Bid2Own.org: June 12, 2009

How Bid2Own.org On-Line Auction works...

http://www.bid2own.org

1. Go to the Bid2Own.org website.
2. Find the item you are interested in and click the photo.
3. Pay a non-refundable Auction Fee for each item you want to bid on.
4. When all Auction Fees are bought, you will be notified to place your bid
5. You can bid as low as $1.00! Buy for pennies on the dollar.*
6. The highest bidder, with confirmed, verified, funds wins the item.
7. The number of bidders are limited to the number of Auction Fees per item.
8. Purchase multiple Auction Fees by item to reduce competition.
9. Purchase Auction Fees on more than one property or item.
10. Auction fee losers receive partial credit toward another item.**

*Seller may apply a minimum bid prior to cancellation
**Credit based on the bid money received by item, less Bid2Own.org expenses.

Friday, June 12, 2009

June 12, 2009

NEWSFLASH:

A few lending thoughts.

Did you know there is a lending program for American Indians. It is called Section 184 and is guaranteed by HUD. This program is good only for the primary residence. As an American Indian, you have to qualify the same as for an FHA loan. But the 184 program may require between 2.25 -3.5% down depending on your fica score. No monthly prepaid mortgage insurance (called PMI) is required. Instead a 1%, one time, upfront fee is necessary and can often be built into the loan. The current 30 year fixed rate is approximately 5.75%. Many of the national banks do not offer the Section 184 Program, so you need to find an FHA or HUD lending specialist. It is an interesting concept.

Another sometimes forgotten option is the Home Equity Loan. Home equity loan rates are usually tied directly to the federal government lending rates. Today, the Home Equity rates can actually be cheaper than a refinanced loan or new loan. Just remember, this type of loan does fluctuate and change with the Federal Interest rate. And, you must have enough equity in your home to make use of this option.