Zillow Advice RSS: Question-Discussion-Guide,All Real Estate Advice Topics,IN http://www.zillow.com/advice/IN/all/question-discussion-guide/mortgage/?s=0 Zillow Advice search results | Zillow Real Estate Parties that know an investor for a foreclosure for rent to a family? http://www.zillow.com/advice-thread/Parties-that-know-an-investor-for-a-foreclosure-for-rent-to-a-family/387833/ I am a licensed mortgage loan originator and provide real estate investment consulting services and am qualified to answer this question.<br/><br/>(Since you are looking for an investor to help you, and not just general advice, you will need to contact me to see if I can help you, as I will not divulge the names of prospective investors to the general public through this forum.)<br/><br/>Here are some facts however:<br/><br/>Your employment stability, credit history, income, debt structure, and most importantly, your ability to qualify as soon as possible are factors which will determine if an investor is willing to take a risk on you.<br/><br/>I know investors who use their self-directed IRAs who will loan money for someone to buy a home to be refinanced at a later time.<br/><br/>I also know investors who will pay cash for a foreclosure, rehab it, and then sell it on contract until refinanced later.<br/><br/>I also know investors who have rentals and would like to sell them, offering them for sale on contract.<br/><br/>Finally, I know how you could negotiate with a seller, whether it is listed with a Realtor or for sale by owner, to have them sell it on contract (or lease it and offer an option to buy).<br/><br/>Generally, an option to buy is not good for either the seller or the buyer. Nobody really knows what the home's value will be when you can qualify. So why set a price on a home now which may be inflated toward the seller. On the other hand, maybe homes will appreciate, and the option price set may be less than what the seller could get at a later date when you can qualify.<br/><br/>Therefore, if you simply lease the home, when you can qualify, you can make an offer on the home at its proper value then. You can make an offer on any home in fact. <br/><br/>If you buy it on contract, you will save on property taxes because you can claim the "Homestead Credit" and "Mortgage Exemption" with regard to property taxes. You also can deduct the interest paid on a private loan or contract purchase when you file your income taxes.<br/><br/>This is something to keep in mind. Most sellers want to sell outright to convert equity to cash; because they need the cash for the down-payment on their new home (or they want to pay off other debt or maybe need it for other expenses). Therefore, you must pay as much down as you can. Also, Realtors are concerned how they will get paid their commission if the home is listed. The seller needs to use your down-payment for this. There are potential solutions for this in addition to your down-payment.<br/><br/>If you would like to discuss your credit qualifications, and allow me to take a look at your future qualification capabilities, please contact me directly. My phone number is provided in my profile. Then I will let you know what your best options are. I hope this helps.<br \><br \>0 replies Tue, 22 Feb 2011 13:56:00 GMT http://www.zillow.com/advice-thread/Parties-that-know-an-investor-for-a-foreclosure-for-rent-to-a-family/387833/ 2011-02-22T13:56:00Z How Long after you summit conditions for final approval or clear to close??? http://www.zillow.com/advice-thread/How-Long-after-you-summit-conditions-for-final-approval-or-clear-to-close/517376/ Mortgage underwriting departments can vary form mortgage lender to mortgage lender regarding turn times for clearing conditions.&nbsp; Keep in contact with the mortgage originator.&nbsp; Good luck!<br \><br \>0 replies Thu, 31 Oct 2013 17:36:00 GMT http://www.zillow.com/advice-thread/How-Long-after-you-summit-conditions-for-final-approval-or-clear-to-close/517376/ 2013-10-31T17:36:00Z USDA home financing--Indiana http://www.zillow.com/advice-thread/USDA-home-financing-Indiana/375003/ Kim, &nbsp;Absolutely recommend that you reach out to a local mortgage banker approved to do USDA loans (check out the USDA website for links to authorized lenders). &nbsp;Most seasoned mortgage planners will be able to help guide you through the credit process as part of their services.<br/><br/>Agree totally with Michael...do not pay any one for helping you with credit issues. &nbsp;Best of luck to you.