Zillow Advice RSS: Discussion-Guide,All Real Estate Advice Topics,MD http://www.zillow.com/advice/MD/all/discussion-guide/ Zillow Advice search results | Zillow Real Estate got perfect credit history, but a Chapter 7 Bankruptcy in 2007 - how can I buy at good rates? http://www.zillow.com/advice-thread/got-perfect-credit-history-but-a-Chapter-7-Bankruptcy-in-2007-how-can-I-buy-at-good-rates/489749/ I made a bad investment back in 2007 and had to file for Chapter 7 Bankruptcy. I had perfect credit before that, about 830 credit score. The bankruptcy filing became public record on my report and since then I've been able to bounce back to a 697 score with 100% repayment history. What are my most cost effective financing options with a 697 score and a chapter 7 notice on my credit report?<br/>Is there any way to improve my credit score beyond the 697 score in the near future since it already accounts for a 100% repayment history?<br/>I'd like to purchase a multi-unit income generating property. What are my financing options?<br/><br/>Thanks for your insight!<br \><br \>7 replies Fri, 26 Apr 2013 23:50:00 GMT http://www.zillow.com/advice-thread/got-perfect-credit-history-but-a-Chapter-7-Bankruptcy-in-2007-how-can-I-buy-at-good-rates/489749/ 2013-04-26T23:50:00Z Current 1st and 2nd = 90% LTV. Refi 1st or both into ARM possible? http://www.zillow.com/advice-thread/Current-1st-and-2nd-90-LTV-Refi-1st-or-both-into-ARM-possible/517153/ Primary SFH, my First is a 30 year with good rate, 75% LTV and approx. $472k, so over conforming.&nbsp; The 2nd is a Heloc approx. $94k.&nbsp; This current set up was a refi this year from a full 203k we used to buy and renovate the house.&nbsp; Assume appraisal at $630k and credit 700-720, can I either:<br/>A) refi just the first into a 7/1 arm?&nbsp; So far I have been told no due to overall LTV.<br/>B) refi both into a 90% LTV arm?&nbsp; Have heard no because of previous Heloc refi. <br/><br/>Thanks for any thoughts!<br \><br \>7 replies Tue, 29 Oct 2013 15:04:00 GMT http://www.zillow.com/advice-thread/Current-1st-and-2nd-90-LTV-Refi-1st-or-both-into-ARM-possible/517153/ 2013-10-29T15:04:00Z First Time Buyer, Or Not? http://www.zillow.com/advice-thread/First-Time-Buyer-Or-Not/510565/ Hi, <br/><br/>I've just finished school and spent the summer unemployed, so my bank account is getting pretty slim. However, I've been offered a job with good pay, in my field. I have to move several states away, but I get some allowance for house hunting and travel. Rent in my new location is very high compared to calculations I've done (using online tools) for buying, based on some listed homes in the area and my credit score. I'm eligible for a VA home loan, so I wouldn't necessarily need to put up a down payment. I can afford to rent, but I would rather not waste the money. I don't want to rush in, but home prices are on a gentle rise in the area. <br/><br/>Would it be a more solid plan to get a 6 month lease, get used to the area, and then buy? Am I considering all of the factors at play here?<br/><br/>Thanks, <br/>TJ<br/><br/><br \><br \>18 replies Mon, 09 Sep 2013 14:47:00 GMT http://www.zillow.com/advice-thread/First-Time-Buyer-Or-Not/510565/ 2013-09-09T14:47:00Z Preforeclosure http://www.zillow.com/advice-thread/Preforeclosure/515943/ HI Id like to know what is preforeclosure and could a property be looked at if it is in this category?<br \><br \>2 replies Sun, 20 Oct 2013 00:53:00 GMT http://www.zillow.com/advice-thread/Preforeclosure/515943/ 2013-10-20T00:53:00Z Do you need pre-approval before you start working with an agent. http://www.zillow.com/advice-thread/Do-you-need-pre-approval-before-you-start-working-with-an-agent/513840/ Do you need to have pre-approval before you start working with an agent.&nbsp; I am in the process of completing my mortagage application.&nbsp; While I am working on this process a number of the properties I was interested in, in the 21244 area now say pending.