Finance, Loan, Debt and Credit.

January 12, 2018

How To Qualify As A Dependent On A US 1040 Tax Return

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Other than fitting the description of a constant liability, what other qualifying attributes must one have, to be classed as a dependent, and how do you determine this for tax purposes? The following paragraphs explain the qualifying tests for determining dependency as it relates to your tax status, liability and available credits. First, we need to make you aware that there are two different types of dependents.

There are several “qualifying tests” an individual must pass, in order to be qualified as a dependent on a US 1040 tax return. The tests for dependency are centered around the actual support tests that the candidate must pass; first, the qualifying individual must be the taxpayer’s child, stepchild, foster child, sibling or stepsibling, or a descendent of one of these (such as a niece or nephew), second the qualifying individual must have the same principal residence as the taxpayer for more than half the year and there are exceptions for children of divorced parents, kidnapped children, and for children who were born or died during the year, third the qualifying individual must be under the age of 19, or 24 if a full-time student and fourth, the qualifying individual must not have provided for more than one-half of their own support during the year. There are some additional rules that a dependent must pass, that really have nothing to do with the amount of support provided, but do determine their eligibility as US citizens and the ability to be considered for dependency. First, the qualifying individual must be a US citizen or national, and their marital status must be single, unless the are married but did not file a joint return for that year, or there was no tax liability that existed for either spouse had they filed separately.

If the qualifying individual can pass all four of the above described qualifying tests, as well as the additional rules, then any of the deductions, exemptions, and credits that are available can be used. For instance, child care expenses, child tax credits, dependent care expenses, earned income credit, and any associated itemized deductions may be claimed if the qualifying individual is determined eligible.

Determining eligibility in many cases means the difference between owing tax on your return, and the eligibility to file as head of household, and receive a refund that would include earned income credit. The earned income tax credit is a negative tax, and an attempt by the government to provide lower and poverty level income families with the opportunity to receive much needed assistance with caring for and supporting their families. Today, however, the earned income credit is becoming an opportunity for some segments of the public to abuse the goodwill of their government and falsify claims of dependency qualifications.

The child and dependent care expenses cover things like daycare, after school care programs, and any other form of paid care that is necessary for the qualifying individual to receive while the taxpayer is away at work. The only thing to watch here is that all qualifying individuals for the child and dependent care expenses must be under the age of 13.

The child tax credit is comparable to the earned income credit, in that it is a straight credit, dollar for dollar deduction of your tax liability. The child tax credit may only be taken by individuals with a qualifying dependent that is under the age of 17.

As you undertake the task of determining if your dependent meets the qualifying tests, and can actually provide some benefit in tax reduction at the end of the year, remember that it may take a little work, but the potential payoff could be well worth the time it takes to determine if you are single with no dependents, or head of household with a dependent and the opportunity to claim earned income credit, child care expense deductions, as well as file for the child tax credit. The result could be amazing!

Dassana Jayalath is the author of WebSuperTips newsletter. Download Free eCourse : Newbie’s Guide To Profitable Internet Home Business

August 31, 2017

How To Qualify For An Unsecured Debt Consolidation Loan

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If you are interested in restoring a sense of order to your finances, if you are looking for tools that you can use to bring down your debt — to bring control to your debt — one option that you will want to pay close attention to is an unsecured debt consolidation loan. In this regard, if you are considering an unsecured debt consolidation loan, you may be wondering how you can qualify for an unsecured debt consolidation loan. Through this article, you will be provided with tips and pointers that will aid you in working towards qualifying for an unsecured debt consolidation loan.

The Impact of Your Credit Score and Credit History

There are a number of different unsecured debt consolidation loan options available to you today. If you’ve decent credit, you actually do have more options available to you when it comes to an unsecured debt consolidation loan.

The better your credit score, the more different unsecured debt consolidation loan options you will be able to qualify for at the present time. Moreover, the better your credit score, the better rate you will be able to obtain on interest associated with an unsecured debt consolidation loan.

On the other hand, if you’ve been battling debt and financial problems for some time, your credit score may have dropped significantly. If that is the case, there remain unsecured debt consolidation loan options for which you may qualify. There are now lenders that specialize in offering to consumers with a more rocky credit history bad credit unsecured debt consolidation loan.

