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Government Funding Programs

Federal Housing Association San Francisco, CA. 415-436-6500 Dept of Housing and Urban Development Washington D.C. 202-708-1422

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Buying Rental Housing
(207) - Mortgage Insurance: A federal loan guarantee of private loans to middle income families for good quality rental housing.
Buying Homes in Urban Renewal Areas
- Mortgage Insurance: Government loan guarantee of private loans to assist people to rehabilitate or purchase within urban renewal areas.
Buying Units in Condominiums
(234 c) - Mortgage Insurance: A federal loan guarantee to people who want to buy units in condominium developments.
Buying Multi-Family Rental Housing - Supplemental Loan Insurance: To finance additions, repairs, and other improvements to hospitals and other health care facilities that are multi-family developments.
Buying for the Handicapped & Elderly
(202) - A direct loan to help provide cooperative housing and other facilities for the handicapped & the elderly
Buying for Low and Moderate Income Families
(221) d (i i ) - This is a loan from the federal government to help people that were displaced by a natural disaster, urban renewal, or other actions by the government. To help increase home ownership opportunities for low and moderate income families.
Buying Rental Housing for the Elderly
(231) - Mortgage Insurance: A federal loan guarantee to provide quality rental housing for the nation's elderly.
Buying for the Handicapped & Elderly
(202) - A direct loan to help provide cooperative housing and other facilities for the handicapped & the elderly
Buying A Manufactured Home Park
(207 m) - A federal loan guarantee to finance the construction or rehabilitation of manufactured home parks.
Community Development Block Grants (Small Cities Program)
- Grants to encourage the development of urban communities by providing decent housing, environment, and increased economic opportunities in small cities.
Section Eight
- Low Income Rental Assistance: Payments given directly to landlords to provide partial housing payment for low-income families.

Questions to Ask Before Purchasing a House

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How long have you owned this property?
The reason why you may want to ask this question is that if the owners have just brought the property within, lets say, one year, then you want to know why they are selling it so soon. The old saying 'where there is smoke there may be fire' may hold true. There may be some type of problem and they might not disclose it to you. Therefore, you should dig for information or really protect yourself when making an offer by getting warranties for roof, heating system, plumping, & electrical. If divorce is the reason for selling the property, make sure that both parties sign off on the deed or the transaction won't be legal. Always make sure you review your documents like the deed of trust, note, and any secondary financing. Always check with your Title Company or lawyer for the most recent preliminary report. You must get title insurance on your investment, don't leave any stone unturned.
Never take a second out when buying for a short period. Financing should go at fair market value and at least for 5 years if you must get some type of financing to close the deal. If the seller has owned the property for some time, see how flexible they might be. Don't be afraid to ask for things you may want. Sometimes more established owners are more flexible than new ones, so the most important thing is let them know that you will take good care of the property and make them feel at ease. Don't be in a rush; treat them as you would want to be treated. You can get more with honey than you can with vinegar. Remember; ask for more, you just might get it. If the seller wants $90,000, offer $83,000. The reason why is because any amount you save on your offer will go in your pocket later. Try and see if the seller will pay all closing costs, it doesn't hurt to ask, remember, a person can only say yes or no. Talk with the seller about helping you out with the financing, ask them if they would get a loan on the property and make it to you because you don't have the down payment. Let them know that you will give them a higher interest rate with a deed of trust for 5 years and you will give them a larger commission fee at closing. Let them know that you will take care of the property like no one would and to show good faith, offer to personally give them a promissory note for the full value of the deed, which will grant them their payment and security. This can be done. Be truthful, trustworthy, and take care of good business. The average person who is established in real estate will be willing to help others because they know how hard it is to get started.
Why are you selling?
If they are selling because they need money for that dream home, then you will have a harder time persuading them to loan you money on their property. However, if the move is due to illness or job relocation and they really need to move, find out as much about their move as possible. Find out where they are going to live, whether they are buying another house or renting, what type of monthly payments they will have, etc. Once you have gotten this information, ask how you can solve their problems or address their concerns by selling you their property.
Example: Mr. & Mrs. Jones need to move to Arizona from California due to Mr. Jones' illness. You wish to purchase their home and need help with the financing. After finding out their needs and praying for them, it is determined that they want to live in Mesa, Arizona. They only want to pay 400.00 per month for a 2 bedroom, 2 bath apartment. Mrs. Jones' medical expenses are going to cost them about $700.00 per month. Because they are both retired and live on a fixed income of $2,000 per month, they need the $80,000 cash from the sell of their home. After much prayer you do the following to help the Jones' and in turn, yourself:
1. Called the local health services department in Mesa and found out about the various programs available for people with illnesses such as Mr. Jones'.
2. Did research and found a doctor and hospital in a desirable area of town.
3. Contacted a Realtor and located the required apartment they wanted close to the hospital.
4. Found a support group in a church close by.
5. Arranged for housekeeping, meal delivery, and senior citizen center support group.
6. Found a mortgage company in California that will loan them with their fixed income, $60,000 on the property. Got a preliminary title report with comps.
By helping the Joneses you have helped yourself. The Jones' can now take out a loan for the $60,000. You provide them with your last two years' tax returns, bank statements, and pay stubs, or Profit and Loss Statement if self-employed. Mr. and Mrs. Jones' monthly payment on the loan will be only $425.00 with PITI. They can then sell you the property for $88,000 with payments made to them of $825.00 per month. It can be arranged for an escrow or title company in Arizona to be the middleman for the payments for both parties' protection. You can refinance the loan in about two years and split the difference in the equity with a promissory note as such. When you help solve peoples' problems you don't have to have cash, just be able to go the extra mile. I did a deal where the seller was already relocated to Hawaii and the property was vacant. I knew that the seller had a problem in that they didn't need or want to keep making that $700 mortgage payment on it.
Therefore, I solved that problem and brought the property for no money down. I told their sales agent that I wanted to purchase the home, but I wanted a rebate at closing to cover any amount I had to put down. My income and credit was excellent so there would be no problem in closing the loan. The offer was written up with a $6,000 rebate from the seller with a signed note so at closing they had to send me a check before I signed my loan documents. We closed it with my cash outlay being $5,000; however, I received $6,000 at closing.
How long have you been trying to sell your property?
If the property owner has been only trying to sell for a short period and there are no problems, they most likely will not be as anxious to sell as one whose property has been on the market for a long time. Any property that has been on the market for more than nine months to a year is a long time. Make any kind of offer. It can't hurt. Offer sweat equity, help in moving, owner financing, all inclusive deed of trust, a wrap around, small down with a carry back, and agreement to buy and sell it before the 120 day escrow to another buyer for 5,000 to 15,000. Work it out; be creative. The more creative you are the more money you can make.
What major improvements are needed?
If a property needs major improvements, walk away, unless you are a general contractor. If it needs cosmetic work, that's something most people can do. If you have to put in major things such as electrical wiring, roofing, plumbing, you may be asking for trouble, unless you are a person that has the ability to do this type of work, especially if this will be a rental property for you because if for some reason the job takes forever to finish or never gets finished you may get into trouble by not being able to rent it out and collect the rental income to pay your mortgage payment. Now if you can pick up a piece of property for a song and dance, I mean 50% or less of its value, and you can afford the element of risk, get a bid from a general contractor on the repairs. This bid needs to be kept under 70% of the property value. There are hard moneylenders that will loan you 70% of the value of the property no matter what your credit is like. [See hard moneylenders in loan section].
If your credit is good, you may be able to get a home improvement loan. Some places will do a 135% loan if the owner occupies the property. If you purchased property that is worth about $38,000 and you buy it for $19,000, 50% of the value, and if you can get the owner occupied rate for the value of 135%, you will get $51,300 asset value subtracting the first of $19,000. This will leave you with cash of $32,300. If you can get the contractor to do the repairs for about $20,000, then you can take the remaining $12,000 and move on to do something else, such as purchase another piece of property, perhaps using a method such as non-qualifying assumption or a qualifying assumption loan for about $5,000 to $7,000.
What type of financing is currently in place on the property?
This is one of the most important questions to ask because it will help you to decide on the appropriate offer to purchase the property. You'll need to know if the first deed of trust is held on a FHA, VA, or Conventional loan. You'll want to know the interest rate, if it is assumable, if there is a 2nd deed of trust, if so when it’s due, and if the first is a fixed rate or adjustable. Be weary of loans with a negative amortization. Do your homework.

