Zillow Advice RSS: Question-Discussion-Guide,All Real Estate Advice Topics,OK http://www.zillow.com/advice/OK/all/question-discussion-guide/mortgage/?s=0 Zillow Advice search results | Zillow Real Estate I would like to take over payments on some forclosures how would i go about http://www.zillow.com/advice-thread/I-would-like-to-take-over-payments-on-some-forclosures-how-would-i-go-about/378504/ Usually when a house is in a short sale or becomes a foreclosure what was owed on the house is MORE than it is WORTH.<br/><br/>That means IF you could take over payments you would be overpaying for a house that is worth less than you would be paying for it. A bad financial strategy to be sure.<br/><br/>WHY would you rather take over payments than to get a mortgage of your own?<br \><br \>0 replies Fri, 24 Dec 2010 01:38:00 GMT http://www.zillow.com/advice-thread/I-would-like-to-take-over-payments-on-some-forclosures-how-would-i-go-about/378504/ 2010-12-24T01:38:00Z Can we get a home loan? No credit use for 10 years. Both retired on fixed income. http://www.zillow.com/advice-thread/Can-we-get-a-home-loan-No-credit-use-for-10-years-Both-retired-on-fixed-income/504543/ <p class="MsoNormal">You typically need credit scores to qualify for a tradition mortgage. We submit your profile through an automated underwriting software system. When the automated underwriting software recommends an approval, you are issued a pre-qualification letter BUT without credit scores we can't do that. You can start trying to reestablish credit by opening loans or Google "private financing", "owner financing" or &nbsp;"manual underwriting". These options typically have a high rate or much more documentation required.</p><br \><br \>0 replies Tue, 17 Dec 2013 19:53:00 GMT http://www.zillow.com/advice-thread/Can-we-get-a-home-loan-No-credit-use-for-10-years-Both-retired-on-fixed-income/504543/ 2013-12-17T19:53:00Z What can I do to get more (or better) quotes for my loan request ZR-PPHJDMG? http://www.zillow.com/advice-thread/What-can-I-do-to-get-more-or-better-quotes-for-my-loan-request-ZR-PPHJDMG/513492/ With such a low loan amount, your best bet is to find a local bank or credit union as they are more likely to lend for mortgages with loan amounts like that. Best of luck to you.<br \><br \>0 replies Mon, 30 Sep 2013 16:09:00 GMT http://www.zillow.com/advice-thread/What-can-I-do-to-get-more-or-better-quotes-for-my-loan-request-ZR-PPHJDMG/513492/ 2013-09-30T16:09:00Z What can I do to get more (or better) quotes for my loan request ZR-ZFKTZDQ? http://www.zillow.com/advice-thread/What-can-I-do-to-get-more-or-better-quotes-for-my-loan-request-ZR-ZFKTZDQ/471870/ Google Terri Cowger with Prime Residential Mortgage, she will be able to help you get another quote.&nbsp; I cannot place her contact info directly on this answer because of the good neighbor policy, but if you google Terri Cowger with Prime Residential Mortgage, her contact info will pop right up.<br/><br/>Best of Luck,<br/><br/>Josh Barnett, Realtor<br \><br \>0 replies Sun, 23 Dec 2012 11:39:00 GMT http://www.zillow.com/advice-thread/What-can-I-do-to-get-more-or-better-quotes-for-my-loan-request-ZR-ZFKTZDQ/471870/ 2012-12-23T11:39:00Z I see advertisments for 4.25 FHA Loans http://www.zillow.com/advice-thread/I-see-advertisments-for-4-25-FHA-Loans/203849/ I'll let the <a href="http://www.zillow.com/mortgage/">mortgage</a> pros chime in and&nbsp;verify, but isn't there also a <a href="http://www.zillow.com/mortgage/help/Private-Mortgage-Insurance.htm">mortgage insurance</a> issue with <a href="http://www.zillow.com/fha-loan/">FHA</a> with terms over 15 years?<br/><br/>If that is the case, and you're at 77% LTV, then you might want to go conventional to avoid any MIP, unless you're looking at a term of 15yrs or less.<br \><br \>0 replies Wed, 25 Feb 2009 21:48:00 GMT http://www.zillow.com/advice-thread/I-see-advertisments-for-4-25-FHA-Loans/203849/ 2009-02-25T21:48:00Z REO Home on Zillow for 168 days.. Is my offer reasonable? http://www.zillow.com/advice-thread/REO-Home-on-Zillow-for-168-days-Is-my-offer-reasonable/534112/ If it is an REO, the bank already bought it back at the auction, so, I don't know where Jim's comment came from.<br/><br/>As for fair market value, and how long a bank will hold on to it?&nbsp; It really depends on their book balances, and whether they want to keep paying the taxes and minimal yard care and some security.&nbsp; There is no way to second guess them.&nbsp; You offer, and then see what the response is.<br/><br/>Obviously, if it has been on and off the market that long, there are occupancy issues and deferred maintenance issues of some kind.&nbsp; You may not be able to get a mortgage for it.&nbsp; On the other hand, they may have fixed some of those issues, and that may be why it is back on the market again.&nbsp; At minimum, you should have your agent show it to you, and discuss market value with your agent, having your agent provide you a CMA for it.&nbsp; You also should have someone that knows construction issues go with you, to help you figure out how much it will cost you to get it to usable condition.