With these types of bad credit unsecured debt consolidation loan options, you will end up being able to borrow less money through this type of loan and the interest rate you will have to pay on a bad credit unsecured debt consolidation loan will be higher (and sometimes significantly so) than what you would pay if you had a more stable and better credit history.

Repairing Your Credit Report Before Making Application

While one of the reasons why you may be seeking an unsecured debt consolidation loan is to better your credit score and to clean up your credit report, it actually behooves you to take some steps to repair your credit report before you actually make application for an unsecured debt consolidation loan. As mentioned a moment ago, there are some definite benefits to having a better credit history and a higher credit score when you are seeking to obtain and applying for an unsecured debt consolidation loan.

One step that you can take in advance of making application, for example, is to make certain that your credit report contains accurate information. The majority of credit reports today contain inaccurate negative information. By clearing such erroneous entries off of your credit report, you may be able to achieve a notable increase your credit score.

In addition, you will want to try and make certain that all of your current and outstanding accounts are current before you make application for an unsecured debt consolidation loan in order to get the best “deal” and the most favorable interest rates associated with an unsecured debt consolidation loan.

Thomas Erikson is co-founder of which provides debt consolidation information and solutions. Find out how you can effectively get your finances under control with an Unsecured Debt Consolidation Loan.

August 20, 2017

FHA Mortgage loans are Easy to qualify for for, 97% FHA Home loan

Filed under: Mortgage — Tags: , , , , , , , , , , — admin @ 12:46 pm

 FHA Home Loan Florida

 FHA loans make it Easy to buy a Florida home.

FHA Home loans have been helping Florida homebuyers become homeowners since 1934. How does FHA help? The Federal Housing Administration (FHA) – which is part of (HUD), provides FHA home loan insurance to insure private lenders against loss. The FHA home loan mortgage insurance allows private Florida lenders to lend up to 97% of the purchase price and allows financing with No Minimum credit score requirement for Florida homebuyers.

Apply at

Easy Qualification – The FHA loan insures lenders against loss for loans made to properly qualified FHA home loan borrowers. So you’re likely to find FHA loans with terms that make it easier for you to qualify.

Minimal Down payment Requirements – FHA loan can work with as little as 3% down and those funds can come from a family, grant , or your employer. Although the FHA loan does not have a zero down mortgage option yet, you will find that there are many Florida down payment assistance programs to help you with the down payment.

Less than A-1 Credit is Okay – The Florida FHA home loan program exists to expand the pool of home buyers. Even borrowers with prior bankruptcies or mortgage loan lates get approved every day for FHA loans to buy or Refinance homes in. The FHA loan program uses credit quality, not credit score!

Lower Cost Over the Life of the Loan – Florida FHA home loan rates are extraordinarily competitive. FHA’s lower risk to the lender means a better rate for the Florida borrower.

Safeguards for Borrowers Who Get Behind – FHA loans also allow the lender more options in helping borrowers who fall behind keep their homes are get current again: special forbearance, workouts, even free mortgage counseling. Further, HUD can allow the lender to take past due payments and move them to the end of the loan and in some instance will actually pay your past due payments for you. Options to save your home you’ll never get from a conventional loan! In an uncertain world, this is another excellent reason for you to get an FHA loan.

Options for Manufactured Housing – Under certain conditions, you can even secure an FHA loan for a Mobile Home or manufactured home using a Florida FHA mortgage loan.

FHA Loans Are Fully Assumable – When you are ready to sell your Miami home, you can offer buyers FHA financing! All FHA loans can be assumed by qualified buyers.

The FHA program has evolved since it started in 1934 and now has options for HUD insured loans that fit a variety of different borrowers and situations


Apply at

June 22, 2017

Bad Credit Mortgage Refinance Loan- Make Sure You Qualify

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A bad credit mortgage refinance loan can help you in many different ways. As a homeowner you can clear off your mortgage, ensuring that it is not in any danger of a foreclosure. These mortgage refinance loans have a much lower interest rate and therefore you do end up saving more at the end of the month. This loan will also help you clear off all your existing debts and thus help improve your credit rating. With the money saved, you can either use it for debt consolidation or funding an educational expense or even use it to renovate your home.

