On a nation average, fixed-rate interest rates dropped from 6.46% to 6.31% this week, which is certainly good news. That basically means that fixed-rate mortgage interest rates in the 5% range are still available to most home buyers in Arizona with good credit.
This ALSO makes it an even BETTER time to REFINANCE your Adjustable Rate Mortgages (ARMs) if your rate-lock is expiring.
Well, maybe “don’t” is a little too certain of a word, but here is an angle you may not have considered…
Since the Federal Reserve recently lowered interest rates, one effect has become certain - Inflation is skyrocketing…. or to put it more accurately, the value of the U.S. dollar is plummeting faster than ever.
So why am I telling you not to worry? Because in general, this will cause is the price of everything to skyrocket - including homes.
To be completely honest; you probably should worry…. just not about the dollar value of your home.
Even if home values technically continue to decline, what you will notice soon (hopefully) is that the simple fact that EVERYTHING is going up in price and the dollar today probably won’t be worth as much as it will be worth tomorrow or two years from now, the actual U.S. dollar value of your home should remain steady if not increase.
I don’t believe this is good news in general considering the same model BMW or Toyota you can buy today could probably cost 25% more 5 years from now, but this is probably the best, honest bit of good news you will hear if you own a home or are thinking of buying a home and you are worried that you will end up owing more than the home is worth.
Hey Everyone,
I just wanted to post a quick message to say that I have made the move from Home Loan Executives to Nova Home Loans here in Tucson.
My loan partner Francine Martineau and I will now be working out of the Nova Home Loans office at River & Campbell.
As many local mortgage companies here in Tucson continue to evolve their business model to keep up with the constant ongoing changes in the mortgage industry these days, I believe that I will be able to better serve my clients as a part of the Nova Home Loans Team.
The simple fact is that Nova Home Loans has a far superior team-based environment and is capable of closing mortgage loans faster and more efficiently than any other mortgage lender in Tucson. This is especially important these days for not just mortgage loan officers such as myself, but my clients who would like to purchase or refinance their home.
In many cases as I have already seen, Nova Home Loans can close loans other mortgage lenders in Tucson simply can not. Additionally, Nova Home Loans also has far superior rates. Because of this, the decision to make the move to Nova Home Loans was really a “no-brainer” and because we have access to such great mortgage products and rates, it has also allowed me to implement a new “Better Rate Guarantee” in which I can guarantee that I can provide you with the best rate on your home mortgage or refinance.
With the sharp decline recently in mortgage interest rates, if you own a home in Tucson or elsewhere throughout Arizona, now is a great time to refinance and save some serious cash on your monthly mortgage payment.
Mortgage interest rates are currently as low as 4.00%. Typical 30-year fixed-rate mortgages are even as low as 4.50% at the moment.
To put this into perspective - If you currently owe $250k on your home with a 6.5% interest rate and refinance into a 30-year fixed-rate mortgage at 4.5% your principal and interest payments would go from approximately $1580/mo to $1266/mo saving you approximately $314.00 per month.
Refinancing is a typically a very simple and quick process and if your interest rate is currently higher than 5.25%, you would really be hard pressed to find a reason NOT to refinance at the moment.
Considering the overall state of the economy, conserving cash is becoming vital to many Arizona homeowners and families. There are few better and easier ways for home owners to save cash than to refinance their home right now.
Out of all the lenders and mortgage servicers out there, I would have to say that the most positive feedback and best results have come from Citi Mortgage / Citi Financial time and time again.
They really seem like they are reaching out and going beyond the typical lip service I preach about here daily.
I had the pleasure of speaking with Bryan Bolton, Senior VP of Loss Mitigation for Citi several times over the past month and his genuine interest in helping homeowners impressed me and that is hard to do. I whole heartily feel that Citi, Mr. Bolton and their awesome staff are doing what they can to help struggling homeowners.
They have even set up a special email and phone number for Loan Safe and Citi Mortgage borrowers.
From Citi:
We’ve noticed that some of our customers have left comments about us on LoanSafe.org. To help Citi customers who are finding they are having trouble meeting their obligations related to their mortgages, we have set up a new
By using this address, our customers will be routed as quickly as possible to the appropriate area for assistance. We will typically respond within 2 business days.
Wow, two days! That is a pretty big commitment and it looks like they are holding true to it. If you are a Citi borrower and have been having difficulty, please try the email below and let us know your results.
