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financing a car for a teenage driver

Do you have a teenager that is about to start driving? Do you really want your teenager driving your car? Having recently bought my car, I knew that there was no way that I was going to trust my 17 year old son to take it out with his buddies. I wanted to find a more affordable option for him. When I found a car that was perfect, I just had to come up with the money to buy it. Then, I had to decide if I wanted to get a car loan and pay for full coverage insurance, or if I wanted a personal loan with higher interest rates. Go to my site to use the charts that helped me decide how to go about financing a car for my son.

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Low-Income Earners: 3 Home-Buying Tips

If you're someone without a large income who thinks that you'll always live in a small apartment, you could actually be incorrect. Help is there and options exist. What might you be able to focus on to secure a home even if you're not wealthy?

Exploring FHA Loans

One reason home ownership is a possibility for you is that you, as a low-income earner, might be eligible for an FHA loan. Backed by the federal housing administration (FHA), such loans will not require the kinds of hefty down payments that many people just can't come up with alone. You might only need as little as 3.5% for a down payment instead of the 20% which is often typical with conventional home loans. Even if your credit score isn't terrific, these loans could still be appropriate for you, although you might be asked for a higher down payment.

If you are actually granted an FHA loan, be aware mortgage insurance premiums will be a requirement to agree to. This means that part of your monthly mortgage payment will consist of an amount that must go to the FHA. If you can't handle your mortgage, the FHA will utilize that money for continuing the payments to the lender.

Discussing Long-Term Financial Health

While an FHA loan may relieve you of the major burden you expected the down payment to be, you still must think about money. Your mortgage payments should be manageable for you, but as importantly, you need to start discussing your long-term financial health with your spouse or other supportive people. What happens if your job should fold? Can you begin saving money for emergency mortgage payments? How can you feel certain that your home will be paid for over the years? These questions will not only help you figure out how problems will be solved, but will affect the kind of house and property you purchase.

Seeking Condos

Condos or townhouses generally cost less than free-standing residences. This can make home ownership even more of a real possibility. However, if you're planning to look into these kinds of homes, you need to learn more about their homeowners' association, or HOA. The HOA bylaws of a particular condo development can affect your life in ways you're not aware of. For instance, HOA laws may dictate the color you can paint your home, whether you can erect a personal fence and how you handle guests who are visiting. Before offering to buy a unit, ensure you've read through any guidelines. 

Lack of wealth might not prevent you from getting a home for your family. Consider these options; ownership might happen sooner than you ever thought.