Your Questions About Save Loan Program

Donna asks…

Can we get a mortgage loan for a first time home buyers without deposit?

Wife and I want to buy a house in out community and we wanted to know if there are any good programs that would cover closing costs and other expenses or add it to the loan? We dont have much saved up due to the fact that our current rent is $1200 a month and we paying other bills as well. The house we are looking at is a $114k house 4br 2bath. It would be a smarter choice for us to get the house since out payments would be $650-700 a month allowing us to save remaining towards paying off our other bills.
What are some of the good institutions that you can recommend for us. We live in NY state if that makes any difference.
Thank You

John answers:

Unless you are qualified veteran you will need at least 3.5% as a down payment on a FHA loan, plus closing cost. USDA does a zero down paymant loan program, but the properties need to be in the boondocks where most people don’t want to live.

You only cloice is to just keep saving or get a family member to give you the required down payment.

Susan asks…

If I am ineligible for a loan and I need one to attend Culinary School what can I do?

I’ve been trying to get a loan but my parents are ineligible and that is my only way of attending the school I want to go to. They are having really bad financial issues so I’m really unsure what else I can do?

John answers:

Mary:

There ARE culinary programs that participate in the Federal Student Aid program, and there are other culinary programs that do not. If you need financial aid assistance with the cost of your culinary program, you’re going to need to choose a school that is a participant.

Every culinary school COULD participate in the federal program, but some have not been able to qualify. That should be a concern for you, because it’s a mark of a school’s quality when they are able to qualify. It’s a red flag of warning when a school does not.

There are any number of reasons why a school might not qualify to participate in Federal Student Aid, but you really don’t want to attend a school that experiences some of the more common problems – things like being non-accredited, not being financially stable, not offering an appropriate level or quality of education, or not having a good track record of graduating students who are able to find jobs in that field. Generally, you should stay away from any non-participating school.

There are only so many ways to pay for school – it’s really not that long a list, and there are no secret methods that only the insiders know:

Out-of-pocket
Federal Student Aid
State financial aid
School-provided financial aid
Private loans
Scholarships

If you go to a non-FSA school, federal aid and state aid is out. That leaves out-of-pocket (which clearly is an issue for you), private loans and scholarships. There are no “alternative government aid programs” for people who choose schools that don’t participate in the “other kind of aid”, and there certainly aren’t any private organizations out there that give away money to the kids who can’t qualify for FSA aid. Without a good job and a well-established and very positive credit history, you’re not going to qualify for a private student loan – unless you can offer the lender a high quality cosigner with exceptional credit and income.

There are scholarships for trade schools, but you’ll need to search long and hard for them – hopefully the admissions department at the school can point you in the right direction for culinary arts scholarships.

I hope this isn’t coming across as harsh – I’m not trying to disappoint you, but I am trying to tell you the truth. Unfortunately, a post-secondary education in this country is like a car – either you can afford it, or you can’t. If you don’t have the money to buy it for yourself, and you can’t qualify for a car loan, all the “I really want it” in the world isn’t going to get you a car. Just like the disappointed car buyer, you’ll need to work and save and improve your credit until you get to the point where a culinary education is in your budget.

Good luck.

Chris asks…

How can I promote the study abroad program?

I am writing an essay for a sholarship to study in Australia. The question is how will i promote the study abroad program while in Australia and after my return to the US? What are some ways that I can do this?

John answers:

Change the country from Australia to Norway. Because: I do not recommend USA, because the course fee has been increased many times in recent years. The education in Norway, Sweden, Finland is completely FREE for Indians!!

For studying abroad, the best country should be the one which is developed country + focuses on research + education + health etc. I believe Norway is the best for study, because Norway University are among the best in world (ever heard Nobel Prize, its given by Norway Universities).

You should check out universities @ Norway, Sweden or Finland, as the education is free for International Students like from India. So this would save you from spending lots of money or getting trapped with Education Loan. Just compare it with 25 lakhs tuition fee required to do masters in Australia. So you save 25 lakhs!!

Again, do check the official websites, like for Norway it is http://www.studyinnorway.no and search for others. You could have saved a lot of money by doing Bachelors also from Europe. Studies in Europe are way too easy as compared to India. For example, exam answer sheet is of 4 pages only, instead of 32 pages. Professors expect you to write as briefly as possible, and ask 4 question in each exam only.

Regards,
Ritesh

Joseph asks…

What happens to standards/an entire economy when Democrats force banks to make loans to unqualified minorities?

How does affirmative action–rewarding people based on ethnicity, gender, what have you, even when they fail to meet previously established standards of performance–affect the overall moral and economic health of a nation?

Before anyone tries to say that affirmative action and “diversity” agendas and schemes merely require for an otherwise equally qualified person to be hired, awarded a contract, admitted to a school, etc.–that’s utterly false. Affirmative Action and “Equal Opportunity” programs punish and deprive the qualified whites and non-disabled and heterosexual white males, so as to reward the lesser- or unqualified minorities and women.
Obama himself was one of the race-hustling shakedown artists hired as a lawyer for ACORN, that sued CITIBANK and forced them to make loans to minorities who didn’t meet normal lending standards.

John answers:

Let’s cap this blowout now by saying the economy is damaged in large part because Corporate America companies “grew” too fast than it realistically needed to, run by grossly unqualified CEO administrators and equally inept stock market traders. America simply made too many widgets than the domestic demand called for…..and we didn’t aggressively pursue overseas sales of our widgets. Making those stupid overseas stock market investments didn’t help much, either; we basically GAVE Europe the bulk of our U.S. Monetary wealth.

Good luck to Obama in trying to get that money back.

Ah….a plot hatched by Bush ( a silent partner in the scam ) to cause massive home foreclosures, so Democrats can approve Obama to hard ball force banks to give home loans to minorities–w/ juicy benefits given those people. Working Americans pick up the tab for the lesser fortunate—and Bush gets a discreet cut of the profits.

You know–as whacked out conspiracy theory as that sounds…..a part of it might hold some actual merit. By my insistence—Please….DO tag me as racist; I’m not, but I care less what YOU think of me…..but the logic DOES exist. And THAT IS unsettling ….

Allowing unqualified people—of ANY race–to pull out home mortgage loans is akin to pouring gasoline on a fire; it’s a key ingredient of this mess we’re now in.

Someone please tell me how giving home loans to blacks, mexicans, asians who work low wage jobs is going to save America and make the country stronger than ever before.

Mark asks…

If I consolidate my student loans can I differ them if I come under financial hardship like individual loans?

I have 52k in student loans, my wife has another 30k. The first question is should we consolidate them all togeather and 2nd question is what if we have a finacial hardship or some other unforseen event and cant make the payments. Does the William D Ford Federal Direct consolidation loan have deferment options like I do now with all these individual loans? Thank you all for your time.

John answers:

You can consolidate all of your own loans, and your wife can consolidate all of hers, but you cannot jointly consolidate. The federal government eliminated that option when they changed the loan program in 2006.

According to its website, that consolidation loan does have deferment options.

I recommend using deferment or forbearance as little as possible because it does have a limit. Save it for when you may really need it, like unemployment or a financial emergency. (DH’s first job out of college was eliminated by the state government after four months. We had to move to a different state for him to find one in his field)

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