<br \><br \>0 replies Tue, 30 Nov 2010 03:12:00 GMT http://www.zillow.com/advice-thread/USDA-home-financing-Indiana/375003/ 2010-11-30T03:12:00Z Can you get an FHA construction loan? What are the requirements? Who does them? http://www.zillow.com/advice-thread/Can-you-get-an-FHA-construction-loan-What-are-the-requirements-Who-does-them/275810/ Bengelchen,<br/><br/>This construction-permanent <a href="http://www.zillow.com/mortgage/">loan</a> no longer is offered for FHA endorsement. In regards to reference of the Energy Efficient <a href="http://www.zillow.com/mortgage/">Mortgage</a> within the context of the Section 203(b) Standard <a href="http://www.zillow.com/fha-loan/">FHA mortgage</a> program, new construction is simply HUD's way of defining a home that has been completed within the last 12 months and has never been occupied.<br/><br/>Unfortunately, you are seeking out a true construction loan. In this present housing market, construction loan financing has disappeared especially since Colonial National went belly up. Even if this program was still available you still have another hurdle.<br/><br/>If you are in the state of Indiana maximum FHA insured loan you could get would be from $271,050 up to $410,000 depending on the county of the residence. This is shy of the dollar amount that you reference.<br/><br/>Best advice is to speak with a local bank who is famaliar with your local market. One popular option for smaller banks is&nbsp;to collateralize the new loan with a personal CD/IRA account that you would establish with the bank. Once the home is complete, you could pursue finance options as a refinance.<br \><br \>0 replies Wed, 16 Sep 2009 21:02:00 GMT http://www.zillow.com/advice-thread/Can-you-get-an-FHA-construction-loan-What-are-the-requirements-Who-does-them/275810/ 2009-09-16T21:02:00Z Can you receive a FHA loan with a score of 580 and what Credit bureau is most likely used? http://www.zillow.com/advice-thread/Can-you-receive-a-FHA-loan-with-a-score-of-580-and-what-Credit-bureau-is-most-likely-used/393678/ Hey Hoosier how ya doin? (I'm from Muncie) From what my Mortgage Banker at LendingTree loans told me, they average the score from all 3 bureaus and 620 is the lowest for FHA loans. My Sister got a secured credit card and she says it raised her score 13 points in 6 months. I hope this helps!!!<br \><br \>0 replies Tue, 05 Apr 2011 05:37:00 GMT http://www.zillow.com/advice-thread/Can-you-receive-a-FHA-loan-with-a-score-of-580-and-what-Credit-bureau-is-most-likely-used/393678/ 2011-04-05T05:37:00Z I purchased a short sale that a friend owned. He wants to buy it back cheap. Any Liability? http://www.zillow.com/advice-thread/I-purchased-a-short-sale-that-a-friend-owned-He-wants-to-buy-it-back-cheap-Any-Liability/387454/ You definitely are at risk here since he was the prior owner. You need to consult a Real Estate Attorney. Depended on when the short sale occured they may not even qualify for a mortgage. Make your first call to a Real Estate Attorney!<br \><br \>0 replies Fri, 18 Feb 2011 18:18:00 GMT http://www.zillow.com/advice-thread/I-purchased-a-short-sale-that-a-friend-owned-He-wants-to-buy-it-back-cheap-Any-Liability/387454/ 2011-02-18T18:18:00Z looking to nuy a condo or apartment with a lake view and beach acess http://www.zillow.com/advice-thread/looking-to-nuy-a-condo-or-apartment-with-a-lake-view-and-beach-acess/579621/ Are you looking for a home exclusively in Indianapolis? If not, Tim Yazel with Rushville Remax may have access to housing along Brookville Lake, which has some of the most scenic terrain in Indiana. Some of my customers were also satisfied with Red Door Realty near Geist Reservior. If you are considering getting a mortgage, I would be happy to shop lenders for the best loan product. For any special financing needs, my favorite lender, Advancial , offer some of the most competitive rates and will finance you as long as your scenario makes sense.<br \><br \>0 replies Mon, 23 Mar 2015 21:08:00 GMT http://www.zillow.com/advice-thread/looking-to-nuy-a-condo-or-apartment-with-a-lake-view-and-beach-acess/579621/ 2015-03-23T21:08:00Z WHAT IS THE DIFFERENCE BETWEEN A SHORT SALE AND A REGULAR SALE WHAT SHOULD I KNOW http://www.zillow.com/advice-thread/WHAT-IS-THE-DIFFERENCE-BETWEEN-A-SHORT-SALE-AND-A-REGULAR-SALE-WHAT-SHOULD-I-KNOW/558617/ Essentially a regular sale is where the owner of the home has the right to sell the property himself for any price he chooses even if that price is short of what he owes on the mortgage. He would have to make up the difference if this was the case.&nbsp; A regular sale is generally brokered between a buyers and sellers agent&nbsp;and attorneys for both sides. &nbsp;This sale can be wrapped up in 6 to 12 weeks.