Although the refinance loan is a great boon, for those reeling under the pressure of a high interest mortgage, you should be ready to take up the new loan that will engage you for a certain period. It is recommend that you know of your financial condition, check your accounts, credit cards etc and then make the decision on applying for the refinance loan.

Make sure that you qualify for the refinance loan. With a bad credit history, however, this could seem impossible. You can however check with several lenders and bank that will be ready to help you out of this situation. Keep your mortgage document available at all times. If you have a second mortgage, make sure you have physical possession of those documents as well. Along with these, you might need to produce your tax return forms, bank statements, pay stubs etc. as your lender could require these documents.

Make sure that you check with several lenders online as well as personally so that you have the right bad credit mortgage refinance loan option available to you. If you cannot pay a high rate of interest which most refinance options require you to, you can negotiate with them on an interest sum that you are most comfortable paying.

For the best Bad Credit Mortgage Refinance Loan option, it is best to check with several lenders before finalizing on one. For more information, visit

September 25, 2015

Refinancing a Loan with Bad Credit-Who can qualify?

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These days, getting a refinance loan is improved for the average person because of the numerous ‘sub prime’ lenders that are out there at present. These subprime lenders desire to give you a superior offer for the reason that they want to effectively compete with all the extra major banks and lenders previously established. Also, the established credit organizations are trying to keep up with these subprime lenders to some degree, because they don’t desire to lose their customers either.

So why refinance an existing loan? There are two main reasons:

Consolidation of your debts and bills is a general reason for a lot of borrowers. This is because if you refinance you can expect to lesser your interest rates, chiefly if your credit has better since the last time you’ve been accepted for a loan. Even with bad credit you might discover yourself an interest rate of say, 12% if you choose to refinance an existing loan, which is a significant progress from a 20% interest rate that you may have on your credit cards.

Also, the refinance is possible to have a longer life span; it could be that this Refinancing loan wants to be paid back over 30 years. This will decrease the total you have to pay on your monthly payments, in addition to your interest rates being lowered, and thus you are capable to pay your method out of debt much faster.

You can as well decide to refinance your existing mortgage to obtain an improved rate of interest. In the worst case scenario of having filed for bankruptcy, you will probable have a terrible interest price on your mortgage and could obtain a much better one by refinancing after a couple of years. Having not claimed bankruptcy, if you’ve better upon your credit score since your last mortgage, it might be a stylish plan to refinance the mortgage to obtain that lower interest rate.

July 18, 2015

Do You Qualify For a Studen Loan?

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A student loan is almost inevitable these days. Colleges and universities charge so much between room and board, but students also have to worry about books, supplies, food, gas, and even class or lab fees. College can cost upwards of $40,000 per student, and parents are not always able to help, even if they want to.

Filing for financial aid and applying for a student loan is simple, as long as you know how to begin your process. Believe it or not, obtaining money and a student loan for a college education is not as complicated as people think. The financial aid process is different for each student, but there are factors that apply to almost everyone who applies.

Firstly, everyone should apply for financial aid and a student loan, even if they think they will not qualify. There are a number of factors involved in the eligibility process and there is always a possibility for a person to qualify, even if all they thought they would get is an approved student loan.

Next, the application for Federal Student Aid (FAFSA) is free. It determines an applicants eligibility for student aid programs and many private grant and scholarship programs.

A student loan comes in different programs. There are two categories available for a student loan. One is government loans and the other is private loans.

Basically, the government student loan, also known as a Stafford Loan, should be what an applicant applies for first. Parents can consider a government student loan. These are called PLUS Loans and they are especially for parents. From time to time, a private student loan can be competitive with a government student loan program. Check the internet carefully to explore your options.

A Federal Unsubsidized Loan is a student loan based on no-need. Every student who meets the eligibility requirements could meet the criteria for Federal Direct Unsubsidized Loans. There is no need for a co-signer to apply for Federal Direct Unsubsidized loans.