Real Estate Contract

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Date .-Date- Yr .-Year-

Contract written in the City of .-City- State of .-State-

Property purchase address .-Property Address-

Property City .-Property City- State .-Property State- Zip .-Property Zip-

Property County .-Property County-

Buyer Name .-Buyer Name-

Received Money From .-Money From-

Primary Note amount .-Note Amount-

Dollars $ .-Dollar Amount-

Quick Claim Deed to Property Yes No

Buyer to make Payment of $

Cash Deposit Amount

Purchase Property amount

Dollar amount written $

1. Financing on property

1a. Deposit from Buyer shall be held un-cashed until contract acceptance then the deposit within _______ Business days Buyer's initials (__________) (_________)

1b. Deposit to increased with escrow or title in the amount of_________________ within _______________days after this contract is accepted

1c. The amount of the first mortgage loan shall be __________________________

1d. Interest Rate______1E.Fix or Adjustable Rate_______1F.Balance due in_____Yr

1e. Buyer shall pay loan fees or points not to exceed_________________Dollars

1f. FHA Financing_________or VA Financing____________or Conventual’s_______

1g. Private Financing YES_______ Terms____________________________________________________

1h. Additional Terms in Financing _________________________________________________________

1i. Contingency on Appraisal that the agreement is contingency upon property is appraising not less than the purchase price

1j. All cash offer yes _______ Cash Amount ______________

1k. Escrow shall close in ________days after the contract is accepted.

1l. Both buyer and Seller shall sign and deliver escrow instructions that is consistent with this agreement.

1m. Property will be vacant until otherwise there is a writing agreement

1n. Will The Buyer Occupancy Yes____ No____ and plan on the buyer primary residence Transfer Fees that is Governmental

2. Seller______or Buyer_____ will pay transfer tax or fee from the county_________Page1

3. Seller______or Buyer______ will pay transfer tax or fee from the city of_____________

4. Seller______or Buyer______ will pay for title insurance policy for owners, issued by ________________________________

5. Seller______or Buyer______Will pay for escrow fees.

6. Escrow or Title Company shall be ____________________________________

7. Seller_______or Buyer______ Will pay for transfer homeowners' Association fees

8. Seller_______or Buyer______ will have connection of sewer if the law required it

9. Seller _______ or Buyer ______ Will pay for sewage, septic, or disposal inspected.

10. Seller _______or Buyer ______ Will pay document preparation fees for homeowners’ Association

11. Seller ______or Buyer ______ Will pay water portability and domestic wells tested

12. Seller ______or Buyer ______ Will pay for disclosure reports for zoning

13. Buyer _______or Seller ______ Will pay for water heater bracing, or smoke detector installation _________________________

14. Seller ______or Buyer ______ Will pay for one-year home warranty plan.

15. Seller ______ or Buyer ______ Will pay for pest control report.

16. Buyer ______ or Seller ______ Will pay for recommended correct conditions

The Buyer and Seller acknowledge receipt of copy of this page from pages 1 of _____pg.

Initials of Buyer’s (____) (____) Initials of Seller's (____) (____)

This document is a Real Estate Contract for the use of buying property.
Yada Software Corporation makes no legal, representation, tax advice, adequacy, or provision. Moreover, is not responsible for any transactions.

17. List of Term's and conditions at buyer request to be done _______________

Initials of Buyer’s (____) (____) Initials of Seller's (____) (____)

18. All fixtures existing attached and fitting to address listed are totally included in the asking and purchased price of the property otherwise listed below. _______________________________

19. Property condition is sold as is, unless otherwise specified in this contract such as seller agrees to.

19.1 the plumbing systems, shower enclosure, shower pans will fee of leaks.

19.2 the fireplaces, chimneys, and fire alarm will be safe from defects.

19.3 the roof will free of leaks.

19.4 the wells and septic system will be treated and maintained, or repaired.

19.5 the window, multi-pane windows, doors, and screens, will be replaced if needed.

19.6 the appliances built-in with freestanding range or oven if agreed in the Purchase. Air conditioning, heating, electrical, spa, and pool, mechanical will all be in working conditioning.

19.7 the personal property will be removed unless otherwise listed.

20. Property investigation right by buyers: the buyers have the right to inspections, tests, investigation studies, surveys, lead based paint, sex offenders, death in property,
flood damages, fires, unapproved permits on construction. Seller shall make the property available for any or all inspections.

Initials of Buyer’s (____) (____) Initials of Seller's (____) (____)

The Offer Contract Is Accepted

Buyer's ________________________________ Date ___________

Seller's ________________________________ Date ___________

Winning in Real Estate

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You'll see how amazing it is when you apply these methods and begin to make money. It is a sure proven way to become financially independent. Remember, when you put God first in your life, all things are going to be added unto you. Believe me, I know how blessed you will be when you pay your tithes, which should be 10% of your gross income. You have heard the saying, "the more you give the more you will receive". This is so very true.

Don't forget, in today's economy it is not only how hard you work, but also knowing how to use your knowledge and information that will pay big wealth, assets, & profits. Someone can work hard all day for $8.00 per hour, or one can use one of my methods and make up to $100, $500, or more per hour. It's what you know and how you apply it.