Below is a grateful homeowner in Florida who I have never met and do not know their name, but they were kind enough to send me an email thanking me and Citi for helping them save their home with a loan modification.
A loan modification didn’t work and the darn Realtor handling your short sale didn’t really sell much of anything. So, now you are left holding the raft, with no paddle in a fast moving crappy creek and all you want to know is, ” How long can I live in my house after foreclosure?”
Well, that depends on 50 different factors. It’s actually not really hard to figure out once you understand the process and your state’s foreclosure laws. You don’t have to become and expert but you really should get an idea on how long you can legally remain in your home before you have to vacate.
In some cases you can negotiate after the sale of your property by the bank to stay in your home for a period of a few days and sometimes as long as a couple months. More on that later in the post.
My website LoanSafe.org has a forum listing with most states laws and foreclosure time-lines. You can view those here if you like. What you really need is to understand the complete process from start to finish to get a more exact date on when you have to bail.
So, let me give you a brief run down on dates, missed payments and what you can expect during the process.
Day 1 - Borrower misses first payment by a day. No penalties assessed at this time
Day 16-30 - A late charge is assessed to the borrower’s payment.
The lender or mortgage servicer will attempt to make contact with the borrower for an explanation.
Most mortgage notes usually carry a grace period, 15 days is typical but some are as short as 10 days.
On day 16 a late fee is assessed. At this point there are no ramifications beyond that late fee and maybe a “friendly reminder” call from the lender’s customer service department. On Day 30 that changes. At that point the borrower is in default and things quickly turn serious and the foreclosure process speeds up.
Starting on day 16, additional debt is incurred in the form of the mortgage late fee - usually a percentage of the principal balance; three percent is typical which, on a $300,000 mortgage is plus or minus a $100 penalty and, if the next payment and the next are also missed, the cost of bringing the mortgage current grows pretty fast.
Past day 30, some lenders will allow a borrower to make a partial payment of the past due amount; others will insist that everything be brought current; lenders may even return a check if it does not cover both the current and the past due payments and maybe the late charges as well.
Day 45-60- The servicer sends “demand” or “breach” letter to the borrower stating the mortgage terms that have been. The borrower is given only 30 days to resolve the delinquent amount.
By day 45 the phone calls from the mortgage collectors will be coming pretty regularly. Most states have rules regarding collection activities and telephone calls including their frequency during this phase of the foreclosure process, content (no threats are permitted), and timing (early morning and late night calls are generally off limits,) but the calls, within legal boundaries, will be unremitting and the tone can vary from “gee, we just want to help” to aggressively demanding.
Day 90-105-The servicer refers the loan to its loss mitigation department / foreclosure department and retains an attorney or other firm to handle the foreclosure proceedings. Depending on the state where the home is located, the servicer’s representative may record a notice of default at the local courthouse and it will be published in the local newspaper.
Day 150-415– A notice of trustee Sale is filed and the home is scheduled to be sold at foreclosure sale or auction. This time range varies due to individual state laws and requirements.
IMPORTANT TIP:As mentioned above, sometimes you can negotiate after the foreclosure sale of your property to stay in your home for a period of a few days to as long as a couple months. However, make sure you CALL BEFORE THE SALE OF YOUR HOME! Preferably weeks before your scheduled date to start the line of communication going with the lenders attorney.
All you have to do is simply call the attorney handling the sale of your home and let them know that you and your family will just need a little bit more time to vacate the premises. The key is “let” them know, don’t ask. But do it nicely. Some people have thrown a little white lie in there to spice it up. That’s up to you!
I know it may seem like there is no way in hell this is going to happen, but it does and I have personally witnessed homeowners get an additional week, month to 3 months in one case. Some even got cash ( up to $5,000) to leave right away. A thing they call cash for keys in the industry.
Remember, homeowners can get “extra” time after the sale of their home in “some” cases.
Factors like the lawyers mood, your tone on the phone (serious, you may not even get though the secretary who decides she holds the gate keys if you cross her 
), the lender and other factors will come into play
But as with anything, cocommunication is key and making those calls can get you far during this process and life.
States with judicial foreclosures / where foreclosures are done via the court system, can sometimes extend this period to a year or more.