A Federal Subsidized Loan is a student loan made directly to the student. A person can apply for this financial by filling out and submitting a Free Application for Federal Student Aid (FAFSA form). Fundamental criteria must be met, which is determined by people of the federal government.

As you can see, a student loan is easily accessible. The internet and the government both make the process simple and streamlined for your convenience.

December 25, 2014

Commercial Mortgage Refinance – Will You Qualify?

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To determine if your Commercial Mortgage Refinance will qualify, use the below to “prescreen” your situation. Understanding your potential loans strengths and weakness will save you time and ensure your best chance of a successful close. Ownership First, how long have you owned the subject property? Has it been less than 12 months? Unless the title is free-and-clear or there is sufficient equity, the lender will use the purchase price plus any documentable improvements you’ve put into the property – not the appraised value. For example, if you put down 20% a year ago you will not be able to pull additional funds out and risk have the Loan to Value on a rate and term refinance coming out higher than 80%. Have you been turned down by banks? Find out why? Was it just an internal issue or something they think is a problem with the deal? It is better to lay your cards out with a new potential lender in the beginning rather than later. 99% of the time underwriting will discover the issue even if you do not disclose it. You want to find a capital source that will close, not just work on it for 2 months, then decline. History and market What was the original purchase price and realistic estimated real estate value. When was an appraisal last completed and what was the appraised value? Try to not make the typical mistake of overvaluing the property – you will be the one that pays for that mistake. Calculate your net operating income and find out the current market cap rate in the subject properties area. Then do some basic calculations to get an idea of the income value. Current mortgage terms What are your current mortgage terms? Are you refinancing because you want a lower rate? Longer amortization? Want to pull cash out? Or do you have a ballooning loan? What are your long term goals? • When are you planning to sell? • What kind of amortization would you like? • Do you have a lockout period or prepayment penalty that you have to deal with? • Can the new loan afford the lockout and prepayment costs? Property What type of commercial property are you refinancing? Different building types of vastly different terms. 80% loan to value on a stated-income restaurant deal will not fund while an 80% loan top value on an office building will. The property’s zoning will dictate into which tier your property fits. If your business occupies some of the space, what percentage? Is it more than 25%? Is it more than 50%? Many lenders will consider it an owner occupied deal if you’re in more than 25%. Virtually all lenders consider it owner occ if your business occupies more than 50% of the subject building which will give you better terms. Lease terms What kind of leases does the property currently have? Are they NNN? How much of the expenses do the tenants pay outside of the lease? Is there a significant amount of leases coming due in less than 2 years? Are there any credit grade tenants within the building? It’s a very good idea to be prepared as your discussing your potential commercial mortgage refinance with lenders. Be ready to provide: Operating and income history; Rent rolls and annual rents; Net operating income; Vacancy information; and Total square-footage, number of buildings and units. Being upfront a thorough in the beginning will save you time and money in the end on your commercial mortgage refinance.

