I am looking to buy my first home. My goal is to get to a 620 credit score but I know this will take quite some time. I was wondering if there are banks out there that give you loans to buy a home if you have bad credit or if there are programs out there that help you fix your credit to get into your first home? My best credit score of the three credit agencies is 550. The worst is 490. Please help!

Short of having at least 20% down and paying closing costs and mortgage insurance and over 8% interest, or finding a house you can afford to pay all cash for, I don’t see it happening. I’d work on your credit and wait. I’m sorry to tell you that, I’m in the same boat and working two jobs and the goal for me is to either put as much down as possible or buy outright. You could try FHA loans and they might work with you, but I’d concentrate on getting as much down as possible or if you can, save till you can do it all cash.

Sorry to sound harsh, cold and cruel, but life often is and I’m just telling you the truth.

I’ve been very accurate in my ‘big picture’ forecasts over the years. Nine years ago, in 1999, I wrote a book Riding the Bear – How to Prosper in the Coming Bear Market. In it I said the market was in a bubble similar to that of 1929, and the worst bear market since that of 1929-32 was just around the corner. I was told that was ‘dinosaur-thinking’. The popular book of the time was Dow 36,000! But a few months later the severe 2000-2002 bear market began, in which the S&P 500 lost 50% of its value and the Nasdaq 78% of its value.

In 2005, I made the equally unpopular prediction that the real estate sector was in an unsustainable bubble, the bursting of which would cause at least as much trouble as the bursting of the stock market bubble. I was told I was wrong. The economy was strong, and lenders were making it possible for all Americans to own their own home. Therefore it would be many years before overbuilding would be a problem.

In April, 2007 I called the debt/credit situation a bubble that would be the next to burst. It seems to have done so this year.

In June of this year, with oil above $140 a barrel the consensus forecast was that it would hit $200 within a few months. I said not a chance, that oil was in a very overbought and unsustainable bubble. E-mailers told me I was wrong. There was no bubble, just soaring demand, and even if the U.S. economy slowed, China, India, and emerging countries would keep demand high for decades to come. My mistake was in predicting oil was due to plunge to $98 a barrel. It did that, and just kept on going down, now at $35 a barrel.

In a May, 2006 column I predicted “Banks are going to have severe problems again, this time evolving from high risk loans, investing for their own accounts in high risk derivatives, and their contribution to the creation of the real estate bubble. . . . . Banks say they are not at risk because these days they don’t keep the mortgages on their books, instead packaging and selling them to hedge funds and investors.” But we all know what happened a year later.

In early 2007 I said the Fed was behind the curve, and predicted the U.S. would be in a recession by year end 2007. Again I was told I was wrong, that the economy was strong and even weathering the bursting of the real estate bubble with no problem. And didn’t I realize that “even the Fed says the economy is resilient and employment remains strong, that the potential for rising inflation was the main concern”. Well, we’re now in a recession, and they now say it began in December, 2007.

However, I need to revise my recession forecast. As recently as last week I was predicting that while the recession will not turn into the next Great Depression, it will be as severe as that of 1973-74.

I now don’t think it will be that severe after all.

My reasoning?

The problems facing the economy a year ago were so severe that I have said numerous times since, “It isn’t rocket science to expect that the worst housing meltdown in 30 years, the worst financial system crisis since the Great Depression, the worst consumer debt bubble ever, and a few other ‘worst ever’ conditions, would result in a worse than usual economic recession.”

However, I didn’t expect the government response to also be so massive and record-breaking. I’ve lost count of how many $trillions have been thrown at the problem in specific takeovers, bailout grants, loan provisions, and programs, to say nothing of the way the Fed has flooded the financial system with extra liquidity.

Some of it, perhaps most of it, has been hastily designed and poorly implemented. But it also doesn’t take a rocket scientist to know that if you hurl enough cannon loads of ammunition, as in massive overkill, even in the general direction of a target, a good deal of it will have an impact.

Already financial firms are improving their balance sheets. Sure, to some degree they’re doing so by putting some of the bailout money in their vaults rather than lending it out, and by using it to add to assets by taking over competitors. But they’re also closing branches, raising fees, and cutting back on employees and expenses. Once they’re sure they have restructured enough to survive, they will lend again. They must in order to move on to the next step, of making profits again.

Now the bailout efforts are shifting to Main Street and employment. The most obvious was the White House decision to let the auto-makers borrow some of the TARP money that was originally intended only for financial firms. The decision was not made due to a desire to bail out the auto-makers, but to try to rescue the million or so related jobs.

