Posts Tagged ‘affordable housing projects’
5 Tips for a Preapproved Mortgage
Posted on: April 20, 2010
Before this most recent economic downturn, the mortgage market was an absolute free-for-all. Brokers would look high and low to find anyone whom they might be able to scam away as a good borrower.
These fraudulent brokers would heap excess amounts of money to the loan to cover all household purchases including furniture.
When Barack Obama took office in November 2008 he vowed to fight this scam and fraud head on with strongly regulated borrowing laws. He failed to deliver on these promises and turned out to be a closet Liberal who wants everyone to own a home regardless of whether or not he can afford it.
Back to the drawing board. The following are 5 tips I strongly advise for easy preapproval of a mortgage:
1. Shop Everywhere…and Early On
Speak with various lenders to help decide which package will suit you best, Since no one person will have the best solution for you, make a point of shopping around a lot. Though, you must ensure you begin shopping early, as when you are pressed for time you will end up with terrible advice and will end up with a package you are unhappy with.
2. Prepare your Financial Bio
In order to be preapproved, the lender is going to want to assess your file very well. Have all the information of your past written down and written well. The easier it is for the lender to understand, the higher chance you have of being preapproved nice and early.
Check of the following as you prepare them:
- W2’s from the past two years
- The last two months bank statements
- Proof of income from investments
- Last 2 years worth of tax returns
- Recent proof of income
3. No ONE lender can obligate you
4. Watch your Credit Score
The credit score is a crucial part of the lending process and as we explained earlier, this is now becoming something you will not be able to play around with. Bad credit score, no loan.
5. Watch the Expiration Dates
The preapproval letters from various lenders usually tend to have expiration dates usually around 90 days from the date issued. Ensure you have not passed the date, as you risk losing the quoted rate.
Wishing you luck on your mortgage!
Good time to buy real estate
Posted on: June 16, 2009
Its a good time to buy with Moishe Alexander
for more info go to: http://motelfan.blogspot.com/2009/05/december-good-time-to-buy-real-estate.html
Moishe Alexander is inspired by a project (involving the Central Urban Métis Federation Inc.) that took care of housing needs and quality of life issues. As President of Canadian Funding Corporation, Moishe Alexander strives to provide funding for multi-residential and condo development projects. Through his efforts, Mr. Alexander has funded mortgages up to 92% to help keep families in their homes. Moishe Alexander and CFC are together a true private lender. Alexander listens to the goals of the client to structure a custom deal that suits their specific case.
As President of Canadian Funding Corporation, Moishe Alexander strives to provide funding for multi-residential and condo development projects. Through his efforts, Mr. Alexander has funded mortgages up to 92% to help keep families in their homes. Moishe Alexander and CFC are together a true private lender. Alexander listens to the goals of the client to structure a custom deal that suits their specific case.
Central Urban Métis Federation Inc.
Two affordable housing projects in Saskatoon not only help low- and middle-income families meet their housing needs, they gave unemployed men and women trades training and hands-on construction experience. CUMFI—the Central Urban Métis Federation Inc. is a charitable, non-profit organization founded in 1993 that represents Métis people in Saskatoon.
The Affordable Housing Solution
CUMFI’s two affordable rental projects involved the acquisition and renovation of apartment buildings that required major repairs in Saskatoon’s Pleasant Hill inner-city neighbourhood.
The first affordable housing project was completed in 2004. CUMFI purchased and renovated three apartment buildings to create 36 affordable housing units for low- to middle-income families—many of them single-parent families.
The 2004 project is close to amenities. The project is drug and alcohol free. Working in partnership with Saskatoon Police Services, the project is designed to be crime-free, to ensure the safety of residents.
The project offers more than living spaces. It is a centre for services that include individual counselling, housing,addiction services and employer referrals; career development; parenting and life skills; sharing circles and a clothing depot.
Capital cost for the project was $2,087,139.Through the Affordable Housing Initiative (known as Centenary Affordable Housing Program —CAHP— in Saskatchewan), CMHC and the Saskatchewan Housing Corporation (SHC) provided $1,443,000 for the project. An additional $357,000 came from the Residential Rehabilitation Assistance Program (RRAP), a program cost-shared by CMHC and SHC.The City of Saskatoon contributed $180,000 through the CAHP, as well as contributions from the City’s Enterprise Zone and Future Property Tax Abatement programs of about $50,000. CUMFI provided $100,000 cash and in-kind donations.
Helping to make the project a reality was the successful development of a work-education training program in partnership with the Dumont Technical Institute (DTI), Métis and Employment Training Service Inc. (METSI), the Saskatoon Tribal Council (STC) and Canada-Saskatchewan Career and Employment Services (CES).The partnership enabled people receiving employment insurance or social assistance to take trades training and gain hands-on experience in the renovations.
In 2007, CUMFI completed a second affordable housing project. Again, working with three levels of government, CUMFI purchased and renovated two apartment buildings in the Pleasant Hill neighbourhood.The project, funded by CAHP and Service Canada—National Homelessness Initiative, created 34 affordable housing units and eight transitional housing units.The affordable units are for low-income households, with emphasis on housing for families with children—including single parents— in a supportive setting close to schools and services.
Total capital cost was $1,755,750. CAHP provided funding of $1,319,750 for the project and the National Homeless Initiative $350,000.The City of Saskatoon rebated $30,000 in building fees and gave the project a five-year tax abatement.
Moishe Alexander's Blog 