First time Home Buyer Loans – Plus and Minus!

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When you buy a house for the first time, it is not only a great deal, but also a great feeling for you. How much time and energy you would have spent in buying the house. To mobilize the necessary funds, you would have moved heaven and earth and, finally, you would have availed of a First Time Home Buyer Loan. These loan programs are based on the location of the property as well as where you live. The main idea of this type of no credit check loans is to help financially the qualified borrower. Certain benefits are there in this loan. You should search for them.

Take the right decision

These loan programs are mainly for those who have never owned a home. There are, however, some lenders offering this loan even to those who own a house, provided they have not purchased any house in the last three years. There are some income restrictions, to qualify as a first time home buyer. The purpose of such restriction is to benefit those who have low and moderate income. Those who earn much will not qualify. Similarly, even those who have reasonably huge assets will not qualify.

In many of these loan programs, there is a monetary limit fixed on the property you are going to buy. This means you cannot avail of this loan if you are thinking of buying a very expensive property. Another thing is, if you want to avail this loan, you should live in the house you are buying; if you are thinking of renting it out, you cannot use this loan. Apart from these restrictions, the home you are buying should meet a few ‘physical requirements.’ The property must be in perfect condition; it should be free from any possible safety hazards like lead-based paint, to cite an example.

This loan program is quite good for some of the first time home buyers. This paves the way for their home ownership, which otherwise would not have been possible for them. The local community also stands to benefit with the arrival of such first time home buyers because, as a home owner, the individuals will take care to maintain the property and get involved in the community activities, thus contributing to the economy. Some negative aspects are there: price restrictions, prospects of losing benefits if the property is sold, payment of tax for the benefits received, and limitation of the loan period with fixed rate mortgage – these are the negative factors in this bad credit loans program.

Now that you have got all the pros and cons of this loan program, it is time for you to take the right decision. In case you have a good credit, you consider availing the ‘plain-vanilla mortgage.’ If you have a credit score of more than 720, then there is no point in going for the first time home buyer loan. Besides, there is a possibility of your getting traditional mortgages or FHA loans which require very little down payment. So, you explore all these options; also find out what the regular mortgage lenders will offer. Compare all the details and then take a final decision.

Positive and Negative aspects of Structured settlements

Structured settlement is a feature which would provide a sense of freedom for an individual by helping him or her in managing their finances. Structured settlement loans would help the person to manage their loan repayment over a long term basis. There are a lot of positive and negative aspects of a structured settlement program and the person who has plans of obtaining it should be aware of both the sides in order to be sure enough about the outcome of this particular personal loans for bad credit.

There are two ways of receiving money from a structured settlement loan, one is the person can opt to receive smaller monthly payments and the other one would be to receive as a lump sum. It is up to the borrower to decide how they would want to get their funds.


  • People who do not possess a stable income source and those who are unemployed would find a lot of benefits from a structured settlement loan program. Structured settlement would provide safety and security to the funds possessed by this group of people even when they do not possess a stable income source.
  • Due to two different payment options available, borrowers would be able to choose the one which would best suit their personal financial status. An unemployed individual or the ones who do not possess a stable income source could opt for a periodic monthly payment.
  • Research based study shows that, most of the people opt for a lump sum payment and this is made possible by selling the structured payment through loans.
  • Lump sum payments would be mainly opted by those who are in need of a large sum of money on an urgent basis. For example, paying for medical bills and other related expenses.
  • Others who do not prefer lump sum payments are found to be investment minded. They seem to obtain the money and invest in various other resources which would help them grow their money through interests. By this way they would be able to generate higher amounts.
  • Structured settlement loans no credit check would work the best for business minded people and also for those who want to buy a real estate property etc.


  • Amount of money obtained from a structured settlement loan would not be taxable and as a result of that, the person would not be able to gain any social benefits from it. But, for those who sell their structured settlement and obtain money, the amount of cash they receive would be taxable.
  • People who utilize the lump sum amount they receive from selling their structured settlement and utilize the same in investments such as real estate, mutual funds, shared dividends etc. should be aware of the fact that, the amount of money they earn from those investments would be taxable.

These are the positive and negative outcomes of a structured settlement loan program. It is the responsibility of the individual to evaluate whether this particular program would suit them or not.

About Short Sale Coding and the Correction

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Think the Government Might Owe You Money?
Scroll down to the green “HUD/FHA Refunds Info” section of this page to learn more!

Among the most important requirements a prospective home buyer has to meet in order to qualify for a mortgage loan is a satisfactory credit profile; and when a credit report reveals a less than satisfactory profile, it usually means that the prospective home buyer must take steps to find out why. The latest guest post, brought to you by our friends at North Shore advisory, discusses one aspect of how an individual’s credit can be affected negatively and the proposed solution to correct it.


For some time now, many short sellers were treated the same as homeowners that foreclosed when applying for a mortgage. Due to a credit coding issue that lumped short sellers into the same category as a foreclosure, the waiting period for loan approval was extended substantially. This forced millions to put their dream of participating in homeownership again off to the distant future. With interest rates climbing, and the real estate market improving, the increased future cost for purchasing would seem more of an obstacle down the road.


But new policy changes could bring more options starting in November. After Sen. Bill Nelson focused on bringing this coding error to the FTC and the Consumer Financial Protection Board, things started to change.

This is the nature of the evolution of this business, says Fannie Mae spokeswoman Keosha Burns. The agency will input the new software into its computer system on Nov. 16. After that, if a short sale is marked as a foreclosure, the new code will allow the loan servicers to bypass it, correct it and move forward with the loan. Short sellers should speak with their bankers about the new options for homeownership, what the qualifications will be, and whether the state of their credit needs improvement.

Great credit brings great opportunity!!” Copyright 2013 •

North Shore Advisory, Inc. offers credit repair, restoration, monitoring, and education services. We’ve been providing credit education and credit improvement for almost 25 years. For bankers and realtors we can review your clients credit reports and scores to see if we can improve them.

We can help you with your business credit needs as well as any personal credit scores.
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HUD/FHA Refunds Info

You know, not everyone knows this, but if you owned a home and had a FHA mortgage, you might be entitled to money back from the government paid directly to you. It’s not free money (we both know that is a rarity), despite all the claims made by others that you can get free money from the government. No, this is money you would have paid into the FHA mortgage insurance fund via your MIP (Mortgage Insurance Premium) payments if your home was financed with a FHA mortgage.

There is no charge imposed by us for this service, and HUD/FHA certainly does not charge a fee for sending you your own money. We provide the service as an added benefit for your visit to this website, and of course we hope you come back often; but more importantly, we hope your name pops up on the HUD/FHA list of folks who are eligible for a refund. So Click here to check! …Good Luck!