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Saturday, October 27, 2007

Zero Down Mortgage Loans - Is 100% Financing A Good Idea And Can You Get Approved?

Are you wondering if you can get approved for a home loan with 100% financing? Are you also wondering if its a good idea to get a mortgage loan with no money down? Here are some points to keep in mind as you apply and consider your different mortgage loan options.

To qualify for 100% financing on a purchase mortgage loan, it would be important for you to have a credit score of at least 600 or higher. If you are between 600-650 on your credit rating, you may need to go through a subprime mortgage lender in order to get 100% financed.

If your credit score is higher than 650, you can probably apply with most mortgage lending companies online and be able to get an approval.
If your credit score is between 580-600, you will probably need at least 5% down to make the loan work with a subprime mortgage lender.

Getting a mortgage loan with 100% financing can sometimes mean a higher rate. Sometimes an alternative is to get an 80/20 loan, which is a first and second mortgage, with the first mortgage being at a lower rate and the second mortgage being at a higher interest rate. The benefit to doing this type of loan is that it eliminates the need for PMI insurance, which can be $100 or more a month, depending on the size of your loan.

Also, consider getting quotes for 100% financing and then quotes for 95% financing, with you putting 5% down. See, if the savings on the interest rate is worth putting the money down.

To view our list of recommended mortgage lenders online who can provide 100% financing for good and bad credit, visit this page: http://www.abcloanguide.com/mortgageloans.shtml.

About the Author
Carrie Reeder is the owner of http://www.abcloanguide.com, an informational website about various types of loans.

Zero Down Mortgage Loans - Understanding No Money Down Loans

In many housing markets across the country, the increase in home prices does not match the average household income. Hence, many people are unable to save money for a down payment. Ideally, mortgage companies prefer applicants to have a down payment of at least 5%, in addition to paying closing costs. Unfortunately, this is an unrealistic expectation. Thus, many homebuyers are taking advantage of zero down mortgage loans.

How Do Zero Down Loans Works?

Fortunately, many mortgage companies recognize how difficult it is to save for a down payment. Thus, some lenders have created special loan programs that make it possible to buy a home with little out-of-pocket expense. Ordinarily, if you had a down payment for a home, you would obtain better rates. However, because of low mortgage rates, you do not need a down payment to secure a good rate.

There are many options for a zero down home loan. For starters, some mortgage lenders offer an 80/20 loan. This involves offering a mortgage for 80% of the asking price, and a 20% home equity loan for the remaining balance. This option is very useful; moreover, homebuyers avoid paying private mortgage insurance.

Additionally, homebuyers may obtain a mortgage loan for 103% of the asking price. This is beneficial because it allows new homebuyers to afford down payment and a portion of the closing fees.

How to Find a No Money Down Mortgage Loan?

If you are hoping to buy a home with zero down, contact a mortgage broker. There are various loan programs that offer zero down loan options. However, you must be willing to look for them. If using a mortgage broker, the company can help you find a lender.

Brokers have access to loans offered by private lenders, government programs, sub prime lenders, etc. Meeting the qualification for a zero down mortgage will vary according to lenders. Some lenders require good credit, no bankruptcies, etc. Meanwhile, other lenders are eager to offer no money down loans to people with less than perfect credit. Working with a mortgage broker can make your dreams of homeownership a reality.


About the Author:

Visit http://www.abcloanguide.com/zerodown.shtml for a list of zero down home mortgage brokers online. View our recommended zero down home mortgage brokers online.
Source: www.isnare.com

Zyprexa Settlement Plaintiffs Receive "No Win...No Pay...No Risk" Lawsuit Loans to Bridge Financial Gap

"No one pays much attention to how a person who has been injured is going to live while waiting for a case to settle, the legal system tends to put people who cannot afford to wait for their money at a disadvantage." - Boston Bar Association Ethics Committee Chairman, Gerry Cohen

With these words millions of U.S. consumers every year find out 1st hand the truthfulness of Mr. Cohen's assessment of the legal system; but who more so than the thousands who have suffered tragically at the hands of Ely Lillies drug Zyprexa.
"Zyprexa ruined my life" describes litigant Merrit Salyer who will be one of the first to receive a lump sum settlement in the new 700 million dollars settlement launched last Thursday by multi-billion dollar corporate giant Eli Lilly, manufacturer of Zyprexa. The "extreme hardship I suffered from Zyprexa in both physical & mental suffering, well all I can say is Zyprexa stole my health and it nearly killed me, as I spent 2 weeks in a trauma unit from diabetic ketoacidosis where I almost died and now I live with a lifetime of complications diabetes has left me with" says Salyer of his brief 2 month encounter with Zyprexa.

