Author Description

According to a November 2009 study by Realtor.org, the number of first-time homebuyers rose to the highest percent of all home sales on record in 2009 – 47 percent. According to the study, homebuyers often must make financial sacrifices in order to purchase a home. Of all homebuyers in 2009, 8 percent were rejected by a lender. If you are in the market for purchasing a home, but you are unable to produce the necessary credit score, down payment, or income required by lenders to get a conventional loan, this book can provide you with the resources and advice to get you your dream home. Due to the burst of the housing bubble in 2007-2008, housing prices have dropped dramatically, opening doors for lower-income individuals to purchase homes that would have been out of reach only a few years ago. If you have been denied credit or have been afraid to approach a lender in fear of being rejected, this book can show you how to get into a home within your budget. How to Buy a Home and Get Financing When the Bank Says NO! helps you analyze your budget to find a home that is within your reach, provides research into loan options that meet your income and credit score qualifications, and assists with finding a lender who offers financing for homebuyers in your position. This book walks you through the steps of analyzing your income, your debt-to-income ratio, and your available funds for a down payment and closing costs. This book researches loan programs through government agencies such as the Federal Housing Administration, the United States Department of Agriculture, and the U.S. Department of Veterans Affairs that provide loans to homebuyers with less-than-perfect credit and with little money down. Knowing what loan programs you qualify for empowers you to confidently approach a lender knowing that you will be approved. If after researching loan programs, you find you do not meet certain qualifications, this book will show you how to lower your debt-to-income ratio, find al