Many homes that you are able to buy with no credit and no qualifying will require some remodeling. Some areas may be beginning to look dated or in need of repair but money money is often an issue that needs to be addressed.

The vast majority of people find the only way they can afford this is to arrange a home improvement loan. If you want a first rate home improvement job carried out with a guarantee then you will need to use professional tradesmen who should also speed the work up a great deal. And professionals cost money.

Home improvement loans usually have the choice of a secured loan on the property itself or an unsecured loan where the home does not need to be used as equity. A loan that does not require equity allows new homeowners to apply even if they just bought their home. Fortunately for the homeowner, a non-equity based financing arrangement is available with a fifteen year repayment term if required.

The only condition made on no equity finance is that the owners must have a joint income which is lower than the county limit where the property is but reaches the limit specified by the lender. Certain facts are researched by the lenders; like the type of property and reasons for the loan but essentially, this type of loan is easy to arrange with only a small amount of documentation to complete.

Not everyone wants a home improvement loan that is secured on the property but when the mortgage is small and the house value is high, this might be a good option. This type of loan is much quicker to organize and because the house is being used to secure the loan, it benefits from better terms and lower interest rates.

This is not an open ended finance agreement and a valuation of your property will be required for a secured loan to be arranged. This calculation is worked out using how much your home is worth, how much is owed, and of course if there are other loans or debts, as these will be included in the calculation.

The next stage is to factor in all this information before a final figure the lender is prepared to agree upon is put before the homeowner. Normally a lender will lend to the upper limit of the house valuation but few lenders will above that anymore. There have been too may defaults recently and lenders are justifiably leery of the extra risk.

Over extending your ability to pay is the quickest way for a person to lose their home when they cannot keep up the repayments. So be careful how much money you agree on a home improvement loan and wherever possible only borrow enough to carry out essential repairs.

Technorati Tags: home improvement loan, Remodeling

Bookmark It

Hide Sites

But that's changed.

Over the past several weeks, I stripped a lot of the insides out of my blog and moved it to www.NoQualifyingNoCredit.com from www.NoQualBlog.com. You will note that this took out most of the posts from the past year. The old NoQualBlog will cease to exist.

A major reason behind my decision to do this was the fact that I realized it was getting more and more like so much "junk food" you find on the web when you are in search of something a little more meaty. Everyone is telling you the same thing and often actually "lifting" (or is it "stealing") their advice from some other authority just to they can fill the space.

Is this what the web should be? Does this do anything to fulfill the potential of the internet? I didn't think so and I don't think that that is what the average person is looking for.

My original intent for this blog was just what the heading shows. To reveal various ways to buy your home without having to jump through the qualifying hoops like a trained dog. It is tough dealing with lenders if you are credit challenged or short on cash. And "credit challenged" can mean anything from having a current bankruptcy to being newly self-employed.

Sure, there are programs on the market that might cover you. But, at what cost?

The recent increase in foreclosure filings shows that many of these programs really are not as wonderful as the real estate agents and lenders claimed they were just months ago.

The professional investors are still buying and selling and making lots of money. Because they know how to take advantage of the market no matter whether it is going up or down. And very, very few of them use there own money or ever qualify for a home mortgage.

These are the secret insider methods you will discover here. I will reveal how they do it and how you can use the same techniques to buy your own home without qualifying and with absolutely no credit.

That's enough for today. Tomorrow I'll reveal more of my plans for the future of www.NoQualifyingNoCredit.com.

Bookmark It

Hide Sites