10 Ways to Come Up with Money to Buy a House.

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Do you remember when real estate financing meant you saved up enough to put 20% down on a house, and then you got a mortgage loan for the other 80%? Well, you can still do that, but there are many more options now. Here are ten of them.

1. Gifting programs. In some parts of the country, builders fund foundations that give you a portion of the downpayment, so you can get into a home with as little as 3% downpayment from your own pocket. FHA and other lenders have so far approved of or allowed this.

2. No-doc loans. These and “low-doc” loans, meaning no or low documentation requirements, are back, and you can find them through online banks. These are for those of you with bad credit but 20% to 30% to put down on a home. You don’t even have to have a job.

3. FHA loans. The Farm Home Administration doesn’t actually loan the money, but guarantees your loan for the bank, so they can loan up to 97% of the purchase price, depending on the particular FHA program.

4. VA loans. If you have been in the armed services, have a decent job, and can save two or three paychecks, you can probably get a home with a VA loan.

5. Land contract. Also called “contract for sale” and other names depending on the part of the country you are in, this just means that you make payments to the seller instead of a bank. It’s up to you and them to negotiate down payment amount, interest rate, and the term of the loan.

There are 5 more ways to finance your home here.

Home Owning

I have recently been searching online for information on home owning. We currently have an apartment so we are hoping to someday own a home. HUD has a lot of help on this: Below is an excerpt from there  100 questions and answers for homebuyers.

15. WHAT SHOULD I LOOK FOR WHEN WALKING THROUGH A HOME?

In addition to comparing the home to your minimum requirement and wish lists, use the HUD Home Scorecard and consider the following:

Â	Is there enough room for both the present and the future?

Take your time and think carefully about each house you see. Ask your real estate agent to point out the pros and cons of each home from a professional standpoint.

16. WHAT QUESTIONS SHOULD I ASK WHEN LOOKING AT HOMES?

Many of your questions should focus on potential problems and maintenance issues. Does anything need to be replaced? What things require ongoing maintenance (e.g., paint, roof, HVAC, appliances, carpet)? Also ask about the house and neighborhood, focusing on quality of life issues. Be sure the seller’s or real estate agent’s answers are clear and complete. Ask questions until you understand all of the information they’ve given. Making a list of questions ahead of time will help you organize your thoughts and arrange all of the information you receive. The HUD Home Scorecard can help you develop your question list.

Tax Resources for 2007

Free File is up at the IRS go check it out.

Yahoo Tax Preparation List
Complete Tax- nice software, easy to follow
IRS- free file, some qualification standards, but many free return options
HR Block- if you follow the free link through the IRS, you can file federal free, and state for $25, and the audit assistance is included, very good deal, considering that if you go to the store it is $29 just for the extra audit assistance
Tax Book- best printed out tax book
QuickFinder- online tax book