I purchased my first real estate investment after reading a book on buying real estate with no money down years ago. I learned to look in a local paper under no qualifying loans to buy only homes that had 3 bedrooms, 2 baths, central heat and air, under $100,000 with payments of $700 to $900 per month. So, I called on some of these ads in my local newspaper and found a partnership that was tired of managing about 30 subdivision homes and were selling them. All they were asking for was $800 and to take over the payments.

I couldn't believe it when I saw how easy it went. The home was on a corner lot in an lower income neighborhood. The homes in the area were selling for about $67,000 (this was in 1986). The property needed a little work, although not much, about $4,000 worth.

In negotiating, I asked for the impound account to close on the 28th of the month and to split the closing costs. The home ended up costing me about $970.00 to obtain ownership. Because I had my own financial company, making the improvements wasn't a problem. I put in new carpeting and linoleum, new bathroom fixtures, and painted the house inside and out. I leased it out for $850.00 per month and my monthly mortgage payment was only $585.00 per month on a FHA assumable loan.

About a month later, one of the partners of the management company I bought the home from asks me to buy another one of the houses. I was a little afraid, but I said yes. There was a problem though, the tenants that occupied the home would not move out. The selling price was $63,000 with payments of $515.00 per month.

I went to the renters to ask them to move and they said they would by a certain date, but when that date came around, they were still there. I appealed to the wife, filed a claim in small claims court, and then served them with an eviction notice. The wife eventually moved out, leaving the husband behind.

I went to him for the 20th time and asked him if I got him a U-Haul truck and gave him $500 traveling money would he move. He said, “Yes”, that had been their problem all along. They didn't have any money. So, I went and rented the U-Haul truck under his name and license and helped him load up his things. When we finished, I gave him $500 in cash. The property was finely mine.

The house was in really bad shape. I asked the real estate agent to come look at the home and after making out a report; I ended up receiving a check for $14,000 from the insurance company. I thanked God and put all the money into repairing the property. I added a new fence, new landscaping, carpet, linoleum, new bathroom and kitchen fixtures, new stove, counter tops, brass lighting fixtures, garage door opener, and painted the house inside and out. I had about 15 people who wanted to rent the house before I was even done with the improvements. It was such an accomplishment when the house was finished; I had taken the worse looking house on the block and made it the best looking house in the neighborhood. I rented the house out for $875.00 per month.

I kept the home for about two years. The real estate market was booming at an unbelievable rate at this time. The house was now worth $130,000. So I sold it, making over $60,000 in two years on this property, and because of the money I got for improvements, I truly did not put any money down. In fact, when I sold it, I had an offer from a lady who wanted to give me an extra $10,000 the same day of the contract if I sold the house to her. However, I had an agreement with someone already and I knew I wouldn't want someone to do that to me, so I kept my word and sold it to the first contract buyer.

This was the best $1,000 investment I had ever made. The first house also bought me a fantastic return since I sold it for $120,000. Remember that even if you don't have ready cash for the down payment, there are other sources.

Real Estate Vocabulary

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Acceleration Clause - Condition in a mortgage contract that may require the balance of the loan to become due immediately if regular mortgage payments are not made or any other breach of conditions. Abstract of Title - A summary of the public records relating to the title to a particular piece of land. An attorney or title insurance company reviews an abstract of title to determine whether there are any title defects which must be cleared before a buyer can purchase clear title insurance.
Agreement of Sale - Known by various names such as contract of purchase, purchase agreement, or sales agreement according to location or jurisdiction. A contract in which a seller agrees to sell and a buyer agrees to buy, under certain specific terms and conditions, spelled out in writing and signed by both parties.
Amortization - A payment plan that enables the borrower to reduce his debt gradually through monthly payments of the principal.
Appraisal - An expert judgment or estimate of the quality or value of real estate as of a given date. Assumption of Mortgage - An obligation undertaken by the purchaser of property to be personally liable for payment of an existing mortgage. In an assumption, the purchaser is substituted for the original mortgagor in the mortgage instrument and the original mortgagor is released from further liability in the assumption, the mortgagee’s consent is usually required.
Binder or Offer to Purchase - A preliminary agreement, secured by the payment of earnest money, between a buyer and seller as an offer to purchase real estate. A binder secures the right to purchase real estate upon agreed terms for a limited period of time. If the buyer changes, the earnest money is forfeited unless the binder expressly provides that it is to be refunded.
Building Line or Setback - Distances from the ends, and/or sides of the lot beyond which construction may not extend. The building line may be established by a filed plat of subdivision, by restrictive covenants in deeds or leases, by building codes, or by zoning ordinances.
Closing Costs - The numerous expenses which buyers and sellers normally incur to complete a transaction in the transfer of ownership of real estate. These costs are in addition to the purchase price of the property.
Cloud on Title - An outstanding claim or encumbrance that adversely affects the marketability of title.
Condemnation - The taking of private property for public use by a government unit against the will of the owner, but with payment of just compensation under the government's power of eminent domain. Condemnation may also be a determination by a governmental agency that a particular building is unsafe or unfit for use.
Deed - A formal written instrument by which title to real property is transferred from one owner to another. The deed should contain an accurate description of the property being conveyed, should be signed and witnessed according to the laws of the state where the property is located, and should be delivered to the purchaser on the day of closing.
Deed of Trust - Like a mortgage, a security instrument whereby real property is given as security for a debt. However, in a deed of trust there are three parties to the instrument: the borrower, the trustee, and the lender or beneficiary. In such a transaction, the borrower transfers the legal title for the property to the trustee who holds the property in trust as security for the payment of the debt to the lender or beneficiary. If the borrower pays the debt as agreed, the deed of trust becomes void. If however, he defaults in payment of the debt, the trustee may sell the property at a public sale, under the terms of the deed of trust that is in force, the borrower is subject to having his property sold without benefit of legal proceeding. A few states have begun in recent years to treat the deed of trust like a mortgage.
Depreciation - Decline in value of a house due to wear and tear, adverse changes in the neighborhood, or any other reason.
Documentary Stamps - A state tax in the form of stamps, required on deeds and mortgages when real estate title passes from one owner to another. The amount of stamps required varies with each state.
Easement Right - A right of way granted to a person or company authorizing access to or over the owner's land. An electric company obtaining a right of way across private property is a common example.
Encumbrance - A legal right or interest in land that affects a good or clear title and diminishes the land's value. It can take numerous forms, such as zoning ordinances, easement rights, claims, mortgages, liens, charges, a pending legal action, unpaid taxes, or restrictive covenants.
FHA Financing - This loan is insured against loss by the Federal Housing Administration Most of the financing requires a 3% or 5% down payment. General Warranty Deed - A deed which conveys not only all the grantor's interest in and title to the property to the grantee, but also warrants that if the title is defective or has a cloud on it such as mortgage claims, tax liens, title claims, judgments, or mechanic's liens against it, the grantee may hold the grantor liable. Grantee - That party in the deed who is the buyer or recipient. Grantor - That party in the deed who is the seller or recipient.
Hazard Insurance - Protects against damages caused to property by fire, windstorms, and other common hazards.
Loan Origination Fee - A fee charged by the lender for evaluating, preparing, and submitting a proposed mortgage loan.
Lock in Rate - Also known as rate lock or rate commitment, this is a lender's promise to hold a certain interest rate and a certain number of points for you, usually for a specified period of time.
Marketable Title - A title that is free and clear of objectionable liens, clouds, or other title defects.
Mortgage - A lien or claim against real property given by the buyer to the lender as security for money borrowed.
Mortgage Commitment - A written notice from the bank or lending institution saying it will advance mortgage funds in a specified amount to enable a buyer to purchase a house.
Mortgage Insurance Premium - The payment made by a borrower to the lender for transmittal to HUD to help defray the cost of the FHA mortgage insurance program and to provide a reserve fund to protect lender against loss in insured mortgage transactions.
Mortgage Note - The agreement is secured by a mortgage, serves as proof of indebtedness, and states the manner in which it shall be paid. Mortgagee - The lender in a mortgage agreement. Mortgagor - The borrower in a mortgage agreement.
Plat - A map sometimes called a "Plat Map" or chart of a lot, subdivision, or community drawn by a surveyor showing boundary lines, buildings improvements on the land, and easements. Points - Sometimes called "discount points", a point is a percent of the amount of the mortgage loan. This is how lenders or brokers may add on their costs to do the loan.
Prepayment - Payment of mortgage loan or part of it before due date. Mortgagee may want to have an agreement to restrict the right of pre-payment by limiting the amount that can be prepaid in any one year. Always check with lender to make sure there is no prepayment penalty on your loan.
Principal - The basic element of the loan as distinguished from interest and mortgage insurance premium. It's the balance of which, after interest, is on the loan amount leaving you your principal balance.
Quitclaim Deed - A deed that transfers whatever interest the maker of the deed may have in the particular parcel of land.
Real Estate Broker - A middleman agent, who buys, sells, or provides financing of real estate for a company, firm, or individual on a commission basis. Refinancing - The process of the same mortgagor paying off one loan with the proceeds from another loan.
Restrictive Covenants - Private restrictions limiting the use of real property. Restrictive covenants are created by deed and may "run with the land," binding all subsequent purchasers of the land, or may be personal and binding only between the original seller and buyer.
Special Assessments - A special tax imposed on property individual lots or all property in the immediate area, for road construction sidewalks, sewers, streetlights, etc.
Special Lien - A lien that binds a specified piece of property, unlike a general lien, which is levied against all one's assets.
Special Warranty Deed - A deed in which the grantor conveys title to the grantee and agrees to protect the grantee against title defects or claims asserted by the grantor and those persons whose right to assert a claim against the title arose during the period the grantor held title to the property.
Title - As generally used, the rights of ownership and possession of particular property. In real estate usage, title may refer to the instrument or documents by which a right of ownership is establish.
Title Insurance - Protects lenders or homeowners against loss of their interest in property due to legal defects in title. Insurance benefits will be paid only to the named insured in the title policy if one desires the protection of title insurance.
Title Search or Examination - A check of the title records, generally at the local courthouse, to make sure the buyer is purchasing a house or property from the legal owner and there are no liens, overdue special assessments, or other claims or outstanding restrictive covenants or any other encumbrances that may be on the property.
Trustee - A party who is given legal responsibility to hold property in the best interest of the benefit for another, it has the responsibility enforceable in a court of law. VA Loan - A loan guaranteed by the Department of Veterans Affairs against loss to lender (HUD Homes may be purchased with a VA Loan). Zoning Ordinances - The act of an authorized local government establishing building codes and setting forth regulations for property land usage.