&nbsp; You also have recourse to renegotiate the deal if something bad is found&nbsp;through the inspection process.&nbsp; Generally&nbsp;all items&nbsp;in the house are present and are in working order. <br/><br/>In a short sale there is a third party involved, the bank.&nbsp; The homeowner and his bank have worked out a deal where the bank usually agrees to accept less than what they are owed from the mortgage in order to sell the house quickly. However a short sale is seldom short in time frame. My partner has been working on one for near a year due to the buyer and seller and 2 seperate banks.&nbsp; What usually takes longer in buying a short sale property is the bank has a process of approval of every piece of paper work that comes their way.&nbsp; Yes a short sale property can close in 8 weeks or so but usually they go longer due to the third party banks approval process.&nbsp;&nbsp; Also with a short sale many times they are sold AS IS and there is no recourse if your inspection turns up something.&nbsp; If the stove or furnace doesn't work you will need ot buy a new one.&nbsp;&nbsp;<br/>&nbsp; Often with short sales you can&nbsp;purchase a house below market value but it may have been neglected and will need work.&nbsp; If you&nbsp;can handle the longer wait while the thrid party decides then by all means go for a&nbsp;short sale but be ready to walk away if&nbsp;the house needs more help than you can afford.&nbsp;<br/>&nbsp;I'm sure others will chime in with things I missed. &nbsp;<br/>Good luck &nbsp;&nbsp;&nbsp;<br \><br \>0 replies Tue, 09 Sep 2014 20:23:00 GMT http://www.zillow.com/advice-thread/WHAT-IS-THE-DIFFERENCE-BETWEEN-A-SHORT-SALE-AND-A-REGULAR-SALE-WHAT-SHOULD-I-KNOW/558617/ 2014-09-09T20:23:00Z Looking to buy a 3+ bed 1.5+bath home on contract at last resort (Anderson, IN) http://www.zillow.com/advice-thread/Looking-to-buy-a-3-bed-1-5-bath-home-on-contract-at-last-resort-Anderson-IN/478095/ There was a similar case a few weeks ago, I do not know if it came from you or not, but my answer is always the same.&nbsp; You may not be ready to buy right now, but if you meet with a few mortgage brokers and ask them what you need to do to obtain the best possible loan, they will help you achieve your goal.&nbsp; Oftentimes it is easier to build up credit lines than to clean bad credit. When you talk with the mortgage brokers ask them how long would it take until you hear back from them, and then if you do not hear back, call again.<br \><br \>0 replies Mon, 11 Feb 2013 00:06:00 GMT http://www.zillow.com/advice-thread/Looking-to-buy-a-3-bed-1-5-bath-home-on-contract-at-last-resort-Anderson-IN/478095/ 2013-02-11T00:06:00Z hello i am trying to buy a house and its my frist time i need help someone http://www.zillow.com/advice-thread/hello-i-am-trying-to-buy-a-house-and-its-my-frist-time-i-need-help-someone/447365/ <p>First you should get yourself pre approved for a mortgage. This will let you know how much house you can afford. Don't waste yours and the realtor's time by finding the house you fell in love with just to find out that you don't qualify for that house.<br/><br/>Second, you should find a good realtor. Make sure your realtor is a good listener. Let your realtor know exactly what you need in a house, the neighborhood you want to live in and your price range. If your realtor is like a car salesman that will show you what they want to sell instead of what you can afford, find another realtor.<br/><br/>Third, Once you found the house of your choice and put an offer on it, you need to have the house inspected. Choose your inspector wisely. Don't go with the cheap priced ones. Never buy a house without a good inspection. You could be buying a money pit. The price of an inspection is minimum compared to the financial burden of major repairs. A good inspector will inform you of the major problems before you purchase. Armed with this knowledge, you can ask the seller to correct the major issues. If they won't make repairs you can either go ahead with the purchase and fix the problems yourself or back out of the contract. Be sure your real estate contract has a clause that states, this purchase is contingent on a home inspection.<br/>&nbsp;</p><p>Happy house hunting.