&nbsp;<br \><br \>17 replies Wed, 02 Oct 2013 18:56:00 GMT http://www.zillow.com/advice-thread/Do-you-need-pre-approval-before-you-start-working-with-an-agent/513840/ 2013-10-02T18:56:00Z $70K Underwater and need to upgrade soon http://www.zillow.com/advice-thread/70K-Underwater-and-need-to-upgrade-soon/510356/ I bought my first house in 2006 and it is currently $70K underwater according to Zillow. I now have 2 little girls and it's only a 3 Bb / 1.5 Ba house that's 1232 sqft. I can easily afford the mortgage and my credit is great but I can't seem to get out from underwater. I fear it may take 10 years or longer just to break even. Is there any way out of this situation besides strategic default?<br \><br \>6 replies Sat, 07 Sep 2013 14:36:00 GMT http://www.zillow.com/advice-thread/70K-Underwater-and-need-to-upgrade-soon/510356/ 2013-09-07T14:36:00Z My Wife and I are looking for a new home to rent-to-own. Can you assist ? http://www.zillow.com/advice-thread/My-Wife-and-I-are-looking-for-a-new-home-to-rent-to-own-Can-you-assist/510024/ Looking for a new home in 21207 with (4) Bd. Rm. (3) ba. with drive way. Can you assist us ?<br/>Davis<br \><br \>4 replies Thu, 05 Sep 2013 00:15:00 GMT http://www.zillow.com/advice-thread/My-Wife-and-I-are-looking-for-a-new-home-to-rent-to-own-Can-you-assist/510024/ 2013-09-05T00:15:00Z How long does the final review of a short sale offer take? http://www.zillow.com/advice-thread/How-long-does-the-final-review-of-a-short-sale-offer-take/478665/ My boyfriend and I put in an offer for a short sale on July 30 2012. It took 4 months for the bank to even respond to our offer. First they countered at asking price, we countered back at 10,000 more than our original offer plus stating we would pay closing cost. Took another two weeks to hear a response and they countered asking us to go up another $10,000, we countered in the middle and went up another $5,000. It took them about a month to respond with news that all the paperwork and the apraisal had expired. So they rescheduled another appraisal and three weeks later we get news that they are finally reviewing our offer and all paperwork has been submitted and they have all the information they need. I am just wondering if we are close to the light at the end of the tunnel?<br \><br \>15 replies Thu, 14 Feb 2013 21:23:00 GMT http://www.zillow.com/advice-thread/How-long-does-the-final-review-of-a-short-sale-offer-take/478665/ 2013-02-14T21:23:00Z Mortgage Rates for week ending August 22 http://www.zillow.com/advice-thread/Mortgage-Rates-for-week-ending-August-22/508294/ <p>Freddie Mac reports the following national averages with mortgage rates for the week ending Aug. 22:&nbsp;</p><ul><li><strong>30-year fixed-rate mortgages:</strong> averaged 4.58 percent, with an average 0.8 point, rising from last week's 4.40 percent average. A year ago at this time, 30-year rates averaged 3.66 percent.&nbsp;</li><li><strong>15-year fixed-rate mortgages:</strong> averaged 3.60 percent, with an average 0.7 point, rising from last week's 3.44 percent. Last year at this time, 15-year rates averaged 2.89 percent.&nbsp;</li><li><strong>5-year adjustable-rate mortgages:</strong> averaged 3.21 percent, with an average 0.5 point, dropping from last week's 3.23 percent average. Last year at this time, 5-year ARMs averaged 2.80 percent.&nbsp;</li><li><strong>1-year ARMs:</strong> averaged 2.67 percent, with an average 0.5 point, holding the same as last week. A year ago, 1-year ARMs averaged 2.66 percent.&nbsp;</li></ul><p><em>Source:&nbsp; Freddie Mac</em></p><br \><br \>0 replies Fri, 23 Aug 2013 19:42:00 GMT http://www.zillow.com/advice-thread/Mortgage-Rates-for-week-ending-August-22/508294/ 2013-08-23T19:42:00Z Eligible for HARP 2 but can't get mortgage insurance http://www.zillow.com/advice-thread/Eligible-for-HARP-2-but-can%27t-get-mortgage-insurance/444176/ I'm finally eligible to refinance with the new HARP 2.0 via DU Refi Plus but now my hurdle is obtaining mortgage insurance because my LTV is at about 105%.&nbsp; My current mortgage doesn't have any MI because its an LDRPA loan.&nbsp; I refinanced back in 2005 with an LTV above 80% and was given a credit enhancement in lieu of MI. Are there MI companies that will work with LTVs above 95%?&nbsp; The last thing I want to do is throw down $10-20k to bring down the LTV when I only plan to stay in my home for 5 more years (I've been saying this since '08). My current rate is 6.1% and dropping down to at least 4% would make a huge difference.