Residential House Lease Agreement

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This Residential House Lease Agreement ("Lease") is made and effective this .-Lease Date- by and between .-Landlord- ("Landlord") and .-Tenant- ("Tenant," whether one or more). This Lease creates joint and several liabilities in the case of multiple Tenants.

1. PREMISES.

Landlord hereby rents to Tenant and Tenant accepts in its present condition the house at following address:

.-House Address- (the "House").

2. TERM.

The term of this Lease shall start on .-Lease Start Date- , and end on .-Lease End Date- . In the event that Landlord is unable to provide the House on the exact start date, then Landlord shall provide the House as soon as possible, and Tenant's obligation to pay rent shall abate during such period. Tenant shall not be entitled to any other remedy for any delay in providing the House.

3. RENT.

Tenant agrees to pay, without demand, to Landlord as rent for the House the sum of .-Rent Per Month- per month in advance on the first day of each calendar month, at .-Rent Payment Address- , or at such other place as Landlord may designate. Landlord may impose a late payment charge of .-Late Fee Per Day- per day for any amount that is more than five (5) days late. Rent will be prorated if the term does not start on the first day of the month or for any other partial month of the term.

4. SECURITY DEPOSIT.

Upon execution of this Lease, Tenant deposits with Landlord .-Security Deposit- , as security for the performance by Tenant of the terms of this Lease to be returned to Tenant, .-Tenant- , following the full and faithful performance by Tenant of this Lease. In the event of damage to the House caused by Tenant or Tenant's family, agents, or visitors, Landlord may use funds from the deposit to repair, but is not limited to this fund and Tenant remains liable.

5. QUIET ENJOYMENT.

Landlord agrees that if Tenant timely pays the rent and performs the other obligations in this Lease, Landlord will not interfere with Tenant's peaceful use and enjoyment of the House.

6. USE OF PERMISES.

A. The House shall be used and occupied by Tenant exclusively as a private single-family residence. Neither the House, nor any part of the House or yard shall be used at any time during the term of this Lease for the purpose of carrying on any business, profession, or trade of any kind, or for any purpose other than as a private single-family residence.

B. Tenant shall comply with all the health and sanitary laws, ordinances, rules, and orders of appropriate governmental authorities and homes associations, if any, with respect to the House.

7. NUMBER OF OCCUPANTS.

Tenant agrees that the House shall be occupied by nor more than .-Number of Persons- persons, including no more than .-Number of minors- under the age of eighteen (18) years, without the prior written consent of Landlord.

8. CONDITION OF PREMISES.

A. Tenant agrees that Tenant has examined the House, including the grounds and all buildings and improvements, and that they are, at the time of this Lease, in good order, good repair, safe, clean, and tenantable condition.

B. Landlord and Tenant agree that a copy of the "Joint Inspection," the original of which is maintained by Landlord and a copy provided to Tenant, attached hereto reflects the condition of the House at the commencement of Tenant's occupancy.

9. ASSIGNMENT AND SUBLETTING.

A. Tenant shall not assign this Lease, or sublet, or grant any concession or license to use the House or any part of the House without Landlord's prior written consent.

