38 ways to finance that new home

How many ways are there to buy a new home? Electronic Realty Associates Inc., a Kansas-based franchise operation with 4, 000 member firms in all 50 states, counts at least 38, according to a pamphlet entitled "An ERA Guide to Creative Mortgage Financing."

While only a few options probably apply in any one case, the whole[TEXT OMITTED FROM SOURCE] includes:

Term mortgages, amortized mortgages, balloon mortgages, senior mortgages, junior mortgages, package mortgages, blanket mortgages, purchase money mortgages , privately held mortgages, institutionally held mortgages.

Fixed-rate mortgages, variable-rate mortgages, renegotiable-rate mortgages, rollover mortgages, shared-appreciation mortgages.

Graduated-payment mortgages, discounted mortgages, VA-guaranteed mortgages, FHA-insured mortgages, FHA-insured mortgages for veterans, FHA 221-insured mortgages, FHA 235-insured mortgages, FHA 245-insured mortgages, Farmers Home Administration mortgages, conventional mortgages, 25-percent-down mortgages, 20 -percent-down mortgages, Verex-insured mortgages, conbination mortgages.

Tax-deferred exchanges, mortgage-financed buildings on leased land, leases with an option to buy, contracts for deed, assumption of existing mortgages, wrap-around mortages, EEA sellers security plan mortgages, ERA partnership mortgages.

And finally, ERA partnership mortgages with no down payment.

Count them! There may be others if you look around hard enough. Also, the terminology may differ in some parts of the country.

Basically, they're all designed to move a buyer into his own property if financially feasible. And in these days of sky-high mortgage rates, it takes a lot of creativity to do the job.