A foreclosure is a legal event and there are benchmarks that must be met. Once the case is turned over to attorneys, the impending foreclosure must be advertised, usually in both the local papers and in the largest and closest metropolitan daily. The entire process can take a very long time from initial default to the actual public auction of the property. If a member of the military is an owner of the property, there are additional safeguards required by federal and in some cases state laws From the beginning of the process, however, the meter is running. The longer the foreclosure takes, the greater the debt that accrues and the larger the liability the homeowner has, something that will become critical down the road.
The law in most states gives the homeowner every opportunity to stop the process leading to foreclosure, right up to the minute that the auctioneer’s gavel comes down and sometimes even beyond. In some states there is a period after the foreclosure during which the homeowner can redeem the property (right of redemption.).
Redemption Rights: The rights of redemption, as specified in Internal Revenue Code Section 6337, are quoted as follows:
Sec. 6337. Redemption of Property. (a) Before Sale. - Any person whose property has been levied upon shall have the right to pay the amount due, together with the expenses of the proceeding, if any, to the Secretary at any time prior to the sale thereof, and upon such payment the Secretary shall restore such property to him, and all further proceedings in connection with the levy on such property shall cease from the time of such payment.
(b) Redemption of Real Estate After Sale.
(1) Period. - The owners of any real property sold as provided in Section 6335, their heirs, executors, or administrators, or any person having any interest therein, or a lien thereon, or any person in their behalf, shall be permitted to redeem the property sold, or any particular tract of such property at any time within 180 days after the sale thereof. (2) Price. - Such property or tract of property shall be permitted to be redeemed upon payment to the purchaser, or in case he cannot be found in the county in which the property to be redeemed is situated, then to the Secretary, for the use of the purchaser, his heirs, or assigns, the amount paid by such purchaser and interest thereon at the rate of 20 percent per annum.
It is important to know this because less than ethical lenders and servicing companies will tell borrowers that, once default has occurred, the acceleration clause of the mortgage is invoked and the entire mortgage balance is due and payable - in other words, if a borrower misses his $1,200 payment for several months and now owes $3,600 plus late fees and legal expenses, he must come up with the entire $150,000 mortgage balance in order to stop the foreclosure.
This may be technically true but it is rarely invoked in practice.
Nonjudicial foreclosure states can foreclose in as little as two months.
LEGAL DISCLAIMER - The comments, posts, threads and material on this websites are NOT to be taken as legal advice and we highly recommend that anyone facing foreclosure should seek the counsel of an attorney and or an accountant. ALWAYS obtain a second and third opinion on your particular situation from a trusted source.
The Wall Street Journal has made a prediction that the $18.5 billion in loan guarantees first authorized by the Energy Policy Act of 2005 will soon be awarded to the following companies - Unistar Nuclear, NRG, Scana and Southern Company. The biggest beneficiary of the decision could very well be Toshiba since they are the main reactor supplier for three of the above. (Disclosure: I have owned Toshiba stock for several years, since they first purchased Westinghouse.)
In what should be no surprise to folks that troll through the nuclear blogosphere, Dan Yurman at Idaho Samizdat could have written the Wall Street Journal story more than a month ago - he had the same four winners on his list on May 11, 2009.
The article also talks a bit about the companies and the projects that will not be getting any loan guarantees from the federal government during the first round new nuclear plant construction. When there is a limited amount of money available the decisions get made by a bureaucratic process that enables the government to pick winners and losers. That is the case even in a situation where the government is not really spending any money, just enabling the financing for some capital investments for good credit risks that simply do not have the capital capacity on their own.
One more somewhat troubling aspect of the report is that the bureaucrats apparently determined that it was a plus for the suppliers to be from foreign countries that may also kick in additional support and financing authority. Of course, that is understandable, especially since the US, which first developed atomic fission as a reliable source of heat for electrical power generation, no longer has much of a domestic fission industry.
Oh well, I guess it is good news that the decision has finally been made and will soon be announced so that the next stage of the revival will begin in earnest. I tried to make a comment on the Wall Street Journal article, but either my browser or my connection yielded a failed attempt. Just in case you are interested, here is what I tried to share with other WSJ readers.
The loan guarantee program could have been three times as large with a very small increase in the DOE’s obligation authority. The Senate version of the stimulus package initially contained an additional $50 billion in guarantee authority for the program that allows emission free nuclear plants to compete. Instead of enabling an enormous outburst of manufacturing capacity and new job creation, the congress allowed focused anti-nuclear organizations to strip that provision from the bill.
