Chapter 6 (Continued): More No Credit Required Ideas - Buying A Home When You Have Bad Credit

		At I-Can-Buy.com we believe that information should be available to anyone who wants and needs it, so we are trying out something new for a limited time. We are offering this valuable information FREE on this website, in a format that is supported by advertising, instead of selling this valuable e-book. We think this is a great idea and we hope you do too. Here is Chapter 6 (Continued) of our FREE Online ebook. To get a free pdf download of this book, Click Here. To go back to start the book with the Introduction and Chapter 1 Click Here. Buying a Home When You Have Bad Credit: 12 Ways to Purchase a House When You Can't Get a Home Loan. Chapter 6: More Ideas If you are interested in Sweat Equity programs, below are some national organizations that can refer you to local members or affiliates in your area. Check out the information to see if there is an available program for you in your community: • Habitat for Humanity International http://www.habitat.org/ • Rebuilding Together, Inc. (formerly Christmas in April) http://www.rebuildingtogether.org/ • Community Action Partnership (formerly the National Association of community Action Agencies) http://www.communityactionpartnership.com/ • Enterprise Foundation http://www.enterprisefoundation.org/ • Self Help Enterprises http://www.selfhelpenterprises.org • National Low Income Housing Coalition http://www.nlihc.org/resources/faq.htm#looking • HUD (U.S. Department of Housing and Urban Development) http://www.hud.gov/local/ http://www.hud.gov/offices/hsg/sfh/hcc/hccprof14.cfm • Rural Development (USDA) http://www.rurdev.usda.gov/ • Northwest Regional Facilitators http://www.nrf.org/ • ACORN Housing Corporation http://www.acornhousing.org/ • Wisconsin Association of Self-Help Executive Directors http://www.washed.org/ • Portable Practical Education Preparation Inc. (Arizona) http://www.ppep.org/main.html • National Congress for Community Economic Development http://www.ncced.org/ • Emergency Food & Shelter Program http://efsp.unitedway.org/ • FHLBanks http://www.fhfb.gov/ More Ideas for Raising Money for a Down Payment You may already have the money for a down payment within reach, and didn’t even realize it. Here are some extra ideas for raising cash: 1. Borrow money from relatives or friends for a down payment. 2. Sell or borrow against other property or real estate you may own. 3. Sell a second car, RV or boat that you own and use the cash for the down payment. 4. Sell heirlooms or collectibles you own to raise money for a down payment. 5. If you own securities you can sell them or borrow against them through a loan from the stock brokerage. 6. Cash in or borrow against the built-up value of any life insurance you have. 7. Withdraw money from your IRA. If you're a first-time buyer you can pull out $10,000 penalty-free (though you must pay state and federal income taxon it) to put toward your home purchase. If you're not a first-time buyer, pull out the very least amount you must. Otherwise, you will have to pay both the 10 percent penalty and income tax on an early withdrawal. 8. Borrow against your retirement funds. In some cases, the rate on the loan may be as small as 2 percent. If you add too much to your debt burden, however, you may not be approved for a loan. 9. Change the withholding taxes, if permitted, on your salary in anticipation of higher deductions when you get a mortgage. Your take-home pay will increase, giving you more funds to put toward a down payment. 10. Pawn something you own and use the proceeds for a down payment.You can get the item back after you've moved in and can afford to pay the pawn broker back. 11. Refinance your car or other vehicles and add the procedes to your down payment. 12. Negotiate for a balloon payment. This is just a way of buying time. You sign a contract that says you will pay a certain amount at a later specific date. You still have to come up with the cash. It just gives you more time. This has been an excerpt of the book by Alex Dey called Buying a Home When You Have Bad Credit. Buying a Home When You Have Bad Credit is written by Alexis Dey, Copyright © 2005-2006 Mohave Publishing. All rights reserved. This book is protected by international copyright law. You may not otherwise resell, reproduce, distribute, publicly perform, publicly display, or create derivative works of this material, unless authorized by Mohave Publishing. http://I-Can-Buy.com To go to chapter 7 click here . Disclaimer: Concepts in this book represent the author’s individual experiences, ideas and opinions. It is intended to provide helpful and informative material on the subject matter covered. Others may have different results, depending on where they live and the laws that apply there. This book is intended to give general information, not specific legal advice. It is not to be used in place of legal, accounting, mortgage, financial, investment, tax or other professional service. The author, publisher and/or contributors shall in no event be held liable for any loss or other damages incurred from the usage of the information found in this book. All materials are based on United States of America laws, customs and conditions. We cannot guarantee their effectiveness in other countries.