B. Any assignment, subletting, concession, or license without the prior written consent of Landlord, or an assignment or subletting by operation of law, shall be void and, at Landlord's option, terminate this Lease.

10. ALTERATIONS AND IMPROVEMENTS.

A. Tenant shall make no alterations to the House or construct any building or make other improvements without the prior written consent of Landlord.

B. All alterations, changes, and improvements built, constructed, or placed on or around the House by Tenant, with the exception of fixtures properly removable without damage to the House and movable personal property, shall, unless otherwise provided by written agreement between Landlord and Tenant, be the property of Landlord and remain at the expiration or earlier termination of this Lease.

11. DAMAGE TO PREMISES.

If the House, or any part of the House, shall be partially damaged by fire or other casualty not due to Tenant's negligence or willful act, or that of Tenant's family, agent, or visitor, there shall be an abatement of rent corresponding with the time during which, and the extent to which, the House is uninhabitable. If Landlord shall decide not to rebuild or repair, the term of this Lease shall end and the rent shall be prorated up to the time of the damage.

12. DANGEROUS MATERIALS.

Tenant shall not keep or have on or around the House any article or thing of a dangerous, inflammable, or explosive character that might unreasonably increase the danger of fire on or around the House or that might be considered hazardous.

13. UTILIITIES.

Tenant shall be responsible for arranging and paying for all utility services required on the premises, except Landlord will provide: .-Landord provided utilities- . Tenant shall not default on any obligation to a utility provider for utility services at the House.

14. MAINTENANCE AND REPAIR.

A. Tenant will, at Tenant's sole expense, keep and maintain the House and appurtenances in good and sanitary condition and repair during the term of this Lease. In particular, Tenant shall keep the fixtures in the House in good order and repair, keep the furnace clean, and keep the walks free from dirt and debris. Tenant shall, at Tenant's sole expense, make all required repairs to the plumbing, range, oven heating apparatus, electric and gas fixtures, other mechanical devices and systems, floors, ceilings, and walls whenever damage to such items shall have resulted from Tenant's misuse, waste, or neglect, or that of the Tenant's family, agent, or visitor.

B. Tenant agrees that no signs shall be placed or painting done on or about the House by Tenant without the prior written consent of Landlord.

C. Tenant agrees to promptly notify Landlord in the event of any damage, defect, or destruction of the House, or the failure of any of Landlord's appliances or mechanical systems. Except for repairs or replacements that are the obligation of Tenant pursuant to Subsection A above, Landlord shall use its best efforts to repair or replace such damaged or defective area, appliance, or mechanical system.

15. ANIMALS.

Tenant shall keep no domestic or other animals in or about the House without the prior written consent of Landlord.

16. RIGHT OF INSPECTION.

Landlord and Landlord's agents shall have the right at all reasonable times during the term of this Lease and any renewal of this Lease to enter the house for the purpose of inspecting the premises and/or making any repairs to the premises or other item as required under this Lease.

17. DISPLAY OF SIGNS.

During the last thirty (30) days of the Lease, Landlord or Landlord's agent may display "For Sale" or "For Rent" or "Vacancy" or similar signs on or about the House and enter to show the House to prospective purchasers or tenants.

18. HOLDOVER BY TENANT.

Should Tenant remain in possession of the House with the consent of Landlord after the expiration of the Term of this Lease, a new tenancy from month to month shall be created which shall be subject to all the terms and conditions of this Lease, but shall be terminable on thirty (30) days by either party or longer notice if required by law. If Tenant holds over without Landlord's consent, Landlord is entitled to double rent, pro-rated each day of the holdover, lasting until Tenant leaves the House.

19. SURRENDER OF PREMISES.

At the expiration of the Lease, Tenant shall quit and surrender the house in as good a condition as it was at the commencement of this Lease, reasonable wear and tear and damages by the elements accepted.

20. FORFEITURE OF SECURITY DEPOSIT — DEFAULT.

It is understood and agreed that Tenant shall not attempt to apply or deduct any portion of any security deposit from the last or any month's rent or use or apply any such security deposit at any time in lieu of payment of rent. If Tenant fails to comply, such security deposit shall be forfeited and Landlord may recover the rent due as if any such deposit had not been applied or deducted from the rent due. For the purposes of this paragraph, it shall be conclusively presumed that a Tenant leaving the Premises while owing rent is making an attempted education of deposits. Furthermore, any deposit shall be held a guarantee that Tenant shall perform the obligations of the Lease and shall be forfeited by the Tenant should Tenant breach any of the terms and conditions of this Lease. In the event of default, by Tenant, of any obligation in this Lease which is not cured by Tenant within fifteen (15) days notice from Landlord, then in addition to forfeiture of the Security Deposit, Landlord may pursue any other remedy available at law, equity, or otherwise.

21. ABANDONMENT.

If at any time during the term of this Lease, Tenant abandons the House or any of Tenant's personal property in or about the House, Landlord shall have the following rights: Landlord may, at Landlord's option, enter the House by any means without liability to Tenant for damages and may re-let the house for the whole or any part of the then unexpired term, and may receive and collect all rent payable by virtue of such re-letting. Also, at Landlord's option, Landlord may hold Tenant liable for any difference between the rent that would have been payable under this Lease during the balance of the unexpired term, if this Lease had continued in force, and the net rent for such period realized by Landlord by means of such re-letting. Landlord may also dispose of any of Tenant's abandoned personal property, as Landlord deems appropriate, without liability to Tenant. Landlord is entitled to presume that Tenant has abandoned the House if Tenant removes substantially all of Tenant's furnishings from the House, if the House if unoccupied for a period of two (2) consecutive weeks, or if it would otherwise be reasonable for Landlord to presume under the circumstances that the Tenant has abandoned the House.

22. SECURITY.

Tenant acknowledges that Landlord does not provide a security alarm system or any security for the House or for Tenant and any such alarm system or security service, if provided, is not represented or warranted to be complete in all respects or to protect Tenant from all harm. Tenant hereby releases Landlord from any loss, suit, claim, charge, damage, or injury resulting from lack of security or failure of security.

23. SEVERABILITY.

If any part or parts of this Lease shall be held unenforceable for any reason, the remainder of this Agreement shall continue in full force and effect.

24. INSURANCE.

Tenant acknowledges that Landlord will not provide insurance coverage for Tenant's property, nor shall Landlord be responsible for any loss of Tenant's property, whether by theft, fire, acts of God, or otherwise.

25. BINDING EFFECT.

The covenants and conditions contained in the Lease shall apply to and bind the heirs, legal representatives, and permitted assigns of the parties.

26. GOVERNING LAW.

It is agreed that this Lease shall be governed by, construed, and enforced in accordance with the laws of the State of .-Lease State- .