Nearly all of the costs of the program would have been born by the investors, not the taxpayers. For well run projects, loans get paid and no backer has to bail anyone out. If nothing else, during the lean years of nuclear power, the company leaders learned how to make very conservative investments that returned a great deal of money over time.
It is too bad that the government has put itself into a position of picking winners and losers and in slowing the only real competition that the coal, oil and gas industry has. Could that be the real reason that the nuclear loan guarantees were removed from the stimulus package?
For the traders in the mortgage backed securities markets yesterday, it had to feel like the sky was falling. Mortgage backed securities lost over 200 ticks today - a huge and ugly move - and over 300 points in the last week. Mortgage rates move up and down based on what is happening in the mortgage backed securities markets, so when mortgage bonds get blasted like they did today, mortgage rates pop up, too. Rates have risen sharply in the last week, and are now about ¾ of a point higher in rate then they were last week. So what happened to rile the market so much? Is the sky really falling and are the low Chicago mortgage company, chicken littlemortgage rates gone for good?
For most of this year mortgage rates have been in a low, low range. There has been some volatility, but most of this year has been stable to the point of being predictable. The reason for the predictability is because the Federal reserve has made it their mission to drive mortgage rates down and keep them low. They initially committed $500 billion to buying mortgage backed securities, but when the market started to look past the Fed buying and worrying about what would happen when they left the market (after they had spent a fraction of what they had committed at the time) the Fed stepped in and raised the limit, throwing an additional $750 billion into the pot (for a total of $1.25 Trillion). The Fed has been the big gorilla in the market, and over the last months the market has been nearly as calm as glass. So what changed over the last week? Two things. Investors started worrying about all the debt that the country was taking on to pay for all the new spending, and bond guru Bill Gross, the head of bond giant Pimco, said that it was likely the US would be downgraded from its AAA credit rating.
Since Gross made this comment last Thursday, the markets have seen nothing but pain. But this was the same person who just a few months back was predicting that mortgage rates were headed down to 4.0% (the market liked those comments) and his firm is working with the government to make a market for some of the toxic mortgage bonds taken on as a result of bank bailouts. As Pimco has huge positions in bonds of all types, you wonder how his comments effected his own bottom line? This prediction is basically saying that the United States is now insolvent, so it doesn’t matter how much the Fed is willing to spend to keep rates low, because the Fed, and the US government, is now irrelevant and won’t be able to keep rates low no matter how much they try. Just the thought of this is scary and bond traders have responded with outright panic. Our financial picture does look grim, but I think it may be a little early to be writing any obituaries for the financial power of the United States (or for low mortgage rates for that matter).
The bond holders (mortgage backed securities are a type of bond) worry isn’t that the US won’t be able to pay the debts. The government has a printing press they can crank up at any time, so they will be able to pay. But if they print more money to do so that means the dollars are worth less (inflation) so the return goes down. We are taking on debt at an alarming rate, and inflation is a worry. But in the past, the times we’ve had the most inflation problems were boom times, when values were moving up. Right now we’ve had a huge loss of value in everything from home values to the stock market to most commodities. Unemployment is growing and according to the last Fed minutes, deflation is still a possibility. Foreign countries (think China) own a big part of our national debt, and if they see us as insolvent they are likely to pull their money out and invest elsewhere. But where else can they go? Europe is in worse shape than we are, and as bad a hit as we have taken, the United States is still the largest economy in the world by a big margin. Our economy is also the biggest consumer for Chinese goods, so as much as they might like to disengage and pull away from us with their debt, this would cost their economy more. There is an old saying that if you owe the bank a few thousand dollars you have a problem; if you owe them a million dollars, the bank has a problem. Add a whole lot more zeros to that and you have the Chinese (and other foreign investors) view of our current situation. We are all intertwined, and like it or not, they have a vested interest in our success.
We’ve seen meltdowns like this in the past, and after the initial panic buyers start coming back in to the market. The Fed still has a lot of money to invest in mortgage bonds, and their goal is still to keep rates low. With most of the sellers already out of the market, their buying will have a bigger impact. The Fed, and the Obama administration, will have to address the investor’s fears in some way and I would guess that there are high level meetings about this going on now. No one knows what will happen in the future, but I wouldn’t be surprised to see rates drop back down close to their prior range over the next few weeks. If you didn’t pull the trigger on a refinance, the best rates are now gone. But you may still get another crack at them later. If rates drop again, be prepared to action.