Meanwhile, home-builders have drastically cut back on new home starts, the number of new homes on the market beginning to decline. And overall home prices have been dropping sharply, bringing them closer to fair-value based on wages. Affordability is also finally being helped by plunging mortgage rates. The Treasury Department said a few weeks ago it is considering stepping in to force mortgage rates down to 4.5%. But rates are now improving on their own. The rate on 30-year mortgages has plunged from 6.5% in October to 5.1% this week, a 37-year low. And oil prices have fallen from $145 a barrel to less than $40, gasoline from $4 a gallon to $1.65, which also helps significantly.

The major remaining problem is employment. And more help is coming for that problem. President-elect Obama’s economic advisors have a $trillion stimulus package they hope Congress will have ready to sign within days of the new Administration taking over. This plan, ten times the amount of the last stimulus plan from Washington, will fund job-producing road, bridge, and other infrastructure construction, aimed at helping revitalize major industries in steel, cement, construction equipment, trucking, etc., and providing jobs for laid-off builders and construction workers.

I’ve been six to nine months early with my previous predictions of the last ten years. And I don’t mean this time that the economy will be booming next quarter. But I do see improvement coming down the road soon enough to prevent the recession from becoming as severe as that of 1973-74, as I had previously expected.

I hope I’m right, because if all this massive ammunition is being wasted and does not drive the enemy back, the battle will indeed have a bad ending.

Sy Harding publishes the financial website www.StreetSmartReport.com and a free daily Internet blog at www.SyHardingblog.com. In 1999 he authored Riding the Bear – How To Prosper In the Coming Bear Market. His new book is Beat the Market the Easy Way! – Proven Seasonal Strategies Double Market’s Performance!

Sy Harding
http://www.articlesbase.com/investing-articles/forced-to-revise-my-forecast-dec-19-2008-691909.html

Please provide specific names or experiences you have had trying to get a zero down mortgage loan.

Thank you

The only ones possible are USDA for rural properties and VA loans.

Strictly speaking, you are taking out a form of a loan when you consolidate your debts. That means that when you look for a debt consolidation program, you still look for the characteristics that you would consider in a regular loan like terms, deadlines and interest rates, for example.

But given the sheer number of competing companies that offer different debt consolidation programs, you now have to consider characteristics that go way beyond the basics. Knowing and looking for these characteristics can make the difference between salvation from debt and sinking into even more debt.

Good Enough to Be False
Knowing about what to look for in a debt consolidation company is not just about comparing for the best rates anymore. It is now a factor in protecting yourself from getting scammed of your hard-earned money.

Be wary when a company promises you free debt consolidation or a debt consolidation program without any fees. Those are either scam operations or quicksand loans; they suck you right up with all their preposterous hidden charges and fees. Don not fall for a free pitch because they are rarely a real road to salvation from debt, if a road at all.

Other red flags are packages that have high rates, a short term, high upfront fees, high late fees and penalties when you pay too early. A combination of two or more of those characteristics (though one would suffice) is a clear signal that you probably should not get that package.

When an offer sounds too good to be true, an old saying says that it most probably is. This rings even more true in thiscase where you are dealing with your own money and trying to solve a big problem. It is pointless to try and get yourself out of a fix by getting yourself into another one because you took a risk with one such a free consolidation company.

What would make a good debt consolidation company?
Credibility and a good history with customers should come as one of your top qualifiers. Try looking for
a debt consolidation program from well-known banks and institutions.

You can ask the institution itself for references or people from whom you could ask feedback. If the company is truly credible, it should be able to provide you the names of certain people you could ask about them. Of course, if location is a problem, internet searches and calls to consumer groups would also suffice.

Another thing that the company should be able to give is transparency and professionalism. That means they should give you all the costs and available options from the get-go. You can easily see this when you inquire and ask for a session with a professional. If they present you with a list of all mandatory and optional, that is a good sign for the company.

The professional or the staff should also be able to answer your questions regarding possible situations, such as if you are suddenly unable to pay regular fees.

The secret to getting a good debt consolidation program is not to just look for the program but to look for the right company as well. It is them, after all, who will be handling all matters regarding your debt consolidation plan.

Zulika Van Heerden
http://www.articlesbase.com/debt-consolidation-articles/debt-consolidators-good-enough-to-be-false-371025.html

I am trying to get an auto loan but there are some negitives on my credit. I am trying to get them off. How hard is it to get a brand new car with bad credit?