October 31, 2014

Student Loan Consolidation Information – How To Qualify & Locate Scholarships

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At the time of researching your student loan consolidation information options you want to look into how to locate and obtain available scholarships.
A scholarship as distinguished from a student loan is money given that doesn’t need to be repaid, there are scholarships for athletes, academic high-achievers, children of local widows and Pacific Islanders, in short there is a type of scholarship to suit any potential situation.
The problem is finding them, a large proportion of scholarships are academic oriented, they involve excellent grades, but that is often just the first criteria, in order to win out over those students with the same GPA’s or SAT scores, the student often has to have other elements in their background, at times that is an award from Westinghouse or other science-based competition, however it could possibly be having a history of community service the options are numerous.
One of the easiest ways to get started is to speak with a school counselor to find what is available, notwithstanding take what they say with some skepticism as they are often overworked and not aware of the latest information, continue your research by doing many web searches and dig into the thousands of potential scholarship schemes available, there are a large number of quality websites with lists of scholarship programs, amounts and a brief blurb on application requirements or criteria, in a few instances the initial criteria is as minimal as having or expecting soon a high school diploma and being a U.S. citizen, others may need your acceptance at a university and a specific residence.
There are also scholarships for the children of veterans and for those who intend to major in Health Sciences as well as for those who are residents of Virginia, just to list three, the majority but not all require you to have good grades, many may require the student to be from a low-income family, nevertheless others look to ethnicity, in other words there is a scholarship to cover the whole spectrum of possibilities.
A few scholarships require evidence of more than just an outstanding grade point average or very good test scores, or information about personal background, a good number may require that the prospective winner provide an essay, some as small as 250 words and others as long as 5,000 words, the essay could be oriented towards listing personal achievements or merit, or the grantors might like to know the prospect’s views on the world, here again they run the gamut of options.
The majority scholarships are free, in the sense that the funds never need to be re-paid, nonetheless it is not always the situation that the recipient receives or gets to keep the official total amount, a good number are taxable and according to the IRS, the following criteria applies to scholarships with respect to taxability, qualified scholarships and fellowships are treated as tax-free amounts if all of the following requirements are met, 1 – You’re a candidate for a degree at an educational institution, 2 – Amounts you gain as a scholarship or fellowship are used for tuition and fees needed for enrollment or attendance at the educational institution, or for text books, supplies and equipment needed for courses of instruction, 3 – The amounts received aren’t a payment for your services, you should also visit the IRS website for current information.
The only way to discover what is out there, and if you qualify or have a chance to receive a scholarship, is to look into the different schemes and start applying, it is a great deal of work, however it just proves once more time that there is no such thing as a free meal, it is essential to keep this information mindful when considering any student loan consolidation information.

August 24, 2014

How to Qualify for the Best Rate on Your Mortgage or Refinance

Filed under: Loan — Tags: , , , , , — admin @ 12:46 pm

We hear every day how important it is to own real estate. What we don’t hear is how to make sure we get the best rate possible and save our selves thousands and thousands of dollars over the term of our mortgage. Not everyone is blessed with the best credit and a huge down payment. So, how does one basically get the best deal on their mortgage or refinance?

1) Find out your credit score on all three credit bureaus. Don’t ever let a loan officer tell you what your credit is. They are schooled in finding ways to make extra money off of you. The better educated you are, the harder it will be for the loan officer to pull a fast one on you. If you do have some issues, clean them up first. It isn’t hard to get some dings off your credit and this will save you a lot.

2) Get all your documentation together. This may sound trivial, but you wouldn’t believe the number of people that don’t do this well, and pay steeply with higher rates and points as a result. You should, as a habit, keep a file of your tax returns, assets (bank account statements, mortgage payment receipts (if you have a current mortgage), business license (if you are self employed), etc… The better you can document your income, assets, and employment, the higher your chances are for getting lowest interest rates. Yes, there are such loans as SIVA (Stated Income and Verified Asset, VISA (Verified Income and Stated Asset, and No Doc, but you will pay higher for these and some may require additional points, money down, and additional or more strict requirements (like minimal credit scores to qualify). Be sure to ask your lending institution as to the requirements as each is different.

3) If you do not currently own a house, get pre-approved before making offers. Real estate agents are in the business of selling and will place an offer faster than you can blink an eye. Remember, its your earnest money you are putting down (usually $1,000) and if you don’t qualify or can’t close in time you can lose it. Just like with credit card offers, pre qualified means absolutely nothing. On a high demand real estate listing most sellers won’t take an offer if you aren’t pre approved. In many cases, they will not negotiate favorably with you without a letter of approval from your bank or lending institution. Carry your preapproval with you when you house shop and watch what hurdles homeowners will go through for you.

4) Do not lie and be upfront about what you can and cannot document. Don’t waste the loan officers time and yours with assets or income that you cannot document. If you lie, they will catch you when they examine your loan prior to funding and you won’t be able to close. Also be wary of lenders that promise things you shouldn’t be able to qualify for. Shop around – you should be getting similar numbers for your qualifications. If a offer is too low, or too good to be true, then it probably is. Don’t be afraid to use internet lenders – American Home Mortgage is a great company with a great reputation for straightforward business practices and lower cost mortgage and refinance loans. There are still quite a few mortgage scams out there. Be sure to look up your mortgage company with consumer reporting agencies just to make sure. It is better to be safe than sorry.

There you have it – how to qualify for the best terms and save big on a mortgage or refinance.

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