Ability to Pay

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For certain types of loans, such as payday loans, a lender is required to verify your ability to pay.  They will ask about your income, monthly debt, and housing costs.  Consumers have been getting themselves into trouble by getting into roll over loans, where they roll over the old loan into a new loan, and keep paying fees.  To read more, copy and paste this address into your browser:

http://www.lenderlawwatch.com/wp-content/uploads/2018/04/201710_cfpb_final-rule_payday-loans-rule.pdf

 


Unbanked People

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Unbanked consumers are people who do not have a checking or savings account.  Many banks ignore these people because they have poor credit and will not deposit much money into the bank.  More and more Americans are choosing check-cashers over traditional banks.


Local Housing Counselors

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If you are planning on buying a house in the near future or even just thinking about it, you can get valuable information by speaking with a housing counselor.  Check out the Indianapolis Neighborhood Housing Partnership at this website:

https://www.inhp.org/


When to Cancel a Credit Card and When Not To

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If you pay an annual fee, and you don’t use the credit card, you are losing money on this credit card.  Don’t keep this card to build your credit score, it is a net loss.  Do you have a credit card that is your only credit card?  Then, don’t cancel this card.  Have at least one credit card for your credit file.


American Families Can’t Afford Housing

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According to the Fannie Mae CEO, American families are facing unaffordable housing.  Rents and house prices are going up higher than wages.

https://www.foxbusiness.com/markets/families-cant-afford-rent-housing-prices-fannie-mae-ceo


Getting Money from Parents for a Down Payment on a House

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People aged 20 to 24 who get $5,000 from their parents are more likely to buy a home than those who do not get that money from their parents.  Also, children with parents who have a BA or higher are less likely to become home buyers than children of parents with less than a high school education.  This could be due to the children of college educated parents living in large cities that have less affordable housing.

http://fanniemae.com/resources/file/research/housingsurvey/pdf/parental-assistance-wkg-paper.pdf


Rent to Own

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Rent to Own is an installment agreement where part of your monthly payment is going towards buying a house.  It can be helpful if you do not have a good credit score.  Make sure you have a written contract.  Also, make sure you understand what would happen if you miss a payment.


Credit Invisible

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If you are credit invisible, you don’t have a credit history.  If your credit file is too thin and you hardly have any credit, you are considered credit “unscorable.”  There are millions of people who are credit invisible and credit unscorable.  This can hurt you because you may not be able to get a car loan or get an apartment.


Student Loan Forgiveness for Teachers

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Teachers may be eligible for some federal loan forgiveness.  Check out the Teacher Loan Forgiveness Program:

https://studentaid.ed.gov/sa/repay-loans/forgiveness-cancellation/teacher#who-teacher

 

 


Don’t Have Enough Money for a Down Payment on a House?

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If your credit score is at least a 680 but you don’t have a large down payment to buy a house, check out the Fannie Mae Home Ready program.  If you qualify, you may be able to buy a house with as little as 3% down on the house you want to buy.

See https://www.fanniemae.com/content/fact_sheet/homeready-overview.pdf

 


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