – You don’t need a PhD from the Wharton School of Business to understand this investment model. Example: property owner has building worth 200K and needs a loan. You write a loan for 100K to the owner. You are protected by 100K of equity. It’s that simple;
* Predictable – You won’t have to gulp down antacids every day watching your stocks fluctuate wildly up and down like a carnival ride. Your returns are determined in advance at the time the loan is written;
* Proven – This type of investing has been around longer than Wall Street, longer than the United States – even longer than paper currency!

So what is the trick to being a successful hard money lender? i) Getting access to good private mortgage deals; ii) properly underwriting them; and iii) having a professional team of legal and mortgage experts to help you close them legally and profitably.

If you don’t want your money to fall into a $50 Billion black hole, consider hard money / private mortgage loans to supplement or replace your current portfolio. If you need help identifying and closing on these types of deals, or would like to inquire further about these types of investments, feel free to contact me. Our hard money company specializes in private mortgage note investing and provides a full spectrum of services related to private/hard money transactions including loan placement; underwriting, title and closing, and loan document production and servicing.

Jeffrey Shiller is a Maryland based attorney specializing in real estate. He is a principal of Jeffrey P. Shiller, P.A. and Hard Money Bankers, LLC. His real estate services include contracts, settlements, loan document production, pre-foreclosure consultation, and structuring creative real estate transactions and hard money deals.

Mr. Shiller can be reached at: Jeff@VIPrealestatelaw.com

On the web at: http://www.viprealestatelaw.com or http://www.hardmoneybankers.com

Online offerings

The web site, foreclosure, can help you find information specific to Michigan properties, free with a seven-day trial. After that time, you will need to subscribe to the site to continue to have access to the compilation of data they have gathered there. This web site gives information on pre-foreclosures, Sheriff’s sales, and bankuptcies as well.

Another good source for information on Michigan foreclosures can be found at michigan foreclosures online. For less than $20.00 per month, you will receive a weekly updated list of foreclosures and pre-foreclosures in Michigan. This listing will give you ample choices to select from when you are choosing which Michigan rental property to purchase.

The reality of recession

Due to the economic recession and large number of foreclosures, especially notable in Michigan as the auto industry layoffs have had such an impact, the number of home foreclosures is very high. Michigan was also hit hard by the sub-prime lending practices and subsequent default of borrowers. This is a great opportunity for real estate investment for those with good financial resources. Due to the number of home foreclosures, a higher amount of rental properties are being sought for the homebuyers who have had their property foreclosed. A rental property can help in the transition process; therefore, a greater number of rental properties are needed. A cycle has been created. Homebuyers can?t pay their mortgages and have their properties foreclosed. They need somewhere to move and live. Individuals with financial resources can purchase the foreclosed properties for significantly less money because of the circumstances that surround them. The purchasers can then turn the foreclosed properties into rental homes and be confident they can find renters because the need is so great.

Michigan investors

Investors who are purchasing Michigan foreclosures to use as rental property are at a point in time where they are speculating that the economy will eventually turn upwards again, and the property they purchase now for $100,000 may well be worth $500,000 at a future date. Of course, this is exactly the way the ?ebb and flow? of change works. What goes up must come down and, conversely, what goes down must come back up again. Now is a great time for speculators to jump in and purchase foreclosed properties at bargain rates. Turning those great real estate buys into rental property only makes good sense. Smart investors can capitalize on the opportunities Michigan presents with its foreclosed homes.

Stop wasting time and money on outdated methods for buying a foreclosed home, instead try visiting http://www.aboutmortgageapplication.com – a popular website that specializes in providing the best information on buying a Bank of America foreclosed home.

Districts like Silver Springs Shores and Marion Oaks, are older, more established residential communities, and are still experiencing robust growth. Other areas like Fore Ranch and Heath Brook are newer subdivisions. The southern portion of Marion County is also home to a selection of massive retirement villages, as well as other other gated communities and villages.

