Welcome, visitor! [ Register | Login

Post an Ad

Primary sources of special, low income housing programs

Debt-Credit Consolidation May 22, 2021

Primary sources of special, low income housing programs include state and local housing finance agencies, nonprofit housing assistance groups, the Department of Housing and Urban Development (HUD), and secondary mortgage market operations such as the Federal National Mortgage Association (Fannie Mae) and the Federal Home Loan Mortgage Corporation (Freddie Mac). Your loan officer should be able to tell you how to contact local offices of organizations which work directly with borrowers, or you can usually find them in the phone book in the blue government listings under “Housing.”

 

Assistance for low and moderate income home buyers is not only based on direct subsidies but also on relaxation of standard loan approval requirements. For instance, many low income families spend a greater percentage of their income groups. If you can show that you have consistently handled such higher payments and have a good credit record, the lender might approve the loan based on higher debt ratios.

 

Some potential home buyers have trouble getting a loan approved because they have not established a credit record. There is nothing adverse on the credit report, but there is no record of prompt repayment of loans or charge accounts. If this is your situation, you may be able to qualify based on what is called a “non-traditional credit history.” Using this approach, the lender will depend on utility companies, past and present landlords, and other sources which can verify that you have met a regular payment obligation in a timely, consistent manner. If you think such an approach might help you, and the loan officer has not mentioned it, suggest it to the loan officer.

 

A Rejection Is Not Your Last Chance

 

The fact that a lender has rejected your loan application does not mean that you are denied home ownership forever. As has been discussed earlier, there are positive steps you can take to correct the problem. Some problems may be resolved very quickly while others may take longer, but you can turn around most problem situations. Take the time to determine exactly why your loan request was denied, and then take steps to eliminate the cause of rejection.

 

No Tags

354 total views, 1 today

  

  • Debt Collectors -Recovery Services- MA

    by on April 24, 2021 - 0 Comments

    Entity Address Telephone Bonded Collection Corporation 49 Winter Street, Weymouth, MA, 02188 (312) 279-8300 GC Services Limited Partnership  GC Services 5230 Washington Street, West Roxbury, MA, 02132 (405) 621-6414 Western Mass Credit Corp. 70 Post Office Park, Suite 7011, Wilbraham, MA, 01095 (413) 596-9977 United Collection Bureau, Inc. 15 Union Street, Lawrence, MA, 01843 (419) […]

  • FAIR DEBT COLLECTION PRACTICES ACT

    by on June 24, 2021 - 0 Comments

    FAIR DEBT COLLECTION PRACTICES ACT   The federal law, the Fair Debt Collection Practices Act (“FDCPA”), protects consumers from abusive or harassing, false or misleading, and/or unfair practices of third party debt collectors or attorneys attempting to collect debts incurred for personal, family, or household purposes. Business or agricultural debts are not covered by the […]

  • Debt Collection FAQs: A Guide for Consumers

    by on May 3, 2021 - 0 Comments

    Debt Collection FAQs: A Guide for Consumers If you’re behind in paying your bills, or a creditor’s records mistakenly make it appear that you are, a debt collector may be contacting you. The Federal Trade Commission (FTC), the nation’s consumer protection agency, enforces the Fair Debt Collection Practices Act (FDCPA), which prohibits debt collectors from […]

  • Credit Counseling & Auto and Home Loans

    by on June 1, 2021 - 0 Comments

      Credit Counseling   If you aren’t disciplined enough to create a workable budget and stick to it, can’t work out a repayment plan with your creditors, or can’t keep track of mounting bills, consider contacting a credit counseling service. Your creditors may be willing to accept reduced payments if you enter a debt repayment […]

  • Credit Counseling & Debtor Education : Wisconsin (WI) USA

    by on March 29, 2021 - 0 Comments

    Financial Management Instructional Courses /Debtor Education Agencies Name,  Website , Courses Offered & Languages Supported Debtor Education Agencies   address Forbes & Newhard Credit Solutions, Inc.         Website – forbescs.us:      Financial Management Instructional Courses (Debtor Education) Delivery Method – Telephone :   Language (other than English) in which the service method is provided, either through a translator, written […]