<br \><br \>11 replies Thu, 24 May 2012 19:20:00 GMT http://www.zillow.com/advice-thread/Eligible-for-HARP-2-but-can%27t-get-mortgage-insurance/444176/ 2012-05-24T19:20:00Z Looking for a USDA Lender http://www.zillow.com/advice-thread/Looking-for-a-USDA-Lender/505590/ I want to find a lender that is well verse in USDA loans for Maryland. I'm choosing this loan product mostly because I don't have any cash for a down payment. Seems like all of the banks process this type of loan, but they keep trying to tell me the FHA would be a <em>"great option".</em> I read too that USDA will take rental history to help meet the requirements? <br/><br/>I really just want to work with someone who works to meet my needs and will get the loan done. Any advice?<br \><br \>7 replies Wed, 07 Aug 2013 00:47:00 GMT http://www.zillow.com/advice-thread/Looking-for-a-USDA-Lender/505590/ 2013-08-07T00:47:00Z 9702 Magledt http://www.zillow.com/advice-thread/9702-Magledt/506075/ The property listed for 9702 Magledt zip 21234 shows the monthly rental is 700; the actual rental is $1,650&nbsp;&nbsp; Please correct<br \><br \>0 replies Fri, 09 Aug 2013 19:40:00 GMT http://www.zillow.com/advice-thread/9702-Magledt/506075/ 2013-08-09T19:40:00Z buy first home and immediately rent it out http://www.zillow.com/advice-thread/buy-first-home-and-immediately-rent-it-out/504242/ well to start out im single and 23 years old dont make ton about 40K a year so you have somewhat of a idea where my thought is coming from.<br/><br/>well i was alway taught to buy once cry once , i dont want to be making payment on something i hate . but at the same time i dont want to put money down and feel house debt all the time from not having&nbsp; a fair bit of savings.<br/><br/>ive found a home that i really like, the home, lot , area ,etc . pretty much perfect besides price its is a forclose home so i supose it may be a little wiggle room but i never had luck in the past year i put in offer on about 10 offer on other forclosed home. <br/><br/>what i want to know is if it a good or bad idea to consider buying my first home and immediately turning it around and renting the home out. to me this seems like a good idea this way i can put 20% or more down and not sweat worrying about possible repair while having to pay the mortgage . i would plan to do this for a year or two to get back the money i would use for the down payment and possible up to the 3 year. since from what i have read say if you can rent out your home for 3 out of 5 years tax free. of course the length of time could change depend on the future (wife / kid/ job / etc... ) but it wont be more then the 3 year of renting it out for tax reasons .<br/><br/>please offer some advice or any info i would need to know, im going to look further into because i think it a very financially smart idea <br/><br/>thanks and sorry.&nbsp; im not very good at constructing my idea and tend to ramble and jump from point to point alot . along with grammer error so please cut me some slack .<br \><br \>5 replies Tue, 30 Jul 2013 01:45:00 GMT http://www.zillow.com/advice-thread/buy-first-home-and-immediately-rent-it-out/504242/ 2013-07-30T01:45:00Z Why is now a good time to sell in Silver Spring MD? http://www.zillow.com/advice-thread/Why-is-now-a-good-time-to-sell-in-Silver-Spring-MD/502530/ Most importantly....have you noticed what's happening to mortgage interest rates lately? Yes, they are STILL HISTORICALLY LOW but when they jumped from 3.5 to 4.5% some buyers had to lower their expectations for the next home. If they continue to rise buyers may "get off the fence" and buy now before it is too late to live in the community they like best. What do you think?