27. ENTIRE AGREEMENT.

This Lease shall constitute the entire agreement between the parties. Any prior understanding or representation of any kind preceding the date of this Lease is hereby superseded. Only a writing signed by both Landlord and Tenant may modify this Lease.

28. NOTICES.

Any notice required or otherwise given pursuant to this Lease shall be in writing; hand delivered, mailed certified return receipt requested, postage prepaid, or delivered by overnight delivery service, if to Tenant, at the House and if to Landlord, at the address for payment of rent.

IN WITNESS WHEREOF, the parties have caused this Lease to be executed the day and year first above written.

____________________ ____________________

____________________ ___________________

____________________

____________________________ ____________________

JOINT INSPECTION

THIS INSPECTION SHOULD BE COMPLETED PROMPTLY FOLLOWING INITIAL OCCUPANCY OR UPON DELIVERY OF POSSESSION

LANDLORD: _______________ TENANT: _______________

PREMISES: ________________

DATE OF POSSESSION: _______________

CONDITION OF PREMISES:
CL — Clean ND — No Damage ENB — Exception Noted Below C — Checkout

LIVING ROOM CL ND ENB C BATHROOM — 1 CL ND ENB C

Walls & Baseboard ( ) ( ) ( ) ( ) Walls & Baseboard Sink ( ) ( ) ( ) ( )

Carpet ( ) ( ) ( ) ( ) Counter ( ) ( ) ( ) ( )

Drapes, Rods & Hooks( ) ( ) ( ) ( ) Cabinets/Mirror ( ) ( ) ( ) ( )

Door & Lock ( ) ( ) ( ) ( ) Toilet ( ) ( ) ( ) ( )

Coat Closet ( ) ( ) ( ) ( ) Bath Tub/Shower ( ) ( ) ( ) ( )

Light Fixture ( ) ( ) ( ) ( )

DINING AREA Floor ( ) ( ) ( ) ( )

Walls & Baseboard ( ) ( ) ( ) ( ) Tissue Holder/Towel Bars ( ) ( ) ( ) ( )

Carpet ( ) ( ) ( ) ( )

Light Fixture ( ) ( ) ( ) ( ) BATHROOM - 2

Windows & Services ( ) ( ) ( ) ( ) Walls & Baseboard Sink ( ) ( ) ( ) ( )

Counter ( ) ( ) ( ) ( )

KITCHEN Cabinets/Mirror ( ) ( ) ( ) ( )

Walls & Baseboards ( ) ( ) ( ) ( ) Toilet ( ) ( ) ( ) ( )

Light Fixture ( ) ( ) ( ) ( ) Bath Tub/Shower ( ) ( ) ( ) ( )

Stove ( ) ( ) ( ) ( ) Light Fixture ( ) ( ) ( ) ( )

Drip Pans ( ) ( ) ( ) ( ) Floor ( ) ( ) ( ) ( )

Oven ( ) ( ) ( ) ( ) Tissue Holder/Towel Bars ( ) ( ) ( ) ( )

Broiler Pan ( ) ( ) ( ) ( )

Hood, Fan, & Light ( ) ( ) ( ) ( ) BEDROOM — 1

Refrigerator ( ) ( ) ( ) ( ) Walls & Baseboards ( ) ( ) ( ) ( )

Defrosted ( ) ( ) ( ) ( ) Windows & Screens ( ) ( ) ( ) ( )

Ice Trays (2) ( ) ( ) ( ) ( ) Drapes, Rods, & Hooks ( ) ( ) ( ) ( )

Hydrator Cover ( ) ( ) ( ) ( ) Light Fixtures ( ) ( ) ( ) ( )

Dishwasher ( ) ( ) ( ) ( ) Carpet ( ) ( ) ( ) ( )

Cupboards ( ) ( ) ( ) ( ) Closet ( ) ( ) ( ) ( )

Drawers ( ) ( ) ( ) ( )

Counter ( ) ( ) ( ) ( ) BEDROOM - 2

Sink ( ) ( ) ( ) ( ) Walls & Baseboards ( ) ( ) ( ) ( )

Disposal & Stopper ( ) ( ) ( ) ( ) Windows & Screens ( ) ( ) ( ) ( )

Floor ( ) ( ) ( ) ( ) Drapes, Rods, & Hooks ( ) ( ) ( ) ( )

Light Fixtures ( ) ( ) ( ) ( )

HALL Carpet ( ) ( ) ( ) ( )

Walls & Baseboards ( ) ( ) ( ) ( ) Closet ( ) ( ) ( ) ( )

Carpet ( ) ( ) ( ) ( )

Light Fixture ( ) ( ) ( ) ( ) DEN OR BEDROOM - 3

Linen Closet ( ) ( ) ( ) ( ) Walls & Baseboards ( ) ( ) ( ) ( )

Furnace Close ( ) ( ) ( ) ( ) Windows & Screens ( ) ( ) ( ) ( )

Drapes, Rods, & Hooks ( ) ( ) ( ) ( ) Light Fixtures ( ) ( ) ( ) ( ) Carpet ( ) ( ) ( ) ( ) Closet ( ) ( ) ( ) ( )

Mailbox Lock ( ) ( ) ( ) ( ) Balcony/Patio ( ) ( ) ( ) ( )

Other ( ) ( ) ( ) ( ) Storage Area ( ) ( ) ( ) ( )

Exceptions:

JOINT INSPECTION — CONTINUED

FURNITURE INVENTORY (If the furniture is provided by Landlord)

LIVING ROOM No. DINING AREA No. BEDROOMS No.

Couch _____ Table _____ Beds _____

Chairs _____ Chairs _____ Dressers _____

Lamps _____ Hutch _____ Mirrors _____

Coffee Table _____ Bookcases _____

End Table _____

OTHER KITCHEN No.

_________________________ Stove _____

_________________________ Oven _____

_________________________ Refrigerator _____

_________________________ Dishwater _____

_________________________ Table _____

_________________________ Chairs _____

The parties acknowledge that above inspection was made on _______________, and that the conditions of the premises and the inventory of furnishings and appliances is as shown above. The parties further agree that a copy of this Joint Inspection was provided to Tenant.

_______________ ______________________________

Tenant Name: _____________________________

_______________

_______________ ____________________________

Tenant Name: _____________________________

_______________

Dear _______________:

Pursuant to _______________, payment in the amount of _______________ was due on _______________. To date, payment has not been received. Demand is hereby made for receipt of payment in full not later than _______________. Payment should be made as follows: _______________, _______________. _______________.

Sincerely,

__________________________________________

_______________

Re: Dishonored Item

Payee: ____________________

Item type: ____________________

Item number: ____________________

Item date: ____________________

Amount: ____________________

Dear _______________:

Be advised that the above referenced item drawn upon _______________ was returned unpaid due to _______________.

Please correct this unfortunate situation by paying the item amount _______________ by _______________. _______________ The old check will be retained until the payment is delivered. Payment should be made to _______________ at ________________.

