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The most up-to-date HARP 2 mortgage requirements and guidelines. HARP, which stands for Home Affordable Refinance Program, was enacted in mid 2009. There were many restrictions with the original HARP program or also called HARP 1.0, which automatically disqualified many homeowners. In the beginning of 2012, HARP 2.0 was rolled out and has taken many of the previous restrictions off the table, making millions more homeowners eligible to refinance.

Some of the basic eligibility requirements of the HARP 2.0 program:

– Loan must be owned by Fannie Mae or Freddie Mac

– Loan was endorsed by Fannie Mae or Freddie Mac on or before May 31st, 2009.

– Loan could not have been refinanced using the HARP program before, unless it was between March – May of 2009.

– There are no Loan to Value (LTV) restrictions like in HARP 1.0

– Must have had most recent six months of on time payments, no more than one late payment in the past twelve months.

– While this is not a conclusive list of eligibility requirements, these are the most common that every bank has to abide by set forth by the Federal Housing Finance Agency (FHFA), which oversees Fannie Mae and Freddie Mac.

Now that the eligibility requirements have been gone over, these next points are the underwriting guidelines the most banks and lenders have been following.

– Income Requirements – Must have a Debt-to-Income (DTI) ratio of 45% or less

– Credit Score – Minimum credit score of 620

– Foreclosure and Bankruptcy – Typically 4 years have had to pass

– Occupancy – Can now be a Primary Residence, Second Home or Investment Property

– Mortgage Insurance – Can now include loans that have mortgage insurance on it, although some mortgage insurance companies still will not allow it.

This a list of the most common underwriting guidelines that banks are qualifying borrowers with. The FHFA has never come out with restrictions to DTI, Credit Score or Foreclosure and Bankruptcy, so if a lender cannot refinance because of one of these, look into other lenders or banks because not all follow the same set of rules.

There could be much better news on the horizon in the form of HARP 3.0, which would allow even more borrowers to become eligible to refinance. That all depends on how the Obama Administration wants to handle the situation. With the Fiscal Cliff crisis now averted they may be able to start putting some serious thought into the HARP 3.0 program.

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Why are FHA and VA Mortgage Interest Rates Lower than Conventional Interest Rates? This is a question that comes up all the time and a great one. If you are considering refinancing and you currently have a conventional loan, which may or may not be backed by Fannie Mae or Freddie Mac, you may want to consider an FHA or VA loan.

Mortgage interest rates are typically lower for FHA and VA home loans because they are backed by Ginnie Mae, which is a government entity. Since Ginnie Mae is backed by the full faith of the United States government, they are considered risk-free investments. So any person or entity that invest in Ginnie Mae backed loans are guaranteed a return on their investment. Because they are a risk-free investment the interest rates are lower and the rate of return to the investor will also be less. Likewise, Fannie Mae and Freddie Mac are currently being controlled by the government as well, but only temporary, until they wind them down or privatize them again. Typically, mortgage interest rates are a bit higher on conventional loans because they are backed by Fannie Mae or Freddie Mac, which are private entities. Any person or company that invest in these entities risk losing money, so the rate of return will be higher than investing in Ginnie Mae. Also, the mortgage interest rate is a bit higher for the borrower.

The reason why you would want to choose a conventional loan over a FHA loan is based on a 30 year fixed mortgage regardless of how much money you put down, there is still a monthly mortgage insurance premium for at least 5 years and also an upfront mortgage insurance fee of 1.75% of the loan amount, that goes to the FHA. With a conventional loan, as long as there is a 20% down payment then there would be no monthly mortgage insurance or upfront mortgage insurance fee. In regards to a VA loan, which is for Veterans, there is no monthly mortgage insurance, just an upfront funding fee.

For those homeowners that are looking to refinance and owe more than 80% on their property, but less than 98% of the current value, you may want to look at an FHA or VA loan, it could benefit you.

If you currently have an FHA or VA loan then you would want to just refinance using whats called a streamline loan because most of the qualification requirements get tossed out.

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Have the store marketing techniques trampled your budgeted costs leaving short-term cash options like auto tile loans or cash advances your only way to stay alive? The end of the year brings the advertisements and marketing strategies into full swing. It’s a plethora of sale tactics ready to bomb your budget. How oh how can you survive the battle?