The Ocala/Marion County Building Department has noted that housing growth in the city and county as well has remained strong, ,and like most of central and south Florida, is being driven by the influx of new families and retirees, who are relocating from harsher and colder northern climates, as well as for the area’s growing employment opportunities.

The Indicators For Robust Growth Are In Ocala

According to local housing experts, most indicators that would enable a healthy local new home sale market are reflected in Ocala. These factors, such as low interest rates, lower cost of construction products and services, strong commercial construction activity, and baby boomers reaching retirement age. Overall, the housing sector is optimistic that the new home market in Marion County will be healthy over the next 12 to 24 months.

Ten Reasons Why You Should Invest In Ocala Real Estate

- Availability Of Affordable Housing

Ocala, as well as Marion County, offers many affordable housing programs for income eligible households, and these include the State Housing Initiative Partnership or SHIP and the Community Development Block Grant or CDBG for home purchase or rehabilitation outside of the city limits of Ocala. In Ocala, the CDBG Housing Rehabilitation Program, which uses federal funds, is among the programs offered to income eligible residents within the city limits.

- Wide Array Of Employment Opportunities

The slowdown in the housing, credit and construction sector has led to higher unemployment in recent months, with the jobless rate rising to 4.8 percent. However employment in the manufacturing and service sector has risen, and the result is an availability of job options.

- The City Has A Thriving Retail Sector

Ocala’s retail sector is expected to further grow. The new Market Street at Heath Brook mall is scheduled to open early next year, bringing new options to shoppers, including Dillards and Talbots. Paddock Mall, the county’s first mall, is slated for a renovation and expansion in 2008, and newer centers are being developed nearby. A new shopping center, Berkshire Oaks, will add major retailers Kohl’s and H.H. Gregg to the fold.

- Easy Access To Modern Medcal Facilities

Of the county’s largest private-sector employers, two are in health care, three in retail sales, three in manufacturing, one in finance and one in support services. The Munroe Regional Medical Center is the county’s largest single employer, with 2,427 employees, followed closely by Wal-Mart with 2,385. The proximity of the county health facilities to the city offers residents better, and convenient access to medical care.

- Presence Of High-Tech Industries

Ocala’s high-tech industries are expanding too. Aircraft and tech firm Lockheed Martin continues to build missile control systems in its Ocala facility, and Intellon is expanding its line of integrated circuits into new products.

- Booming Tourism Market

As tourism continues to grow, the Ocala/Marion County Visitor and Convention Bureau recently authorized a feasibility study to determine whether the area can support a convention/meeting facility. New hotels have recently opened on both the east and west sides of Ocala. A new Holiday Inn Express opened near the Silver Springs attraction, joined by a Value Place extended-stay hotel nearby.

- The City Hosts A Number Of Housing Events Each Year

Each year, several home events are hosted to showcase potential home buyers to area builders. Two of the area’s largest events are the annual spring Parade of Homes and the Fall Showcase of Homes. The Marion County Building Industry Association sponsors both events.

- It Is The Horse Capital Of The World

Carl Rose, who made millions in the limestone industry, opened his Rosemere Farm just east of Ocala in the 1930s, However, it was men like Bonnie Heath and Jack Dudley that began breeding Triple Crown champions in Marion as early as the 1940s and 1950s. Today, Marion, as well as Ocala, proudly calls itself “The Horse Capital of the World” because of the hundreds of farms that raise dozens of equine breeds.

- The City Offers Many Educational Opportunities

There are many educational opportunities in Marion County, and these range from public and private elementary schools to colleges and university opportunities. Among them are Central Florida Community College, and its main campus on State Road 200 not only offers associate degrees, but also features a University Center where students can earn bachelor’s and master’s degrees through online classes at seven universities.

- It Has A Vibrant Nightlife

The city has a healthy assortment of recreational, dining, and entertainment facilities. Whether you’re looking to dance the night away, go have a few drinks with friends or just unwind, there are several nightspots here for individuals who are looking to have fun.

http://www.fountainsatgolfpark.com/fountains/index.htm – Ocala Real Estate

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