<br \><br \>3 replies Thu, 18 Jul 2013 19:56:00 GMT http://www.zillow.com/advice-thread/Why-is-now-a-good-time-to-sell-in-Silver-Spring-MD/502530/ 2013-07-18T19:56:00Z Improving to Sell: Question http://www.zillow.com/advice-thread/Improving-to-Sell-Question/502486/ My wife and I are just outside of DC within a mile of metro rail but in&nbsp;the less than spectacular school district of&nbsp;Prince George's County. We are likely going to sell in a couple of years and are looking at improvements. Our house is a 1936 4 bedroom, 2.5 bath with a 1994&nbsp;addition that created an open kitchen/dining room and master suite above. The fourth "bedroom" is only a bedroom in the sense that it&nbsp;meets the closet and window criteria. It's barely 60 square feet and would barely accomodate a twin bed and a dresser and the closet is tiny. Since it is adjacent to the master suite we are looking at a few ideas for this "bedroom."<br/>1. Improve the less than spectacular master bath to overtake the "walk-in" closet that is not really walkable except sideways while swimming through hanging shirts. We would likely do a large shower with a block glass window. We would then&nbsp;bust the wall to the 4th "bedroom" and make that a large walk-in with natural light. <br/>2. Keep the room as is and add a door from the master suite and call it a nursery. (Obviously the cheapest route) ...Ideal for a young family looking to have more than two kids.<br/>3. Turning the room into an upstairs laundry as&nbsp;laundry is currently in the (nicely finished) basement which interrupts the ability to turn that basement space into an entertainment space.<br/>All three have some&nbsp;advantages and disadvantages.<br/><br/>Sorry it took so long to get to the question! Which one do any of you think would be the best way to help us sell the house and earn a little extra equity?<br \><br \>5 replies Thu, 18 Jul 2013 15:55:00 GMT http://www.zillow.com/advice-thread/Improving-to-Sell-Question/502486/ 2013-07-18T15:55:00Z short sale http://www.zillow.com/advice-thread/short-sale/281127/ what is short sale means?<br \><br \>3 replies Tue, 22 Sep 2009 08:36:00 GMT http://www.zillow.com/advice-thread/short-sale/281127/ 2009-09-22T08:36:00Z Home Values in Burtonsville MD http://www.zillow.com/advice-thread/Home-Values-in-Burtonsville-MD/502526/ Do you think the proximity to the ICC has helped homes in the Burtonsville area appreciate in value? I think it has because I have had prospective buyers ask to see homes here just because they work in Germantown but want to take advantage of the market in Burtonsville.<br \><br \>0 replies Thu, 18 Jul 2013 19:47:00 GMT http://www.zillow.com/advice-thread/Home-Values-in-Burtonsville-MD/502526/ 2013-07-18T19:47:00Z Does Zestimates consider waterviews or ponds on properties? http://www.zillow.com/advice-thread/Does-Zestimates-consider-waterviews-or-ponds-on-properties/502437/ Im looking at a house that needs a lot of work .the home is listed for 160k but it needs 550-60k in repairs but the property has water views and is on a creek, Zestimates is&nbsp;&nbsp;100k&nbsp;&nbsp;&nbsp;, so if I offered that a put 50-60k into it am I looking at a loser?<br \><br \>1 reply Thu, 18 Jul 2013 03:40:00 GMT http://www.zillow.com/advice-thread/Does-Zestimates-consider-waterviews-or-ponds-on-properties/502437/ 2013-07-18T03:40:00Z Buying second house http://www.zillow.com/advice-thread/Buying-second-house/501645/ We plan on moving in 4-5 years when our current mortgage is paid off. We will buy a new house to use as a primary residence and rent out the 'old' house. When we look for loans will we need 10-20% like a regular loan we received when originally buying? Our goal is to buy a house in the same dollar range as our current home just with more land.<br \><br \>1 reply Sat, 13 Jul 2013 02:19:00 GMT http://www.zillow.com/advice-thread/Buying-second-house/501645/ 2013-07-13T02:19:00Z Condo has had no showings http://www.zillow.com/advice-thread/Condo-has-had-no-showings/501534/ My husband and I are ready to buy a single family home but have to sell our condo first. We've been listed for two weeks and haven't had a single showing. We are priced low. The only trouble we can think of is that buyers can only use conventional financing.<br/><br/>We've found the perfect house and are ready to make an offer, but some of the units in our complex have been on sale for years. I'm afraid we're going to be stuck. Any ideas on how to get some showings?<br \><br \>6 replies Fri, 12 Jul 2013 14:42:00 GMT http://www.zillow.com/advice-thread/Condo-has-had-no-showings/501534/ 2013-07-12T14:42:00Z