Recenlty my friend got Auto loan of 25000$ for 10 years on 3% which should be paid annually my friend doesnt have good credit his credit score is below 700 but still he got loan.
I asked him how you got ?
He told me while i was searching on internet for Auto loan with Bad credit he found a site which contains links for bad credit so i checked all ..

go to

http://www.dixiloan.com/auto-loan.html

Note each link contain different interest rates and repayment period.
Take Care
Bye!

It is necessary to document, or prove, your income to a lending institution before obtaining most loans but especially when you are applying for a first mortgage. This process can be extremely stressful because of the huge amount of information necessary that the lender wants to see. By knowing what to expect you will find it easier to put together your financial documentation package.

Because your income is important to determine how much home you can afford, the lender will want to see tax returns from the previous two years, as well as W-2s and a recent pay stub. Do you have any source of income other than your job? Income from social security, alimony, child support, overtime and commissions can all help you qualify for a loan, and should be documented. If you have worked at your current employer for less than two years, the lender may request pay stubs for more pay periods or proof of income from your previous employer.

Your lender will also need to determine your debt to income ratio, so bring along a recent copy of all credit card statements and payment books on any other loans. The lender wants to know your debt to income ratio so that they can have a better idea if you will be able to comfortably cover the monthly mortgage costs. In simple terms, the debt to income ratio is the percentage of the borrower’s monthly income that is used to pay down existing debt. Most lenders are comfortable with a debt to income ratio of around 30%.

Lenders like to know what assets you have so if you have a clear title to your car, bring it along. Also include any statements from brokerage houses, retirement savings account statements and life insurance policies. While you will not be expected to cash out retirement funds or sell stocks to pay for your home, the fact that you have accrued these assets is a plus as far as the lender is concerned. This documentation improves your financial picture in the eyes of the lender.

To prove to the lender that you have sufficient control over your cash flow, bring copies of your bank account statements. While some lenders barely glance at these, others may be curious about how you spend your money. Bank statements are particularly important if you have a decent amount of variable income such as earned commissions. A look at your spending habits can help reassure the lender that you can handle a few up or down months without losing your head (and possibly your home).

If your employer is offering relocation assistance, provide this information as well. If you are renting currently, include copies of canceled checks proving that you always paid in a timely manner. If you own another home, and are selling it, bring along the sales contract. Declared bankruptcy? The lender will want to see that paperwork. Basically, any paperwork that you have in your possession that offers any insight into your financial picture is something that your lender will want to see.

If you are self employed, be aware that the lender will look much more closely at your finances, and will expect to see the tax return information from your business and proof that you are current on all of your tax obligations. What if you own a relatively new business? This may not be the best time to qualify for a loan. The best way to qualify for a mortgage as a self employed individual is to have excellent credit, maintain scrupulous records and have a low debt to income ratio. A large down payment also increases your attractiveness for each lender.

How far back do your financial records need to extend? While lenders vary somewhat in what they want to see, a general rule of thumb for annual paperwork such as tax filings is two to three years of records. For monthly paperwork such as bank statements you should bring two to three months worth of records. You will need to bring a copy of all of the above documents to the lender, but you can make the financial analysis much easier by putting together an overview. On a sheet of paper list your monthly income and expenses and your assets and debt. Include a list of all creditors, with the balance owed as well as the monthly payment. While the lender will undoubtedly check all of your figures against the paperwork that you provide, a simple financial sheet will allow them to give you a general idea about your possibilities for a loan and what amount you would qualify for.

All of this may seem a daunting task, particularly if you have not kept up on your financial records. The process is necessary, however, and ultimately you will emerge with a solid view of your true financial position and hopefully, a budget road map for the future.

Shawn Thomas
http://www.articlesbase.com/business-articles/how-to-document-your-finances-when-buying-a-home-682281.html

I’m planning to buy a 2010 Nissan Altima .Wondering if I can get an auto loan without a source of income. I have many relatives who are willing to be my co-signer. In this case, can I get an auto loan. Does IRS get involved in the process?

If you want to find the lowest auto loan quote just in one minute, check out this site

http://best-auto-loan-usa.com

Here you can get quotes from all auto loan companies in your area, its the best way to find an affordable auto loan with a reliable company.

Britons who are on the hunt for a cheap property in the current adverse financial climate may do well to avoid Kensington and Chelsea, it has been revealed.

New figures from Halifax note that while the famous London borough has long been considered a haven for the rich and famous, half of all the top 50 most expensive streets in Britain are located there. And while there are plenty of high-value postcodes found in the area, residents in the Vale may take a certain satisfaction in knowing that they live on the most expensive road in the country. According to the financial services provider, the typical house price on this street totals 4.68 million pounds, more than 200,000 pounds dearer than its nearest rival, which is Ingram Avenue in Barnet.