The costs injured plaintiffs sustain are far more than the actual pain and suffering, as Salyer states, "injuries affect everything including your standard of living, you just can't maintain the same earnings. Then throw in future credit and borrowing and you begin to know the real long term side effects no one takes into consideration and that's why injured plaintiffs need help in many areas to recover."
Is there a solution? 1st Choice Funding offers Zyprexa plaintiffs many and one is by offering cash in hand now, when Zyprexa plaintiffs need it most vs. when settlement finally occurs. The program is called "No Win ...No Pay... No Risk" Lawsuit Loans and this innovative program puts Zyprexa litigants in the position to receive cash prior to settlement with no credit, employment, monthly payments, collateral, or risk no matter how long Zyprexa settlement takes.

"No Win...No Pay... No Risk" Lawsuit Loans are unheard of from traditional banking approaches to lending money conventional lenders agree. "1st Choice Funding's Lawsuit Loans aren't really loans at all and that's why conventional approaches aren't how we make determinations for funding" said 1st Choice Funding company president Timothy S. Gray, "lawsuit loans are what consumers call them but in reality what they are advances made on future settlement, and that's something conventional lenders just don't understand."

What does Zyprexa victim Salyer think of the opportunity to get cash now vs. the lengthy settlement period ahead for the plaintiffs? Salyer says with conviction, "It's about time Zyprexa did something good for us, I think it's a great program and I recommend it to everyone in the financial need my family and I are in, it's really been a god send for us"

To find out more about this innovative service, log onto the company website at http://1stchoicefunding.com and become informed about a long past due financial remedy for Zyprexa victims, as well as all personal injury plaintiffs needing a financial solution.

"No one pays much attention to how a person who has been injured is going to live while waiting for a case to settle, the legal system tends to put people who cannot afford to wait for their money at a disadvantage." - Boston Bar Association Ethics Committee Chairman, Gerry Cohen

With these words thousands who have suffered tragically at the hands of Ely Lillies drug Zyprexa are to soon discover. "Zyprexa ruined my life" describes Merrit Salyer who will be one of the first to receive a lump sum settlement in the new 700 million dollars settlement launched last Thursday by Eli Lilly, manufacturer of Zyprexa. The "extreme hardship Zyprexa caused in physical & mental suffering; Zyprexa nearly killed me, I spent 2 weeks in a trauma unit from diabetic ketoacidosis where I almost died, now I live with a lifetime of complications diabetes has left me with" says Salyer of his brief 2 month encounter with Zyprexa.

The costs injured plaintiffs sustain are far more than the actual pain and suffering, as Salyer states, "injuries affect everything, including your standard of living. Then throw your ruined credit and you begin to know the long term side effects no one takes into consideration, that's why we need help in many areas to recover."

Is there a solution? 1st Choice Funding offers Zyprexa plaintiffs many, and one is by offering cash in hand now, when Zyprexa plaintiffs need it most vs. when settlement finally occurs. The program is called "No Win ...No Pay... No Risk" Lawsuit Loans and this innovative program puts Zyprexa litigants in the position to receive cash prior to settlement with no credit, employment, monthly payments, collateral, or risk no matter how long Zyprexa settlement takes.

What does Zyprexa victim Salyer think of the opportunity to get cash now vs. the lengthy settlement period ahead for the plaintiffs? Salyer says with conviction, "It's about time Zyprexa did something good for us, I think it's a great program and I recommend it to everyone in the financial need my family and I are in, it's really been a god send for us"

To find out more about this innovative service, log onto the company website at http://1stchoicefunding.com and become informed about a long past due financial remedy for Zyprexa victims, as well as all personal injury plaintiffs needing a financial solution.

About the Author
Kari E. Gray is a 20 year veteran senior financial consultant for 1st Choice Funding. During her career Ms. Gray has generated tens of millions in funding and for clients, while simultaneously saving tens of millions in operations for other clients. As the senior advisor to the firm Ms. Gray has spearheaded innovative financial solutions for clients who include business, industry, plaintiffs and attorneys looking for financial solutions.