</p><p><br/><br/></p><br \><br \>0 replies Sat, 23 Jun 2012 18:42:00 GMT http://www.zillow.com/advice-thread/hello-i-am-trying-to-buy-a-house-and-its-my-frist-time-i-need-help-someone/447365/ 2012-06-23T18:42:00Z I did not get any quotes on my loan request (ZR-JYTYMFC). Can someone help me figure out why? http://www.zillow.com/advice-thread/I-did-not-get-any-quotes-on-my-loan-request-ZR-JYTYMFC-Can-someone-help-me-figure-out-why/320551/ To whom it may concern : <em>I'm writing this e-mail because I din't recieve my <a href="http://www.zillow.com/mortgage/">loan</a> quote and I would like to know what I need to do about it. I do know I have a house in Muncie that was charged off do to the fact the <a href="http://www.zillow.com/directory/lenders/">mortgage company</a> would not take land in lou because they know the hosue is only wroth $10,000 rather than the $39.000&nbsp; that is still owed. I need to find a <a href="http://www.zillow.com/directory/lenders/">mortgage lender</a> rather than a bank. Is thee a way this can happen? Also is their a way I can put my house up for sale it is paid off I would have to lsit it for $39,000 because I know how much it's worth seen it is on a corner lot which is worth more and it&nbsp;is on a 1/3 of an acre of land. Please get in touch with me ane let me know if theri is something that can be worked out.&nbsp;&nbsp;</em><br \><br \>2 replies Mon, 01 Feb 2010 04:56:00 GMT http://www.zillow.com/advice-thread/I-did-not-get-any-quotes-on-my-loan-request-ZR-JYTYMFC-Can-someone-help-me-figure-out-why/320551/ 2010-02-01T04:56:00Z how do you get approved http://www.zillow.com/advice-thread/how-do-you-get-approved/568349/ Rent to own is really not a good option. I would just plan on being a regular renter, and when you feel you are ready to be qualified for a mortgage, go out into the general marketplace and see what is available to buy at that time. Stay in touch as needed if you ever need to be prequalified in the future, we are licensed in all 50 states.<br \><br \>0 replies Mon, 01 Dec 2014 15:45:00 GMT http://www.zillow.com/advice-thread/how-do-you-get-approved/568349/ 2014-12-01T15:45:00Z What can I do to get more (or better) quotes for my loan request ZR-RKXSQDV http://www.zillow.com/advice-thread/What-can-I-do-to-get-more-or-better-quotes-for-my-loan-request-ZR-RKXSQDV/429087/ Hello,<br/><br/>I looked at the <a href="http://www.zillow.com/mortgage/LoanRequestAndQuotes.htm?request=ZR-RKXSQDV">loan request</a> you have submitted.&nbsp; I would recommend using our <a href="http://www.zillow.com/directory/mortgage-lenders/">professional directory</a> and reach out to a lender in your area.&nbsp; <br/><br/>Thanks,<br/>Candace<br/>Zillow Mortgage Support<br \><br \>0 replies Wed, 18 Jan 2012 17:57:00 GMT http://www.zillow.com/advice-thread/What-can-I-do-to-get-more-or-better-quotes-for-my-loan-request-ZR-RKXSQDV/429087/ 2012-01-18T17:57:00Z What would be best walk away from a home cut your loss knowing it will hurt your credit or wait? http://www.zillow.com/advice-thread/What-would-be-best-walk-away-from-a-home-cut-your-loss-knowing-it-will-hurt-your-credit-or-wait/320946/ <p>We all know that in times like it is that everyone's credit is everything when it comes to keeping our homes but at what cost? If we hope that the economy will change and it don't we loose our home, yet on the other hand we could loose our home anyway if we can't pay the <a href="http://www.zillow.com/mortgage/">mortgage</a>, so what is one supposed to do when even the banks don't want to have, take or keep the house that they can't even sell. So what is one supposed to do loose credit or home? What <a href="http://www.zillow.com/directory/lenders/">lender</a> is out their that would help someone who doesn't have such good credit seen their is many <a href="http://www.zillow.com/directory/real-estate-agents/">realtors</a> going out of business because they cfan't either sell a house or make any or hardley any commission by selling a house.</p><br \><br \>3 replies Tue, 02 Feb 2010 12:28:00 GMT http://www.zillow.com/advice-thread/What-would-be-best-walk-away-from-a-home-cut-your-loss-knowing-it-will-hurt-your-credit-or-wait/320946/ 2010-02-02T12:28:00Z Mortgage http://www.zillow.com/advice-thread/Mortgage/459820/ We have our mortgage through PNC and was recently approved for a loan modification. The amount in arrears was added to the back of our loan. We are current on our payments. We have a home equity line through another bank. According to Zillow, we have about 10K in equity if you only look at our mortgage. However, with the equity line, we are upside down by about 6K. Our equity line interest rate is around 8%. We want to lower that interest rate and our clueless of our options. We have a meeting with their mortgage specialist soon and want to mine the knowledge of mortgage experts before meeting with them. What options do we have?