Can anyone tell me more about Community Reinvestment Act or CRA Mortgages?
337988
I would do it.\n\nCRA is something that all lending institutions are required to participate in so that they do not only loan money to wealthy people in nice areas.  Cities are trying to clean up certain neighborhoods by offering deals for people who will buy homes in those areas to live in as their primary residence.  Homeownership is better for a neighborhood than slum landlords.\n\nIt sounds good.  Get the terms of the loan detailed for you.  The loan may come with penalties if you do not live in the property for a certain length of time.  This might mean you cannot sell it or rent it without penalties.
572656
Here is another resource:\n\nwww.naca.com\n\nThey are a non-profit housing advocacy group. They do their own financing, will work with you to get your credit back on track and they also work with banks.  They do fixed rate loans.  Check them out.  If you have bad credit your terms with a lender aren't going to be that great.  NACA isn't about profit, they are about getting people into houses.  They got their money by taking on Fleet Bank for predatory lending and they won.  Now they use that money to help others get into homes.  Good luck!
969226
1.  Yes, there are different rates between primary and investment properties.  What they are depends on the lender, but they are always higher than primaries.  Generally, the maximum LTV on investment properties is 90%, so you'll need 10% down.  This will also depend on your credit.\n\n2.  You sure you want a fixed rate on an investment property?  Most people I deal with that are looking for investment properties are looking for the low teaser rate to maximize profits, knowing they'll have to refinance in 2 years.  As far as what the best rate is, there's no way to tell you based on the information you gave us.\n\n3.  RESPA requires that all charges be disclosed on a Good Faith Estimate within 3 days of application.  In addition, all charges must be disclosed on the HUD settlement form at closing.
535276
www.naca.com\n\nThey are a non-profit housing advocacy group. They do their own financing, will work with you to get your credit back on track and they also work with banks.  They do fixed rate loans.  Check them out.  If you have bad credit your terms with a lender aren't going to be that great.  NACA isn't about profit, they are about getting people into houses.  They got their money by taking on Fleet Bank for predatory lending and they won.  Now they use that money to help others get into homes.  Good luck!
1154873
Do you live in a community property state? That makes a huge difference. I believe 401Ks are safe, but you ought to check in your state.
488621
you can start as a jr. processer and they will train you.  otherwise ROP offers classes in loan processing for free.  as someone who has been in the business for years there can be lean times.  Ameriquest just had a big lay off  - 3,400 people.  that's because interest rates are up so no one wants to refi. also the housing market is cooling down. it might be tough until summer, even still rates don't seem to be going down at this time.
155953
In some markets you can find foreclosures in regular real estate listings. I bought a power of sale in rural Ontario from a regular broker in 2003. No one else wanted it! Was a great house, turned a 33% profit in just over 2 years. If you don't mind living in the boonies, you can find stunning deals.
688912
Try here:\n\nhttp://www.capital-flow-analysis.com/mt-weblog/mt-arquive/2006/01/mortgage_backed.html
84661
and here is another....you can do prepayment savings analysis on this one too!!  Enjoy\n\nhttp://www.jeacle.ie/mortgage/
286641
Since your from Canada maybe it's different here in US. But I can tell you here in the US, applying for a lender that offers refinancing and at the same time offers interest only payments are getting more and more popular. Maybe you need to try a different bank or lender to get that deal. The only way lenders will turn you down is if you exhausted already most of your equity of your house. Also, try looking into "Open Equity Line of Credit".
202312
Are you serious?????!!!!  I have been doing mortgages and real estate for over 7 years and I still learn something new about my job everyday.  \n\nI would like to say that there is never a stupid question, but this one may be a bit challenging.....jees.....
450818
You may want to check here:\nhttp://www.govloans.gov/govloans_en.portal\n\nThat should have what you need to know.  If that doesn't help, you can edit in details of more specifically what you are looking for and there may be other places to check.
350939
What you are referring to is for primary residences after people have lived there for 2 years... This does not apply in you situation.\n\nWhat does apply is a procedure known as a 1031 exchange.  1031 exchanges allow you to totally defer your capital gains tax by reinvesting the proceeds of your sale into another 'like kind' property.  (like-kind refers to the other property being investment use as compared to personal use).\n\nI'm finishing up the testing on a 1031 exchange site.  The information is real, and many of the test properties are available listings as well.\n\nFeel free to check the site out for the basics on a 1031 exchange.
191033
The following  link will help you out. It has many different calculators on it pertaining to home buying. It gives you "How much can I afford" and "How much can I borrow" info as well as things like "Rent vs. Buy" options.\n\nGood luck with your home search!!
913446
Contact the bank of canada. \n\nhttp://www.bankofcanada.ca/
217256
need more information to answer your question, I am a mortgage broker, just e-mail me with more specific information and I will try to help you with you question
902823
It's probably a lot of stupid stuff they will make you explain, like a late payment, a gap in employment, that sort of thing.  First-time homebuyers have to jump through hoops for financing.  The best thing is, if you execute it perfectly for the next several years, the very next mortgage you apply for will happen almost effortlessly.