Indianapolis Recorder, Indianapolis, Marion County, 10 March 2000 — Page 26
PAGE 02
THE INDIANAPOLIS RECORDER
FRIDAY, MARCH 10.2000
ERVIN CONSTRUCTION CO INC
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Place your church’s ad in The Indianapolis Recorder’s Religion section. Call Sharon at 924-5143 for more information on placing your ad in “Indiana’s Greatest Weekly Newspaper.”
Answers to real estate questions
For the next several weeks, I will answer frequently asked questions related to various aspects of real estate. They are in no particularorder. Youcan always hope that I will answer the question you had in mind or you can simply call pie at the office and leave a message if I am not there with the questions
you want answered.
YOUR RIM ESTATE ADVISOR By MILBREB WILKINS
it si it a My
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I encourage you to save this house, their credit report is blank, column for the next few weeks Mortgage lenders can develop
even ifyou don't need the informa- credit histories from utility or teletion right now. Some of the ques- phone bills or rental payments. If value ratio. This ratio compares tions and answers I give will be payments have been made on a the mortgage amount to the ap-
taken from materials printed and regular, timely basis, then a blank praised value of the property or the ,
distributed by various institutions credit history will not prevent you sales price of the property, whichassociated with housing. Much of from getting a mortgage. ever is less. This ratio shows how
today’seolumn will be from apiece S. Who can 1 talk to if I’ve had much equity you have in the prop- .
by Fannie Mae. credit problems but I want to erty. For example, if you are buy1 What is a mortgage? Amort- buyahOuse? You may call Fannie ing a house worth $160,000, have . gage loan is the pledge of your Mae’s HomePath Specialists at I- a 5 percent down payment, and are
home as the lender’s security that 800-7FANNIE (1-800-32-6643) getting a $95,000 mortgage, the :
you will repay your debt. In other for guidance. Depending on your LTV on your loan will be 95 perwords, if you don’t repay your situation, they may provide you cent. Usually you will be required mortgage, the lender has the right with free step-by-step help over to pay mortgage insurance if the to take over your house. The lender the phone or possibly refer you to LlV is greater than 80 percent, agrees to hold a lien on the title to our local consumer counseling 10. What if I have the down your property until you have paid agency. payment but not enough money back your loan plus interest. 6. Should I have to pay a large for the closing costs? You may 2. How can I find out what my fee to get someone to help me use a gift towards the closing costs •
credit history is? You can request with getting my credit straight- and have the seller pay some or all { a copy of your credit report from ened out? Absolutely not. Con- of the closing costs. It would be “ any of the credit bureaus which sumer Credit Counseling is a na- necessary for that to be negotiated !
operate in our area. Some will tional; not-for-profit, organization in the contract to purchase. In some charge a small fee, but if you have which helps consumers work on cases, you can add part of the closbeen denied credit you should have correcting past credit problems, ing costs to the mortgage amount,
received a letter informing you of Their main office is a 615 N. Ala- 11. What if I have enough ;
that and telling you how to get a bama and the number is (317) 254- money for a down payment, but free credit report. 6600. Please be aware that there not enough income to qualify for 3. I’ve had late payments on a are other organizations out there the loan? One easy answer is to few bilb. Does that mean I can’t who have created names so their only purchase the amount of home get a mortgage? Not necessarily, initials are CCC as well. They will for which you can qualify. If that is Lenders are concerned about the charge you hundreds or even thou- not what you’ re willing to do, then borrdwer’s overall credit history, sandsofdollarsforthehelpthatthe you may be able to buy a home If bills for the last two years usu- “real” CCC will do for maybe $20 with a friend or a relative who can ally have been paid on time, or if per month. Be careful. be a co-signor for you. A co-signor there is some good reason why the 7. I’m self-employed. Why do guarantees to make the mortgage bill was late and you’re paying lenders need to see my tax re- payments if you can’t. A lender your bills on time now, your credit turns to finance or re-finance my can then consider the co-signor’s history should be acceptable, and house? Business tax returns are income and credit history in addiyou should be eligible for a mort- analyzed to determine the finan- tion to yours. However, if you are gag?- cial strength of your business and buying a house with less than 10 4.1 have a good income, but no if you can reasonably expect to percent down, the co-signor must credit history because 1 don’t continue to generate that income, live with you.
borrow money. Can I still get a S.Cansourcesofincomeotiier
mortgage? Yes. Some home buy- than traditional wages and sal- Questions or comments, era may qualify for credit cards and ary be used to qualify for a mort- contact Mildred Wiljuns do • smallloahs but don’t want to be in gage? Overtime pay, bonuses, \n^t'iG,tucker, (317)2^-9600. j debt. When it comes time to buy a come from part-time work, court website: www.youmaUstateadvisor.com'X t
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Ronald Demon’s computerizoii
shoes goes on sale
The computerized adjustable shoes, invented by Ronald Demon, will go on sale in April, and can now be pre-ordered at his website www.thinkshoe.com. Called the ‘Raven’, the shoe will cost $ 149.99
plus shipping and handling.
Demon, a recent MIT graduate, observed that Raven provides superior comfort and performance to its user through an integrated computer that monitors how the user moves, and then adjusts the shoe’s Cushioning via a pressure reduction system. He plans to market Raven’s Thinkshoe TM technology to the athletic, casual, orthopedic and military markets and thinks it will become the industry stan-
dard in the 21 st century.
To assist in launching this innovative product, Raven has been endorsed by and is the official shoe
Ronald Demon
90 countries around the world and in America it can be seen on the Discovery Channel. Demon and his shoe are also featured in the
of the upcoming high budget mar- Marcheditionof WiredMagazine.
Demon’s progress has been noticed in both national and international circles. In little more than a year, he has received a patent for his shoe invention while he was a senior at MIT, was selected inventor of the Week’ by the Lemelson Foundation, received world-wide media attention for the invention, became a $50K Finalists in MIT’s prestigious $50K
tial arts movie called “Body Weapon”. Starring Jackie Chan, Cuba Goodi ng Jr., and Jean Claude Van Damme, the movie will be released this summer on July 4. In addition to the movie, the Australian Television Show ‘Beyond 2000’ will air a show with a scientific segment on this invention this year, and it will be aired in
Entrepreneurial Competition, graduated MIT, and at 22, is the Founder and President of his technology start-up company, VectraSense Technologies Inc. Demon invented the shoe when hewasa 16 year old junior in high school. Complaining of aching feet during and after playing basketball, Demon decided to create his own shoe that could assist with the basic tasks of walking, running, and jumping. After much work at his high school and at Florida International University in his hometown, once the project was ready, he entered it in the NAACP ACTSO Competition. He then won first place gold medals at the local, state and national levels in the category of Physics/Electronics with the project. In reflecting on his experiences. Demon said, “It is clear that high school students can have great ideas, and although there are many obstacles, if we believe in ourselves, remain focused and work hard, we can begin to realize our dreams... I am beginning to feel somewhat relieved, in that God has given this invention to me (b give to the people’. I am now on the verge of getting the shoes to people who really need them.”
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