Do not hesitate to contact the undersigned if you have any questions.

Your immediate attention to this matter is greatly appreciated.

Sincerely,

__________________________________________

Dear ___________________:

I would like to buy the property generally known as ______________, legally described as _______________, and all buildings and improvements thereon, pursuant to the following terms:

Purchase Price: ________________

Earnest Money: ________________

Terms for balance of Purchase Price: _______________

Closing Date: _______________

Contingencies: _______________

Other terms: Real estate taxes shall be prorated as of the Closing Date. Marketable title, free of all liens and encumbrances, shall be conveyed by general warranty deed and insured by a title insurance policy at _______________ expense. Buyer will be entitled to make mechanical, structural, pest, and other inspections.

If you would like to sell the property according to the terms of this letter, please acknowledge on this letter below and return it to me by _______________ not later than _______________. Please direct your response as follows: _______________, _______________. Your acknowledgment will not constitute a final contract. Upon timely receipt of your acceptance, I will provide a real estate sale contract and the earnest money deposit. The transaction is conditioned upon signature of a final real estate sale contract incorporating these terms and other customary terms.

Sincerely,

__________________________________________

Acknowledgment

The undersigned hereby acknowledges acceptance of the terms of the within letter and requests a proposal real estate sale contract for review.

Date: ____________________ __________________________________________

____________________

Types of Mortgage Loans

×

Fixed - Rate Loan

Fixed-rate loans are the most common. The interest rate stays the same throughout the life of the loan. They are normally 30-year loans although they can be for 10 and 15 years with higher monthly payments. For example, if you have a $100,000 mortgage loan at a 7% interest rate for 30 years. Payments would be $665.00 per month. You will pay over the life of that loan $239,400. Make sure the payments are received before the due date. If possible, make additional payments on the principal every month or when you can. You can also have PITI (principal, interest, taxes, & insurance) included into the loan. Sometimes TI (taxes and insurance) is separate from the fixed-rate payment.

Adjustable - Rate Loan

With this type of loan, the interest rate does not stay the same for the life of the loan. The rate can change from one month, quarter, or year to another. This can be an advantage in that you could have started the loan at 10% and two years later, you are paying only 8%. The disadvantage is it can go the other way and your rate is increased. With an adjustable loan, be sure to get one with a cap. The cap is normally about 6% over the starting rate, this means that if your starting rate is 5% then your loan can adjust to a maximum rate of 11% over the life of the loan. However, your margin could go up to 2% per year if your contract or note is stated as such.
Most of the time lenders will only want the margin to be 1% per year because they want your business and they want to stay competitive in the real estate market. These rates are good if you want a very low payment, but you need to look out for negative amortization loans. Please do not get one of these types of loans when shopping for an adjustable rate loan (ARM). This means that you could be paying on your loan for 15 years, but if you want to refinance, you could owe more than your original note amount, so there would be no way you could refinance. You would be very disappointed and very unhappy.
So please ask you mortgage company when buying your adjustable loan if the adjustable rate has a negative amortization. If you are only going to stay in the property for a short time, three years or less, you may want to get an adjustable rate because you can get that very small payment, but if you don't like your payment going up or down then a fixed rate is the loan for you.

Interest - Only Loan

With this type of loan, your monthly payments are paying only the interest of the loan not the principal balance. For example, let's say you borrow $50,000 at an interest rate of 12% for 5 years on a 2nd deed of trust. The monthly payments are $500 per month and at the end of the 5 years, you will have to pay off that principal balance because you have only been paying the interest.
Paying off the principal amount is called a balloon payment. Of all loan types, balloons are the easiest to get, but they are the hardest to pay off. So unless you are going to refinance or get a back door clause in your note, (See Ways to Use Clauses), you may not want to get this type of loan. You have to stay on top of things because 50% of the people who get this loan type end up losing their property because they are not able to make that balloon payment.
If you do get this type of loan, don't wait until the last minute to refinance. Start the ball rolling about one year in advance of the payment due date.

Buy Down Interest Rate

You can buy down your interest rate by paying more in points on your loan. Points are commissions that the lender charges you when funding your loan. This is applicable when getting a new 1st deed of trust. All you will be doing is paying a higher closing amount at loan funding if you take that buy down rate. Which means you will get a lower interest rate by paying for the buy down.

Rental Application

×

                                                        Date  .-Date- 



Name  .-Name-	



Date of Birth  .-Date of Birth-   



Social Security number   .-SSN-     



Driver Licenses .-DL Num-    State  .-DL State-    Exp date .-Exp Date-  



Current Address  .-Current Address-	



City  .-City-               State  .-State-  Zip  .-Zip-    



Phone  .-Phone-	                   Cell/pager  .-Cell/Pager-	



Monthly Rent Amount $  .-Rent Amount-   Dollars



Employment Company   .-Employment Company-	



Address  .-Address-	



City   .-Emp City-	 State  .-Emp State-  Zip  .-Emp Zip- 



Supervisor  .-Supervisor-	 Phone  .-Supervisor Phone- 



Monthly Income $ .-Monthly Income-    How Long At Work_________



How Long Live at Current Address_________/_____________

                                 From           To



Landlord __________________________ Phone ____________



 Address________________________________________



Landlord __________________________ Phone ____________



How Long________/_______ Rent Amount $_________

         From       To





Spouse Name_______________________________________



Date of Birth ____/____/____



Social Security ______-___-_____



Driver License _______________Exp Date____/___/_____



Employer Name________________________________



Address_______________________________________



City _________________________ State ______ Zip ______





Supervisor ______________________ Phone _____________



Gross Income $_____________ Dollars



How may Children _________





Credit Name ________________________ Acct _____________



Credit Name ________________________ Acct _____________



Credit Name ________________________ Acct _____________



Credit Name ________________________ Acct _____________



Credit Name ________________________ Acct _____________



Bank Name _________________________ Acct _____________



_________________________/__________________/________

Address                      City                Zip



Phone Number (_____)_____________________





Have you every been evicted before	Yes or No



Have you been convicted of a crime	Yes or No



Have you filed bankruptcy before	Yes or No



Are You a Smoker	Yes or No



Do you have a pet or pets	Yes or No



Give Three Personal Ref



________________________________________

Name                            Phone



________________________________________

Name                            Phone



________________________________________

Name                            Phone







___________________________

Sign



___________________________

Sign

NOTE

×

Loan #.-Loan Number-

.-CurrentDate- .-PropertyCity- .-PropertyState-

(City) (State)

.-Property Address-

(Property Address)

1. BORROWER'S PROMISE TO PAY

In return for the loan that I have received, I PROMISE TO PAY U.S. $.-Principal Amount-. This amount is called “principal”, plus interest, to the order of the lender. The lender is .-Name of Lender-.

2. INTERESTS

Interest will be charged on unpaid principal until the amount of principal has been paid. I will pay interest at a yearly rate of .-Interest APR-%.