A fast and easy way to work at recouping from spending beyond your means would be to consolidate your bills into one payment. You will have only one payment, one interest rate and one due date. Something that sounds so perfect could be hard to do if you do not have the credit needed to work with a financial institution. If you have bad credit or no credit, there is still a way to consolidate your bills. An auto title loan will give you the opportunity to get some fast cash when payments have to be made on time.

These title loans work best for emergency situations. If you are making ends meet and are looking to consolidate, spend some time and look into all your options. If you need money while you look, an auto title loan will be a great way to get fast cash. It is important that when you use a title loan, that you have a payment plan afterward. Just as fast as you can get the money, you will be expected to pay it back in full plus fees in 30 days. Extending the loan can get expensive if you don’t have the extra to pay towards interest. Whatever you can pay down on the loan is the best bet to work your way out of an extended title loan gracefully. The last thing anyone wants, borrower or lender, is to involve the collateral to repay the loan. Losing a car is a big loss for a hardworking customer and the lender ends up with one more problem to deal with. It is the worst case scenario for both parties.

Learning to budget your money in a more efficient way will help prevent the problem before it starts. A PEW study found that people are more willing to use short-term money solutions rather than cut back on their lifestyle. It is a marketers dream.

There are positives and negatives to any financial solution. An auto title loan has plenty of negatives, but the strong positive keeps customers returning when finances are in trouble.

* Fast money
* Amount based on blue book value of vehicle not credit score
* No long application process

These three positives keep auto title loan companies in business. The loan may not work for everyone, but for others know where to go when financial emergencies strike. Most often these people have a real emergency, a medical emergency, covering the costs from the death of a loved one or travel costs to be with family during a tragic time. It is money in a pinch when nothing else will do.

* Your vehicle is used as collateral for the loan
* High interest accrues if not paid on original due date

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ameri loan

ameri loan

Income tax season is in full swing, which means that you’re likely shopping around for a good tax preparation service. Most towns and cities boast dozens of tax services, so choosing the best one for you can take a little research. Unless you have a regular bookkeeper, you may only know the big names on the block. These tips can help you choose the right tax preparation service for your personal or business income taxes.


Many smaller tax services are only open from January through April. If you only need assistance with your personal income taxes, those may be just fine for you. Keep in mind, though, that if you’re contacted later about your returns or if you need their assistance during an audit, you may be out of luck if you choose a tax service that pulls in its shingle after April 15.


You need an experienced, qualified tax preparer to do your taxes. While you don’t have to be a CPA to do personal income taxes, a certified public accountant has the education and experience to make sure that you take advantage of all the deductions and exemptions to which you are entitled. In addition, a CPA in a year-round accounting firm will keep up on the latest tax laws and changes to the tax code to ensure that your returns are completed accurately and to your benefit.


A conveniently located office can be a boon if you intend to meet face to face in the accountant’s office. Consider where the office is located and how hard or easy it is to get there if you need to drop off and pick up records and returns.


Ask around to learn the reputation of the tax services you’re considering and take the time to check out their credentials. Do the employees have CPA training and certification? Do they offer tax services for income tax season, or do they also provide other accounting and bookkeeping services? Are they listed with the local Better Business Bureau, and if so, what is their reputation and rating?


Some tax preparation services offer guarantees of accuracy. When you’re deciding among tax services, make sure you know what they will do if their error results in fines or penalties, or if you are audited by the IRS. Those factors can help you decide between two or more tax preparation services with similar reputations, availability and pricing.


The cost of preparing tax returns varies widely from one tax service to the next. It’s illegal for a tax preparation service to base its fees on the amount of refund they obtain for you. Some accountant offices charge by the hour. Others have a standard schedule of fees based on the complexity of the tax returns and forms that must be filled out. Still others provide a custom estimate and quote for each individual. If your tax situation is very complex, some tax services may have difficulty giving you an exact price before they do a more thorough interview with you, but they should be able to give you a rough estimate of what it will cost to have your taxes prepared.

While it’s tempting to jump at the first tax service advertisement you see, avoid that temptation. Unless your situation is very straightforward, take the time to check out several tax services and choose the one that it the best fit for your situation.

