Could The Mortgage Industry Crisis Help You?

Monday, March 24th, 2008 at 2:11 pm

You may be able to actually benefit from the current problems in the mortgage industry and buy your first home - if you avoid some of the pitfalls.

The past several years have seen virtually all of the easy to obtain no money down loans disappear. In fact, in order buy a home with less than a 20% down payment you now need a high credit score and an income that can make the payments without any paper tricks. Mortgage underwriters are scanning documents more closely and the requirements have tightened with further tightening expected down the road.

Some people would have you to believe that because of this it is now impossible to get into a home with no money down or with less than perfect credit. Well, that just is not true!

You can buy your home with no down payment and with no credit qualification - if you go about it the right way. And that isn't through some foreclosure scam presented at the latest get rich quick seminar.

One of the best ways to do this is through buying your home subject to the existing financing. In this way you do not have to qualify for you own mortgage. You will use the existing mortgage obtained by the current home owner. More home owners are faced with mortgage payments they can no longer afford because of increasing ARM payments or job lay-offs. Many of these owners would love to have a third party - like you - come in and take over their payments.

Real estate investors have used this "sub 2" or "subject 2" method for years but it is not well known outside of the investor market. For the past couple of years Mark Evans has been making available a free course of buying property "subject 2" called Sub2Magic.

Before you give up all hope of buying a home in this market, get on Mark's list and learn how you can join the professionals and buy your home with Sub2Magic.

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