Credit Federal - guaranteed approval, no deposit home loan.
Are you entitled to a guaranteed approval, no deposit home loan from the US government? Apply for no down payment financing.
If you're a US Veteran, as part of your benefits for service to your country you may be entitled to a guaranteed approval, no deposit home loan from the govt. through the Veterans Administration (VA). To apply and review eligibility requirements, visit the government site at: homeloans.va.gov
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*NOTE: Applications involving other than honorable discharges will usually require further development by VA. This is necessary to determine if the service was under other than dishonorable conditions.
Wartime - Service during:WWII09/16/40 to 07/25/47
Korean 06/27/50 to 01/31/55
Vietnam 08/05/64 to 05/07/75
You must have at least 90 days on active duty and been discharged under other than dishonorable conditions. If you served less than 90 days, you may be eligible if discharged for a service connected disability.
Peacetime - Service during periods:07/26/47 to 06/26/50
02/01/55 to 08/04/64
05/08/75 to 09/07/80 (enlisted)
to 10/16/81 (officer)
You must have served at least 181 days of continuous active duty and been discharged under other than dishonorable conditions. If you served less than 181 days, you may be eligible if discharged for a service connected disability.
Service after 09/07/80 (enlisted) or 10/16/81 (officer)
If you were separated from service which began after these dates, you must have:
(a) Completed 24 months of continuous active duty or the full period (at least 181 days) for which you were ordered or called to active duty and been discharged under conditions other than dishonorable, or
(b) Completed at least 181 days of active duty and been discharged under the specific authority of 10 USC 1173 (Hardship), or 10 USC 1171 (Early out), or have been determined to have a compensable service-connected disability;
(c) Been discharged with less than 181 days of service for a service-connected disability. Individuals may also be eligible if they were released from active duty due to an involuntary reduction in force, certain medical conditions, or, in some instances for the convenience of the Government.
Gulf War - Service during period 08/02/90 to date yet to be determined
If you served on active duty during the Gulf War, you must have:
(a) completed 24 months of continuous active duty or the full period (at least 90 days) for which you were called or ordered to active duty, and been discharged under conditions other than dishonorable; or
(b) completed at least 90 days of active duty and been discharged under the specific authority of 10 USC 1173 (Hardship), or 10 USC 1173 (Early out), or have been determined to have a compensable service-connected disability, or
(c) been discharged with less than 90 days of service for a service-connected disability. Individuals may also be eligible if they were released from active duty due to an involuntary reduction in force, certain medical conditions, or, in some instances, for the convenience of the Government.
Active Duty Service Personnel
If you are now on regular active duty (not active duty for training), you are eligible after having served 181 days (90 days during the Gulf War) unless discharged or separated from a previous qualifying period of active duty service.
Selected Reserves or National Guard
If you are not otherwise eligible and you have completed a total of 6 years in the Selected Reserves or National Guard (member of an active unit, attended required weekend drills and 2-week active duty for training) and
(a) were discharged with an honorable discharge; or
(b) were placed on the retired list; or
(c) were transferred to the Standby Reserve or an element of the Ready Reserve other than the Selected Reserve after service characterized as honorable service; or
(d) continue to serve in the Selected Reserves.
Individuals who completed less than 6 years may be eligible if discharged for a service- connected disability.
You may also be determined eligible if you:
(a) are an unremarried spouse of a veteran who died while in service or from a service connected disability, or
(b) are a spouse of a serviceperson missing in action or a prisoner or war.
[NOTE: Also, a surviving spouse who remarries on or after attaining age 57, and on or after December 16, 2003, may be eligible for the home loan benefit. However, a surviving spouse who remarried before December 16, 2003, and on or after attaining age 57, must apply no later than December 15, 2004, to establish home loan eligibility. VA must deny applications from surviving spouses who remarried before December 16, 2003 that are received after December 15, 2004.]
Eligibility may also be established for:
(a) certain United States citizens who served in the armed forces of a government allied with the United States in WWII.
(b) individuals with service as members in certain organizations, such as Public Health Service officers, cadets at the United States Military, Air Force, or Coast Guard Academy, midshipmen at the United States Naval Academy, officers of National Oceanic & Atmospheric Administration, merchant seaman with WW II service, and others.
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Equity
2ndmortgage
Subordinate
loans, or a second
mortgage, can be difficult if the loan goes into default. It this happens, the
first mortgage gets paid off, before the second one. That makes second mortgages
more of a risk for lenders, and they can have a higher interest rate. Term lengths of a 2nd mortgage
varies, and could last up to 30 years. Yet, the repayment may be required in a year, depending on the
payback structure. These are secured mortgages, making them subordinate to another loan against the same property.
Real
estate property can have multiple mortgages or liens, and the mortgage, when it
is registered with the county or city registry, it is called the first mortgage.
A lien registered second, is called the 2nd mortgage. Properties can have three
or four mortgages even though it is rare. When a homeowner defaults on a loan,
the second lien holder could purchase the primary mortgage. They could then
foreclose and the homeowner would lose their home to the second mortgage lender.
Examples
of what a lender may look for from 2nd mortgage applicants:
*
Equity in the first mortgage.
*
Small debt-to-income ratio.
*
Good credit scores.
*
Good employment history.
People
take out second mortgages usually to finance something expensive they want, but
they do not have the money. It may be for a college education, to remodel or
repair a home, for a boat, an auto or any other thing the borrower chooses. The
money could even be used to get out of debt. Home equity lines of credit, a HELOC,
is a revolving credit line that uses a home for security. When a home already has a first mortgage, the HELOC will take second
place and lacks an amortization schedule, most are recourse loans. This means the lender can pursue the borrower personally for the amount of the loan
if there is a default. If the lender is not made whole after a foreclosure sale, they have the right to take further
action.
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