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Many people are looking to take advantage of reduced home prices and low interest rates by purchasing their first home. Buying a home is an exciting time in anyone’s life and can represent the accomplishment of a dream. Excited home buyers race off to tour new construction, historical homes, or quiet ramblers searching for the “perfect fit” for their family. Once the home is found the process switches from a search to a focused effort on obtaining a home loan and closing the purchase so they can get the keys and rent a moving truck.

During this process many home buyers realize they need more money for their down payment. Perhaps closing cost were higher than they budgeted for. Or maybe the home they fell in love with was $10,000 higher than what they were approved for. Regardless of the reason many home buyers are turning to family and friends and using a “gifted” down payment. For this scenario we will use “Grandpa” as the person giving the gift. Grandpa may have been setting money aside for this special day and more than happy to oblige. Using gifted funds for a down payment is not as easy and driving to Grandpas house to pick up the check. There are steps and procedures that need to be followed in order to be in compliance with mortgage programs and lender guidelines.

5 Steps to Using Gift Funds

Create a Gift Letter: This letter is universally required and lets the lender gain an understanding of where the funds are coming from.

Documentation: It is important to create a paper trail for the funds. For example if Grandpa is gifting you the money and has had it in a special investment account – paperwork needs to be produced showing the funds were in his account and liquidated then put into the bank account the gift is coming from. In this example that would be three separate documents. If Grandpa is simply pulling money out of his checking account a simple bank statement along with the check will suffice.

Copy the Check: Make a photocopy of the check prior to depositing it.

Deposit the Funds: Deposit your gifted funds in one transaction into the same bank account you will be pulling any remaining down payment funds from. It is easier than trying to document funds coming from multiple sources. Collect your receipt and keep it with the check copy and gift letter.

Make sure it Matches: It is important that the dollar amount on the gift letter, check, and receipt all match. Do not make a deposit and get partial cash back thinking you will replenish the funds later. It has to all match otherwise you may not be able to use the funds for your down payment.

Gift letters should include:

The names and contact information of both parties
The amount of the gift
The address of the property you are purchasing
The relationship between you and the person giving you the funds
A statement that the money is a gift not a loan

Having family members that are wiling to support your dreams to purchase a home is a wonderful thing. Understanding the process is important to ensure that it is seamless and painless for the person gifting the funds and for you. A mortgage banker can walk you through the process in even greater detail and coach you along. Gift funds can be a fantastic resource when used correctly. Contact your mortgage lender to learn which mortgage programs best fit your needs and how to get started.

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People take out personal loans for a variety of reasons. Among the many companies and lenders on the market, some of the best ones to work with are those that give you money quickly. Typically when one is trying to get a personal loan, it is because they are struggling financially, and a lender who can help you right away is the one who will be the most beneficial for you.

Finding a Lender

In our fast-paced society, finding lenders to help with your financial needs is simple. The Internet is always a great place to start, and will give you a large range of lenders, lots of information, and a great way to do a side-by-side comparison among the lenders. It is important to not simply choose the first lender you find that looks like they might work. Find lenders with good websites, positive customer reviews, and good rates and packages.

Finding the wrong lender can lead you down a road you simply do not want to take. Bad lenders can have very high rates, unreasonable terms, or simply are bad at business. This is where customer reviews are crucial. Always go for a business with good reviews, and try to stay away from those with lots of bad, or simply no, customer reviews.

Another good tip, if possible, is to go into a branch or office and meet someone face-to-face after narrowing down your choices using the Web. Talking to them and looking at their business and office will help you see what this company really stands for. For instance, if they have a nice office, well-dressed staff, and friendly people, this is always a good sign that they care about their clients. Be cautious though, because this is not always a surefire sign of a good company. You must look at the overall picture.

Applying for a Loan

Obviously the first step in the process is to find a good lender. From here, the process can take anywhere from a few hours to a few days. When you shop online, the lender will usually have the instructions for applying on their website; often there is an online application to fill out. It is crucial that you fill out these forms fully and accurately. Some information that will be required includes your address, phone number, employment information, income, social security number, and birth date. Also make sure to have recent pay stubs and employment information readily available during the process.

