Asifa Zia -The Realtor YOU want

                                                       What are housing choice vouchers? The housing choice voucher program is the federal government's major program for assisting very low-income families, the elderly, and the disabled to afford decent, safe, and sanitary housing in the private market. Since housing assistance is provided on behalf of the family or individual, participants are able to find their own housing, including single-family homes, townhouses and apartments. The participant is free to choose any housing that meets the requirements of the program and is not limited to units located in subsidized housing projects. Housing choice vouchers are administered locally by public housing agencies (PHAs). The PHAs receive federal funds from the U.S. Department of Housing and Urban Development (HUD) to administer the voucher program. A family that is issued a housing voucher is responsible for finding a suitable housing unit of the family's choice wh

                                     Getting a Mortgage Loan for a Fixer-Upper: A Primer on FHA 203k Loans The idea of buying a fixer-upper and turning it into your dream abode can seem so perfect -- every nook and cranny just to your specifications! The reality, however, can be harsh. When you realize how much it will cost to remodel, you often also realize that you can't afford it. Or you find out that a lender won't give you a loan because the home is considered “uninhabitable” as it is. That's where an FHA 203k loan comes in. An FHA 203k loan is a loan backed by the federal government and given to buyers who want to buy a damaged or older home and do repairs on it. Here's how it works: Let's say you want to buy a home that needs a brand-new bathroom and kitchen. An FHA 203k lender would then give you the money to buy (or refinance) the house plus the money to do the necessary renovations to the kitchen and bathroom. Often the loan will also include: 1) a

                                                               W-2 forms — or business tax return forms if you're self-employed — for the last two or three years for every person signing the loan. Copies of at least one pay stub for each person signing the loan. Account numbers of all your credit cards and the amounts for any outstanding balances. Copies of two to four months of bank or credit union statements for both checking and savings accounts. Lender, loan number, and amount owed on other installment loans, such as student loans and car loans. Addresses where you’ve lived for the last five to seven years, with names of landlords if appropriate. Copies of brokerage account statements for two to four months, as well as a list of any other major assets of value, such as a boat, RV, or stocks or bonds not held in a brokerage account. Copies of your most recent 401(k) or other retirement account statement. Documentation to verify additional income, such as child suppo

                 By:  Angela Colley If you’ve found a home that costs less than your available credit limit, skipping the mortgage process and charging the property to your credit card might seem like a viable option—and in many ways, it is. You can buy a house with your credit card to some benefit, but this nontraditional approach to homeownership has several disadvantages you should carefully consider before you put down your plastic. Pros of Using Your Credit Card Buying a home with your credit card instead of going the traditional mortgage route has a few key advantages, such as the following: When you apply for a mortgage, you’ll pay additional fees that increase your total cost. Purchasing a home with a credit card eliminates mortgage-related closing costs and application fees. Modern mortgages come with a slew of forms to fill out and documents to send. With a credit card, there is no lender involvement and practically no paperwork. In most cases, you will end up paying back