Expectations mean a lot. HUD Secretary Shaun Donovan released more details today on the eagerly waited for plan on how first time home buyers will be Chicago - $8,000 first time home buyer tax credit able to use the $8,000 tax credit, but this is looking like a big disappointment. Donovan made big news a couple of weeks back when he announced (pre-maturely) that FHA would allow the credit to be monetized and turned into a second mortgage so that first time home buyers could use it as part of their down payment. Saving up for the down payment has always been the biggest hurdle to buying a new home. The real estate community (it was first announced in front of a Realtor’s convention) went nuts when this was first announced. If other wise qualified home buyers could use this tax credit as part of their down payment, it would be a big shot in the arm for the purchase market in general. The next day HUD started walking back some of the promises. FHA put up a mortgagee letter stating how the program was intended to work, and then took it down the same day. The details that were supposed to come out within the week, didn’t come out. Now, a few weeks later, the program is being rolled out again, but the most important part is missing. The $8,000 tax credit will be allowed for use as part of an FHA mortgage (as a 2nd mortgage secured against the tax credit - details to come) but they can only use it to pay for closing costs or to increase their down payment after they have already invested the minimum 3.5%.
This is a nice enough feature, but not anything that will bring extra buyers into the market. Those who have the 3.5% down payment already saved are in a good position to buy already. It is common now for buyers to negotiate for the sellers to pay their closing costs as part of the contract, so a first time buyer can often buy with just enough of their own money to pay for the down payment. With FHA it is acceptable to buy with the entire down payment coming from a gift from a relative and it’s common knowledge that many of these gifts are expected to be paid back at some point. My guess is that a lot more first time home buyers will tap into the parental bank account to buy their first home, and then pay the money back after filing an adjusted tax return so they can get the return back a few weeks after closing. So the end result is they are still buying with no money down, but this way the bridge loan is kept in the family. But if you don’t have a rich uncle, and mom and dad are tapped out, you are still on the sidelines.
The idea behind this program was to get more new buyers in the market. The way this is coming out, that’s not going to happen. The First Time Home Buyer Credit is a great deal and it is helping a lot of new buyers take the plunge and get into home ownership now instead of waiting. But in order for it to work you will need to have your down payment saved up, or know someone who is welling to gift you the money.
Here is how the first time home buyer tax credit works:
1. The credit is for 10% of the purchase price up to a maximum of $8,000. This means that if your purchase is $80,000 or more, the credit will be $8,000.
2. It is available only for first time home buyers. By their definition, a first time home buyer is anyone who hasn’t owned a home in the last 3 years.
3. The home has to be for your primary residence. Second homes and investment properties don’t qualify.
4. This is a true tax credit. The original bill released last year gave buyers a credit the first year, but they had to pay it back over the next 15 years ($500 per year). If they sold their home in that period they would have been liable for the amount of the credit they hadn’t paid back. This new version makes it a true credit as long as you stay in the home at least 3 years. If you sell before 3 years is up, you may need to pay the credit back.
5. If your tax liability is less than the $8,000 credit, you will get the difference as a check back to you. If you have already filed your taxes, you can file an amended tax return in order to take the tax credit this year and get the money back quickly.
6. Income caps apply. A single buyer qualifies as long as they earn up to $75,000 per year, and couples are maxed out at $150,000 per year.
7. This credit applies retroactively from January 1, 2009 to December 1, 2009.
There has been a lot of news lately about the $8,000 first time home buyer tax credit, and a lot of disappointed home buyers when the news was released that you won’t be able to use the credit as part of your minimum down payment. I get calls every day from renters who want to buy a home now, and many of them are well qualified for an FHA mortgage here in Chicago Illinois based on their income and credit situation, but they fall short when it comes to having saved up enough money for the down payment and closing costs. Saving cash is always a struggle, and the no money down loans have all disappeared. So if you want to buy a home, you will need to come up with some cash. For many wannabe first time home buyers this is a cruel twist. Once they buy the home the government will give them a check for $8,000. But now, when they need it most, they can’t get a thing. But with a little creativity and ingenuity, there are ways to come up with the cash to close without resorting to loan sharks or placing your hopes on lottery tickets.