&nbsp; What would be the best move to make?&nbsp; We do not want to take out any more money. We simply want to refinance to get a better interest rate.&nbsp;<br \><br \>1 reply Thu, 13 Sep 2012 21:02:00 GMT http://www.zillow.com/advice-thread/Mortgage/459820/ 2012-09-13T21:02:00Z 600 credit, no mortgage available? http://www.zillow.com/advice-thread/600-credit-no-mortgage-available/512728/ Now that you understand what lenders are looking for, you can work on improving your ability to get a mortgage. &nbsp;Every month, your credit score will inch up. &nbsp;<br/>Ask the local housing authority about any State or federal backed programs designed to assist homebuyers. &nbsp;Here is the link to the Indiana Housing and Community Development Authority. &nbsp;<br/><a href="http://www.in.gov/ihcda/" rel="nofollow">http://www.in.gov/ihcda/</a><br \><br \>0 replies Tue, 24 Sep 2013 20:36:00 GMT http://www.zillow.com/advice-thread/600-credit-no-mortgage-available/512728/ 2013-09-24T20:36:00Z Will I qualify for a mortgage? http://www.zillow.com/advice-thread/Will-I-qualify-for-a-mortgage/504950/ I want to buy a house. I have a family, a good paying job, almost done with college. So I will give a little background of me to see what people think if I qualify or not.<br/><br/>I am 23<br/><br/>I make a little over 40K a year.<br/><br/>My credit score is 665(based on a calculator i found online if i pay off my debt, my score will increase to about 690)<br/><br/>I owe a little under 5K worth of debt (Credit cards, my limit all together is about 11K)<br/><br/>I been at my job for 6 months but the same line of work, and my education for about 4 years. (I started both line of work and school at about the same time)<br/><br/>I am looking for a 75K-80K house<br/><br/>I have a large amount for a down payment saved . By March, I will have about 23K for a down payment. I know there are other fees, such as closing costs, broker costs (if i decide to go with a broker), etc. My plan is to have at least 20% down to avoid PMI.<br/><br/>From what I read online, it is good to have mixed credit, car note, credit cards, etc. My problem is that i have only credit cards. I own my car, I paid it in full a couple of years ago.<br/><br/>So what I am trying to figure out is what is the likelihood of getting approved for a mortgage with at least a 20% down payment, but at a young age with a fair credit score? Any tips and advice is appreciated.&nbsp;<br \><br \>3 replies Fri, 02 Aug 2013 19:32:00 GMT http://www.zillow.com/advice-thread/Will-I-qualify-for-a-mortgage/504950/ 2013-08-02T19:32:00Z We owe more on our home that it is worth. What can we do? http://www.zillow.com/advice-thread/We-owe-more-on-our-home-that-it-is-worth-What-can-we-do/476164/ It depends what you are planning to do if you are looking to sell a short sale may be an option. If you are looking to stay then call the company you have the mortgage through and see if they are part of the harp program.<br \><br \>0 replies Mon, 28 Jan 2013 13:30:00 GMT http://www.zillow.com/advice-thread/We-owe-more-on-our-home-that-it-is-worth-What-can-we-do/476164/ 2013-01-28T13:30:00Z Sun Trust Warranty program legit? http://www.zillow.com/advice-thread/Sun-Trust-Warranty-program-legit/387083/ Sun Trust offers a home warranty program which is paid for by adding fee to the monthly mortgage payment. Is it worth considering?<br \><br \>3 replies Wed, 16 Feb 2011 09:21:00 GMT http://www.zillow.com/advice-thread/Sun-Trust-Warranty-program-legit/387083/ 2011-02-16T09:21:00Z Can joint account with boyfriend be used for down payment/reserves for mortgage in my name only? http://www.zillow.com/advice-thread/Can-joint-account-with-boyfriend-be-used-for-down-payment-reserves-for-mortgage-in-my-name-only/529462/ I opened a joint account with my boyfriend mid-Dec 2013 and we are hoping to become pre-approved/get serious about purchasing a home next month (March 2014). We will be taking out the mortgage in my name only as he has poor credit. Will there be any issues since he has been the only one contributing to the account? Is there a certain amount of time we'd need to have any funds we'd want to be considered as an asset to be in the account (make the $ seasoned) or can he transfer anything at any time since it's both of our account? Any guidance is appreciated as we want to make sure all our ducks are in a row. Thanks!<br \><br \>4 replies Sat, 22 Feb 2014 04:51:00 GMT http://www.zillow.com/advice-thread/Can-joint-account-with-boyfriend-be-used-for-down-payment-reserves-for-mortgage-in-my-name-only/529462/ 2014-02-22T04:51:00Z