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"For every prospective homebuyer there is a unique financial situation. Some may have past or current credit issues, others lack cash-on-hand for a down payment, and many have unpredictable incomes. But this doesn’t mean these folks are any less entitled to own a home.
Who Says You Can’t Buy a Home! gives readers plenty of proven, powerful ways to overcome perceived obstacles to home ownership. Real estate and home-buying authority David Reed tells hopeful buyers everything they need to know about establishing credit, using government mortgage and zero money down programs, buying foreclosures, getting subprime loans, buying without a mortgage, and much more.
And for those with shaky credit, Who Says You Can’t Buy a Home! offers priceless advice on managing credit scores and reports, repairing bad credit, and other crucial steps that can make the difference between owning a home and being turned down.
The book also shows how to avoid predatory lenders and common mistakes, while giving readers the confidence and know-how to get the home they’ve always wanted."
"Chapter 1 Where to Find Mortgages
Chapter 2 The Key People in Your Approval Process
Chapter 3 Types of Mortgage Loans
Chapter 4 The Mortgage Application Process
Chapter 5 Debt Ratios and How They’re Calculated
Chapter 6 Loan Documentation: Proving Your Income
Chapter 7 Loan Fraud
Chapter 8 Buying With No Money Down
Chapter 9 Government Programs With Zero Money Down
Chapter 10 Conventional Zero-Down Loan Programs
Chapter 11 Borrowing from a 401(k), an IRA, or Other Asset
Chapter 12 Seller Carry, Lease-Purchase, Wraps, and Land Contracts
Chapter 13 What’s in a Credit Report?
Chapter 14 No Credit Versus Bad Credit
Chapter 15 Credit Scores
Chapter 16 How to Repair Credit
Chapter 17 Mortgage Loans and Bankruptcies
Chapter 18 Consumer Credit Counseling Services
Chapter 19 Bad-Credit Loans — The World of Subprime Lending
Chapter 20 Finding the Best Subprime Loan
Chapter 21 Should You Just Wait?
Chapter 22 Buying Foreclosures
Chapter 23 Finding the Best Deal
Chapter 24 Closing Costs
Appendix A The 10 Biggest Mistakes Mortgage Applicants Make
Appendix B Additional Resources
Appendix C HUD-Approved Nonprofit Agencies and Home Buyer Assistance Resources
Appendix D Payment Tables
Glossary
Index"
Anonymous
Posted July 21, 2006
Had I not read this book, I would still be a renter but as I write this review I will be closing on my first home in August! I was one of those who thought that I simply could not qualify for a home loan due to my job and credit situation without putting a whole lot of money down (which I certainly do not have!) I was wrong. I picked up the book because of it's title and glanced through the chapters. Not all of them pertained to me directly but the ones that did showed me how I could actually get a home loan without any down payment money at all. I also discovered that even my own bank had a mortgage that catered to people who have had rough times 'credit wise.' Just reading the chapter on credit made me feel confident in applying for a mortgage. I did, and I couldn't be happier. I was simply afraid of trying and this book showed me that there are loan programs for me that I didn't know about.
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Posted June 18, 2006
I was very disappointed in this book after hearing so many good things about it. This book does not have any information that is insightful or useful about how to get into a home. It is a summary of all readily known information that most people who are considering buying a home have already researched. If you live in an area that has high home costs, and this is more the norm than not these days, there is no new information in this book that is not readily avaialble for free out there. In areas like these (San Francisco, New York, Boston, etc..)if you don't make a whole lot of money for owning a home then there are not really options for us and 'you can't buy a home'. I also felt there is mis-leading info with regards to your costs for owning a home in several sections. An example I refer to is his fixed rate mortgage scenario that it is the price of the house x the interest rate is your monthly payment. No where in this book does he mention all the added monthly costs you incur like the property taxes and homowners insurance and any other special insurance your mortgage company may require, i.e. flood insurance (for an author that lives in Austin he should know all about this). These costs on top of monthly costs that some renters are not used to paying if it was previously covered by their landlord like water, garbage and potentially other utilities, then there is the maintenance and general up keep which all needs to be added into a person's budget when considering a home purchase. There is no longer a landlord to call to fix things and take care of the yard and general house care. Overall if you have done any research at all already on buying a home there is nothing new or useful in this book. Stick to your own research be realistic about your own situation. I have owned homes in the SF Bay area and Austin TX and am someone who makes very good money to live in the SF area. I went back to renting because my life was all about trying to keep the house running and every dime I made going to that rather than having a life. I finally chose having a life. I invest what money I can and have a life in other areas. Real Estate is not the only answer out there.
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Overview
"For every prospective homebuyer there is a unique financial situation. Some may have past or current credit issues, others lack cash-on-hand for a down payment, and many have unpredictable incomes. But this doesn’t mean these folks are any less entitled to own a home.
Who Says You Can’t Buy a Home! gives readers plenty of proven, powerful ways to overcome perceived obstacles to home ownership. Real estate and home-buying authority David Reed tells hopeful buyers everything they need to know about establishing ...