Here are some ways to accumulate cash now, when you need it most:
1. Gift from a relative. With FHA, your entire down payment can come as a gift from a relative. Maybe you don’t have any one relative with the means to give a big gift, but you can ask several relatives for several smaller gifts? We will need to document the gift showing a paper trail of the money from the gift donor to you. We show this as a gift, and the gift letter states that this isn’t a loan and there is no expectation that it will be repaid. At the same time, when you have closed on your loan and the government sends you your $8,000 check, if you want to show your gratitude to someone by giving them some money, that is entirely up to you (And the truth is, it happens all the time).
2. Use your 401k or IRA. Do you have any money in a 401k retirement account? How about an IRA? You don’t want to use your retirement savings unless you have to, but for many first time home buyers this is the best option for funds. Most 401k plans allow you to borrow against up to half your savings in order to purchase a home and doing this means you will pay yourself back and keep the savings intact. Another option is to cash in the 401k or IRA. Doing this means you are getting rid of the retirement savings, which is a problem down the road and you may have to pay taxes on the money you withdraw. There is usually a 10% penalty when you withdraw your funds, though that doesn’t apply if you are a first time buyer using the funds to pay for the purchase of a first home (up to $10,000). One way to get around the taxes and penalties is by paying the money back within 60 days (once you have the $8,000 credit). Make sure to talk with an accountant before you make a decision on this.
3. Sell something – If you’re like most people, you probably have more stuff than you know what to do with, and if you are willing to part with some of it, this could be the basis for a down payment. This could be a car or a motorcycle, a musical instrument or collectables like baseball cards or comic books. Check out EBay and Craigslist. Have a garage sale. This by itself might not be enough for your down payment, but combined with other strategies it could bridge the gap.
4. Change your withholding rate. Do you normally get a tax refund at the end of the year? Why wait until next year to tap into it? You can change your W9 form at work so that you are claiming more deductions, which means they will withhold less taxes out of your paycheck each pay period. If you put aside the extra money in your check toward your down payment, your savings will grow much quicker. Changing the withholding means you will be ringing up a big tax liability, but this should be more than covered by the tax credit. Make sure you readjust the withholding rate later so you don’t get burned on your taxes next year.
5. Seller credits. You can’t use a seller credit for the down payment, but you can (and it is common in this market) negotiate for the seller to pay for your closing costs and pre-paids so the only money you need to come up with is the 3.5% for the down payment. Make sure you talk with your loan officer before making the offer, so they can put together a good faith estimate showing all the cash you will need, and the correct phrasing will have to be inserted into the contract. With FHA you can get up to 6% of the purchase price credited back for your costs, but the only reason you will need that much is if you have a very small loan amount or are paying points to bring down the interest rate.
6. Lender credits. Again, this can’t be used for the down payment, but if you can’t get the money for closing costs from the seller, you may be able to get it from the lender. As mortgage brokers and mortgage bankers, our compensation often comes in the form of a yield spread premium. This means that the wholesale mortgage companies pay us for bringing them loans. If you are willing to pay a higher interest rate, your lender can use some of the premium to pay for your closing costs. This is something that is commonly used for refinances, but it could be used for your purchase, too. Ask your loan officer if this is an option.
7. Look deep. You may have money you don’t even know about. A few years back I found out I had money from a closed out bank account I never knew about. Check on the Cash Dash site (in Illinois) to see if you have money there. Check other ways too. Do you have savings bonds you’ve never cashed in? Or maybe you have an insurance policy with a cash value? Coming up with a down payment will take more than looking for coins between the cushions, but you may have money you haven’t even considered.
8. Get serious with your savings. If your life depended on it and you absolutely had to come up with a certain amount of money by a certain date, could you do it? If buying a home is a goal, and getting it done on time pays you an extra $8,000 you have a real incentive to get serious about saving. Think of what things you can do without to increase your savings. Maybe it is kicking a Starbucks habit, or canceling your cable. There are usually ways most of us could cut our spending if we needed to.
Each of these on its own may help, but combine several of these ideas, scrounge around and get creative, and you might be surprised that you are closer to coming up with the down payment than you think, and closer to owning a home of your own.
There are lots of ways to buy without having a lot of cash. Use your imagination and you can come up with some more ways to come up with the down payment.
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