The real estate market is booming and still excellent as well. Despite the sub prime collapse and the upcoming sub prime foreclosure crisis that is going to affect lenders for years to come you can still buy property quickly and with no money down using real estate investment advice. Although credit skills are a must you do not have to have money and help to buy a property.
The key is to buy a property with no money down and with a contract for 15 to 30 years. However, you must understand that there is some investment required. The property and the monthly payments will need to equal at least three times what the monthly mortgage payment would be. This could range from down payment assistance as well as tax credits. Depending on the area you are purchasing you may also have to pay an assess on the house before you close and pay a gift tax. This may vary from place to place so it is important that you make sure about the property that you are purchasing. The agent you work with should be able to assist you with some assistance in these areas. Be prepared with familiar questions and real estate investment advice.
A home purchase should only take you about a half day to a week after you have found the property and applied for the loans. The loan process should take about a month once you have been approved and have gone through the documentation process. As long as you have checked out the property you will have no problem with purchasing real estate.
Although if you have money for a down payment and you are not in a contract for a home purchase you will be unable to qualify. There are certain criteria that needs to be met before you can purchase a home with funding and these criteria varies from state to state. If you do not meet the financial requirements that must be met to purchase real estate. This would include:
1. at least 40% of the purchase price must be for investment purposes2. The seller should have paid at least 3% of the purchase price3. The down payment or trade money should be at least 10% or more of the purchase price.
If you do not meet these qualifications than you can still qualify for a home purchase loan but it would not be nearly as easy. Even with the down payment assistance assistance, down payment, trade money and the 40% of the purchase price used for investment purposes, you will still need a minimum of $25,000. After this amount you will be able to get a home purchase loan by a local bank. The requirements for this are:
1. You must be a US citizen or a permanent resident by a temporary appointment with at least two years experience. You need to have a minimum of two years of work history.2. You need good credit and debt ratios or credit scores of 620 or better with no past due payments in good standing.3. Your debt to income ratios must be lower than demonstrated by a professional that specializes in home purchases. Your debt to income ratios need to be lower than 28% of income.4. And you need to have a good credit score.
You can get assistance with all of this and more. Be prepared and get expert advice from real estate investment advice if needed. If you want to buy real estate use the information above as your guide.
