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Housing Finance 2020 is a comprehensive guidebook that explains the industry's newest mortgage programs, and recent enhancements that have been made to boost affordability. Also available in Spanish, the author introduces buying-power options, such as "sweat equity," do-it-yourself renovations, and energy-efficient mortgages.
The first chapter, "Ten Ways to Cover Your Down Payment," explains zero-percent loans, soft second mortgages, and "forgivable" down payment assistance loans. Readers will learn how to estimate mortgage affordability, and how to compute their qualifying income from self-employment and non-salaried wages based on conventional, FHA, VA and Rural Housing guidelines.
You'll learn about FHA and private mortgage insurance (PMI), programs requiring zero or minimal cash, and "over the top" mortgages where you can also finance home repairs and closing costs.
Qualifying rules have recently been eased for student loans, alimony, and other debts. Eligible types of income have been expanded, and now include sources such as rent from boarders, health-care aides, and accessory apartments in single-family homes.
You'll learn all about credit reports, and how to build your own credit profile if you have no credit score or minimal history. Packed with infographics and clear commentary, you'll understand how mortgages work, and how the equity in your home increases over time.
The 50-state directory lists grants and down payment assistance from local nonprofit and government agencies.You'll also learn what support services are available in the community you hope to call home.