For those people who are setting their sights a little lower as they look to put their foot on the first rung of the property ladder, taking out a cheap loan may prove an effective way to boost deposits and make their offer more appealing to lenders during this difficult period.

And for homeowners looking for cheap property in the capital, they may find plenty of houses that are out of their price range after Halifax figures showed that 39 of the 50 most expensive roads were located in London. Meanwhile, house hunters may also like to avoid the south-east and Poole in the south-west, as these areas filled out the remaining 11 positions in the top 50 most expensive postcodes.

Indeed, Panorama Road in Poole was the only street outside of London to make an appearance in the top five, with house prices there totalling a typical 4.16 million pounds, putting it in fifth position, behind two more Kensington and Chelsea postcodes which came in fourth and third.

Commenting on the preponderance of the borough of Kensington and Chelsea addresses in the list, Martin Ellis, chief economist at Halifax, said that the area had always been considered a cool place to live among celebrities, although in recent years house prices may have received a further boost from the financial sector.

"Chelsea and Kensington have some of the most expensive streets in England and Wales. The Royal Borough has been a highly fashionable area to live in since the swinging 60s. In recent years, its prime location in central London has attracted affluent celebrities and ultra wealthy foreign businessmen helping to drive up house prices," he said.

For buyers who have struggled to get ahead in the property market in recent months as access to cheap mortgage lending has dwindled and acceptance criteria has tightened up, taking out a personal loan may prove a lucrative weapon in the battle to secure the keys to their own home. By boosting the size of their initial deposit, consumers could find they are able to encourage banks to extend a competitive mortgage deal for the purchase of a new property. Opting for a loan for this purpose may become increasingly important after the Council of Mortgage Lenders warned that the availability of home purchase loans may constrict further as the country moves towards a recession.

Steve Smith
http://www.articlesbase.com/finance-articles/the-richest-streets-in-britain-revealed-688350.html

I’ve heard about how some people will take a disability and make it into a superpower to save the world with. Well, I was thinking.. since I was born with a dinosaur in place of human genitalia, maybe I could use to my advantage to help the community!

I was thinking Chuck and I could help the under qualified get home loans by threatening bankers with roars and horns to approve otherwise unworthy applications! Or maybe we could improve traffic conditions by ramming a couple cars off the road for good.

oh those sound like good ideas
but while you are at it, you should also get this thing
its called a LIFE look into that, sounds like you need it

For families and individuals faced with credit debt, a credit consolidation loan can help on the road towards financial recovery. It will simplify the repayment process and correct poor spending habits.

Credit card debt is the greatest financial burden facing many today, and a credit card consolidation loan , which has many benefits, can go a long way towards alleviating the problem. It can be a great tool to help one get back on the right financial path.

While most people have some form of debt, it is probably shocking to learn that the average family in the United States has over $7,000 in credit card debt. This debt carries several negative situations.

Many, when faced with mounting debt, resort to a credit card consolidation loan and more credit cards as a way to pay the debt off. This only increases the financial burden in the end and can result in bad credit when the individual is unable to make payments because the debt has become too great.

In addition, penalties and late fees for tardy payment can accumulate with alarming speed, leaving the debtor even worse off than before. Rather than taking out loans or getting another credit card, those in financial crisis should consider a credit consolidation loan. It is a real solution that may leave one better off than before.

Be aware that a credit card consolidation loan is not a magic little pill that will make your debt or bad credit history go away. Rather, it will help you reduce your overall monthly debt, save on high interest fees, and encourage you to develop a monthly budget.

You will also notice that your credit score will improve, as agencies notice your new ability to pay your bills in a timely fashion. Expect those annoying calls from collection agencies to stop.

So, how much will you likely have to pay each month? Once you have decided to pursue a credit consolidation loan, your monthly payment will be calculated based on the lowest payment amount that your creditors will accept.

At this point, all you have to do is make the payments to your consolidating company, and the company will be responsible for distributing your money to your creditors.

Once on the road to financial recovery through a credit consolidation loan, it is best to eliminate the use of credit cards. Bad credit is extremely frustrating, and borrowing money to pay debts is an exercise in futility.

The temptation to pay with credit will be strong (it is the great American addiction, after all), but the penalties for out-of-control charging outweigh the temporary pleasure of the purchase on plastic. Learning to manage one’s finances responsibly is far more rewarding in the end.

MIKE SELVON
http://www.articlesbase.com/non-fiction-articles/consolidation-loan-and-using-plastic-186865.html