Approved or Denied

Often people wonder whether they will be approved for a loan or not. Things that can determine your approval include your income, your credit, and the truthfulness of your application. However, the chances of approval are usually high, especially if the application is complete. Also, most companies will give you an answer quickly. Once approved, you will have the money in just a short period of time.


In closing, remember that when you have decided to take out a personal loan, take the time to shop around and do your homework. This will save you time, money, and headache in the future. The right lender, however, can help you out of a tough situation and moving forward with your life.

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Could you utilize the fast cash from a car title loan to make up for lost wages? Taking a few extra days off to enjoy the holidays with family and friends may have been a great idea in the beginning, but if illness cause you to lose additional days, how will your finances bounce back from days without pay?

Those living paycheck to paycheck will be negatively impacted by the loss of income. Short-term loans are often used as emergency means of funding a budget. The down side to payday loans and cash advances is that these loans are usually only for a few hundred dollars. They do not always fill the void. When you own your vehicle outright, a title loan will provide a larger amount of quick cash to fill the empty account. Whether it provides money to get by till the next paycheck or to make up for lost wages, a car title loan is one more option to those who have fewer resources for financial security.

Temporary financial problems often promote long-term credit issues. Negative reports to the credit bureaus are preventable through the use of short-term money solutions. Car title cash is not an option for just anyone. If a financial institution owns the title or if there is a lien present on it, you will not qualify for a title loan. Most car title loan lenders will list qualifying information needed right on their website or call and ask a customer representative. The money comes to you faster if you are prepared with all necessary documents.

No one wants to do business with a shady operation. Unfortunately in the short-term loan industry, there are many players waiting to take advantage of financially vulnerable people. Do some research on the business and good loan practices before signing any kind of document? It doesn’t hurt to have “3 call” minimum; meaning, look into three different companies and compare their practices. What do they look for in order to qualify an applicant? What are their collections practices? No one truly plans on not paying, but just as one emergency can destroy budget costs, think what a second consecutive one would do. How do you recoup from a double punch to your bank account?

Preventative measures are a great ways to prevent the need for short-term cash, but most people struggling paycheck to paycheck do not have the extra to place in a savings. If someone had room on credit cards, they will probably not be int he car title lot to begin with. Revolving credit options are much safer to utilize rather than a secured loan. It’s those hard workers who do not have available credit at their disposal end up using alternative financial means. Car title loans are available to those who need a no credit check loan. The simple and fast process will alleviate your financial stress quickly. Be aware of payoff expectations before you sign for the loan in order to prevent any future problem.

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Are you going to head to an auto title loan lender for extra cash? Is the cash a necessity or for something extra? The title loan lender is not going to stop and ask those kinds of questions, it is not a loan requirement. Banks and credit unions will want this information, as their process is much different.

What you will use the money for or why you need it so urgently are not questions which apply to an auto title lender. There are no intrusive questions which apply to the cause of the financial emergency. What a title lender wants to know is based around the payoff. Because these lenders work with what are normally “riskier” applicants, the payoff is the focus for the application.

*What condition is the car in? Since the title loan is secured with the title to your vehicle, the value of the vehicle is extremely important and an evaluation will be done by lender provided appraiser. The auto title loan lender will need your vehicle on the premises in order to process the application.

*Do you own the title clear out? Bring the title with you. Your title will not work if it belongs to another party or if there is a lien placed on it. The title lender needs to protect their interest since this is their only way to collect if the loan goes into default.

*Do you have your driver’s license with you? There are many factors which relate to this qualification. The photo ID lets the lender know who they are working with and that it matches the owner listed on the title.

*Show proof of employment. Even though the loan is secured with the pink slip, a lender will ultimately prefer payback in the form of money. This information gives the lender that you have the means to pay off the title loan.

*Bring in a current utility bill to prove your residence. Often times a license will not have the most current address. Since utility bills are paid each month, you will need to provide the most recent one.

A bank’s application involves pages of documentation and questions to answer. The approval process may takes weeks and include an interview with the loan officer to find out more information. An auto title lender will not waste your time; as long as you bring in all the qualification information, once your car is assessed, you will know right away whether or not your application has been approved. Imagine driving away with the money in your pocket in what could be less than an hour! Fast money is simple when you use an auto title loan.