The interest rate required by this section 2 is the rate I will pay both before and after any default described in section 6 (B) of the note.

3. PAYMENTS

(A) Time and place of payments

I will pay principal and interest by making payments every month. I will make my monthly payment on the 1st day of each month until I have paid the entire principal, interest, and any other charges described below that I might owe under this note. My monthly payments will be applied to interest before principal. If, on .-Final Payment Date-, I still owe amounts under this note, I will pay those amounts in full on that date, which I will make my monthly payments at:

.-Payment Address-

.-Payment City, State Zip-

Or at a different place if required by the note holder.

(B) Amount of monthly payments

(C) My monthly payment will be in amount of U.S. $ .-Monthly Payment-.

4. BORROWER’S RIGHT TO PREPAY

I have the right to make payments of principal at any time before they are due. A payment of principal only is known as a “prepayment”. When I make a prepayment, I will tell the note holder in writing that I am doing so. I make a full prepayment or partial prepayment without paying any prepayment charge. The note holder will use all of my prepayment to reduce the amount of principal that I owe under this note. If I make a partial prepayment, there will be no changes in the due date or in the amount of my monthly payment unless the holder agrees in writing to those changes.

5. LOAN CHARGES

If a law, which applies to this loan and which sets maximum loan charges, is finally interpreted so that the interest or other loan charges collected or to be collected in connection with this loan exceed the permitted limits, then any such loan charge shall be reduced by the amount necessary to reduce the charge to the permitted limit; and any sums already collected from me which exceeded permitted limits will be refunded to me. The note holder may choose to make this refund by reducing the principal I owe under this note or by making a direct payment to me. If a refund reduces principal, the reduction will be treated as a partial prepayment.

6. BORROWER’S FAILURE TO PAY AS REQUIRED

(A) Late Charge for Overdue Payments

If the note holder has not received the full amount of any monthly payment by the end of the 15th of the calendar days after the date it is due, I will pay a late charge to the note holder. The amount of the charge will be 5.000% of my overdue payment of the principal and interest. I will pay this late charge promptly, but only once on each late payment.

(B) Default

If I do not pay the full amount of each monthly payment on the date it is due, I will be in default

(C) Notice of Default

If I am in default, the note holder may send me written notice telling me that if I do not pay the overdue amount by a certain date, the note holder may require me to pay immediately the full amount of principal, which has not been paid, and all the interest that I owe on that amount. That date must be at least 30 days after the date on which the notice is delivered or mailed to me

(D) No Waiver by Note Holder

Even if, at a time when I am in default, the note holder does not require me to pay immediately in full as described above, the note holder will still have the right to do so if I am in default at a later time.

(E) Payment of Note Holder’s Cost and Expenses

If the note holder has required me to pay immediately in full as described above, the note holder will have the have the right to be paid back by me for all of its costs and expenses in enforcing this note to the extent not prohibited by applicable law. Those expenses include, for example, reasonable attorneys fees.

7. GIVING OF NOTICES

Unless applicable law requires a different method, any notice that must be given to me under note will be given by delivering it or by mailing it by first class mail to me at the property address above or at a different address if I have given a notice of that different address.

8. OBLIGATIONS OF PERSONS UNDER THIS NOTE

If more than one person signs this note, each person is fully and personally obligated to keep all of the promises made in this note including the promise to pay the full amount owed. Any person who is a guarantor, surety, or endorser of this note is also obligated to do these things. Any person who takes over these obligations, including the obligations of a guarantor, surety, or endorser of this note, is also obligated to keep all of the promises made in this note. The note holder may enforce its rights under this note against each person individually or against all of us together. This means that any one of us may be required to pay all of the amounts owed under this note.

9. WAIVERS

I and any other person who has obligations under this note waive the rights of presentment and notice of dishonor means the right to require the note holder to give notice to other persons that amounts due have not been paid.

10.UNIFORM SECURED NOTE

This note is a uniform instrument with limited variations in some jurisdiction. In addition to the protection given to the note holder under this note, a mortgage, deed of trust, or security deed, the security instrument dated the same date as this note, protect the note holder from possible losses, which might result if I do not keep the promises that I made in this note. That security instrument describes how and under what conditions I may be required to make immediate payment in full, of all amounts I owe under this note. Some of those conditions are described as follows:

Transfer of the property or a beneficial Interest in Borrower. If all or any part of the property or any interest in it is sold or transferred or if a beneficial interest in borrower is sold or transferred and borrower is not a natural person without lender’s prior written consent, lender may accelerate, as its option, if acceleration by lender is not prohibited by federal law as of the date of this security instrument.

If the lender exercises this option, lender shall give borrower notice of acceleration. The notice shall provide a period of not less that 30 days from the date the notice is delivered or mail within which borrower must pay all sums secured by this security instrument. If borrower fails to pay these sums prior to the expiration of this period, lender may invoke any remedies permitted by this security instrument without further notice or demand on borrower.

WITNESS THE HANDS AND SEALS OF THE UNDERSIGNED.

______________________________

.-Borrower Name-

Pay to the order of: .-Lender Name-

.-Lender Address-

.-Lender City, State Zip-

By___________________________

.-Note Holder Name-

THIS IS A SAMPLE NOTE ONLY.

Estimated Annual Gross Income
Other Income
Total Gross Income
Less Vacancy Allowances
Effective Gross Income

Accounting / Legal
Advertising
Budget for Replacement
Electricity
Elevator
Garbage
Gas
Insurance
Lawn
Licenses
Maintenance
Management (Off Site)
Management (On Site)
Miscellaneous
Pest Control
Pool
Snow Removal
Supplies
Taxes
Telephone
Water / Sewer

Total Expenses
Net Operating Income

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YADA REAL ESTATE

Government Funding Programs

Federal Housing Association San Francisco, CA. 415-436-6500 Dept of Housing and Urban Development Washington D.C. 202-708-1422

Questions to Ask Before Purchasing a House

How long have you owned this property?

Why are you selling?

How long have you been trying to sell your property?

What major improvements are needed?

What type of financing is currently in place on the property?

How to Become a California Mortgage Broker

How to Become a California Mortgage Broker

Promissory Note

Real Estate Contract

Real Estate Sources and Opportunities

Where to Locate Flexible Sellers

Sources of Down Payment

Using Clauses in Real Estate Purchase Agreements

Winning in Real Estate

How to Buy a Home Saving Thousands of Dollars

Real Estate Vocabulary

.-Name of Title Company-

Recording Doc

Residential House Lease Agreement

Types of Mortgage Loans

Fixed - Rate Loan

Adjustable - Rate Loan

Interest - Only Loan

Buy Down Interest Rate

Rental Application

Using Clauses in Real Estate Purchase Agreements

Cashflow Analysis

Gross Income

Expenses

NOTE

Estimated closing costs