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99 payday

99 payday

Invoice Factoring is a good way to save your business from an impending cash crunch, arising out of delayed payments from your clients. It is a nightmare for any business owner to lose his customers, just because of delayed payments issue, after putting in so much of hard work and time to gain their trust.

Invoice Factoring in Canada is an ideal recourse for small and new business owners, as well as other businesses, which are facing such financial issues. There are plenty of benefits in availing this unique financial tool, as it facilitates an unhindered cash flow with your Accounts Receivables.

On the advantages front, Invoice factoring in Canada enables you to acquire quick Cash, in as little as 24 hours. In addition, neither is there any creation of debt, nor is there any need for collateral, either. Although the factor purchases your accounts receivable, but this in turn makes your balance sheet attractive, thereby enhancing your credit worthiness. Hence, with this increase in working capital, you have a great opportunity to expand your sales, and expand your business horizons, Besides, you will be working with a team of professionals, who will provide ongoing advice and counseling to you, as well as find solutions to your business problems. These experts will also assist you in capitalizing on new opportunities, in increasing productivity, in reducing accounting costs, and so on. With Accounts Receivable Factoring, you can predict when your cash is coming in, thereby doing away with the multiple headache of meeting delivery deadlines, or payroll issues.

In addition, you do not need to sell your hard-earned equity, or mortgage your personal property, to meet your cash obligations as a business owner. In short, it is quite simple to initiate Invoice Factoring with your business in Canada, thus increasing its potential for profit. On the downside, it might affect your business processes, as it will set credit limits for your customers that might potentially discourage them. Besides, you might be bound by lengthy contracts and restrictive notice periods, thus making it difficult for you to get out of the agreement. In addition, you might as well become entirely dependent on the factoring company, for collecting your invoices punctually and efficiently. In some cases, there are various hidden costs involved, which can make this proposition discouraging for new and small businesses. When taken as a whole, there are more benefits as compared to risks, in availing the Invoice Factoring services in Canada. You can use it as a short-term measure to facilitate cash flow, and revive your business plans from the brink of despair.

Since factoring provides you with maximum value of your sales ledger and ongoing invoices as cash, for re-deploying within your day-to-day business activities, hence there are many valid reasons to integrate it with your business.

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A logbook loan on a car means that the finance company is legally the vehicle’s owner until such time that any loan taken out against it is re-paid in its entirety. If you by chance purchase a vehicle with such a loan taken out against it, and the original borrower ceases payments on the loan, it is within the financial company’s rights to repossess the vehicle until such time that the loan is fully repaid. In addition, no court order is required for the financial company to repossess the vehicle.

What are your options if a lender intends to repossess your car?

Should you happen to be sent a letter indicating that the car will be repossessed, or an enforcement officer comes to your house to take it, stopping them may not be an option. These tips will help keep you safe:

Request proof of identity and the authority to repossess the vehicle.
Request to see the logbook loan. They are required to present this upon request.
If you have time, get in touch with the Citizens Advice Bureau to help verify the validity of the logbook loan
If at any point you feel threatened, contact law enforcement.
Do not jeopardize your own safety.
Request written proof of what was repossessed.
Copy down contact information for the respective company.

What to do if a lender has repossessed your vehicle

It is possible, if your car has been repossessed, to try to regain it and be re-compensated by the original seller of the vehicle. But it can often be a lengthy and costly endeavor, with no guarantee of success.

One option is to re-pay the outstanding loan, and take the seller to court to reclaim the costs, or take the seller to court directly.

Seek legal advice before you take anyone to court.
Filing a complaint against a logbook loan lender

A number of lenders are registered with the CCTA, or the Consumer Credit Trade Association. This organization has guidelines regarding logbook loans. It requires lenders to catalog any logbook loan in a registry, which in turn shows up in the vehicle’s history. They are also required to follow certain guidelines when re-possessing a vehicle.

If you dislike how a lender or their respective enforcement officer treated you, check to see if they are registered with CCTA, which then enables you to file a complaint with them directly.

Before purchasing a used vehicle, run a history check. It helps reduce the risk of purchasing a vehicle that is still connected to a loan.

However, if the vehicle was registered incorrectly, a history check may not indicate a log book loan. Be wary of any seller who is unwilling or unable to provide you the V5 registration document, or wishes to only give you a photocopied version of it.

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