<br/><br \><br \>0 replies Wed, 16 Apr 2014 16:34:00 GMT http://www.zillow.com/advice-thread/REO-Home-on-Zillow-for-168-days-Is-my-offer-reasonable/534112/ 2014-04-16T16:34:00Z what exactly is meant by the 3-year requirement on FHA loan after short-sale? http://www.zillow.com/advice-thread/what-exactly-is-meant-by-the-3-year-requirement-on-FHA-loan-after-short-sale/487827/ Under FHA rules:<br/><div>Short Sales:<div>A borrower is not eligible for a new FHA-insured mortgage if he/she pursued a short sale agreement&nbsp;on his/her principal residence simply to<div>&bull; take advantage of declining market conditions, and<div>&bull; purchase a similar or superior property within a reasonable commuting distance at a reduced&nbsp;price as compared to current market value.<br/><br/><div>Borrower Current at the time of Short Sale<div>A borrower is considered eligible for a new FHA-insured mortgage if, from the date of loan application&nbsp;for the new mortgage, all<div>&bull; mortgage payments on the prior mortgage were made within the month due for the 12-month&nbsp;period preceding the short sale, and<div>&bull; installment debt payments for the same time period were also made within the month due.<br/><br/><div>Borrower in Default at the time of Short Sale<div>A borrower in default on his/her mortgage at the time of the short sale (or pre-foreclosure sale) is not&nbsp;eligible for a new FHA-insured mortgage for three years from the date of the pre-foreclosure sale.<br/><br/><div>Note: A borrower who sold his/her property under FHA's pre-foreclosure sale program is not eligible&nbsp;for a new FHA-insured mortgage from the date that FHA paid the claim associated with the preforeclosure&nbsp;sale.<br/><br/><div>Exception: A lender may make an exception to this rule for a borrower in default on his/her mortgage&nbsp;at the time of the short sale if the<div>&bull; default was due to circumstances beyond the borrower's control, such as death of primary&nbsp;wage earner or long-term uninsured illness, and<div>&bull; a review of the credit report indicates satisfactory credit prior to the circumstances beyond the&nbsp;borrower's control that caused the default.<br/><br/>We follow the rule that you can't close until 3 years after you closed on the short sale.<br/><br/>Let me know if I can be of further assistance.</div></div></div></div></div></div></div></div></div></div></div></div></div></div><br \><br \>0 replies Sun, 14 Apr 2013 14:38:00 GMT http://www.zillow.com/advice-thread/what-exactly-is-meant-by-the-3-year-requirement-on-FHA-loan-after-short-sale/487827/ 2013-04-14T14:38:00Z i want to buy a forclosed home. how? http://www.zillow.com/advice-thread/i-want-to-buy-a-forclosed-home-how/378522/ cindy,<br/>your best bet is to contact a local realtor that can assist you with the process. you will most likely have to talk with a bank as well to see whether or not taking an existing mortgage over. It's not possible in every scenerio. Best of luck.<br \><br \>0 replies Thu, 23 Dec 2010 23:29:00 GMT http://www.zillow.com/advice-thread/i-want-to-buy-a-forclosed-home-how/378522/ 2010-12-23T23:29:00Z Reverse mortgage? http://www.zillow.com/advice-thread/Reverse-mortgage/277772/ <p>What is involved in a reverse mortgage?</p><br \><br \>3 replies Fri, 11 Sep 2009 18:18:00 GMT http://www.zillow.com/advice-thread/Reverse-mortgage/277772/ 2009-09-11T18:18:00Z What is involved in a reverse mortgage? http://www.zillow.com/advice-thread/What-is-involved-in-a-reverse-mortgage/277774/ I want to know if I can get a <a href="http://www.zillow.com/mortgage-glossary/Reverse-Mortgage/">reverse mortgage</a> if I still owe a balance on my house?<br \><br \>4 replies Fri, 11 Sep 2009 18:20:00 GMT http://www.zillow.com/advice-thread/What-is-involved-in-a-reverse-mortgage/277774/ 2009-09-11T18:20:00Z First time home buyers in Edmond, OK with less than perfect credit http://www.zillow.com/advice-thread/First-time-home-buyers-in-Edmond-OK-with-less-than-perfect-credit/496004/ Need to know who will approve my husband and I for a mortgage (first time home buyers). His credit score (mid score) is 663 and mine is 590. I know our credit isn't perfect but we have positive credit that we have been building for 19 months (auto loan and credit cards, never late). We also have 2 years solid rental history. No gaps in employment, no repos or forclosures. We need someone to recognize that we are on the right track. Most of the old "bad" debt is 5+ years old. Please help!! We have been getting the run around by multiple lenders telling us yes, then no, then to wait and get my 590 score up. We are out of time, our lease is up, we have been waiting a really long time for this.<br \><br \>3 replies Sat, 08 Jun 2013 02:02:00 GMT http://www.zillow.com/advice-thread/First-time-home-buyers-in-Edmond-OK-with-less-than-perfect-credit/496004/ 2013-06-08T02:02:00Z FHA loan questions (new buyer/divorce) http://www.zillow.com/advice-thread/FHA-loan-questions-new-buyer-divorce/535300/ <p>Technically speaking you can document through divorce proceeding paper work that the house and responsibility to make the mortgage payment was assigned to the ex-spouse in the divorce, so the mortgage late payments won't prevent you from obtaining financing.<br/><br/>In the real world your loan scenario will be a "Refer" through Fannie Mae or Freddie Mac's automated underwriting systems and will require a manual underwriting approval, which in most cases won't be possible with her 600 middle FICO from 99% of lenders even if everything else about your loan scenario is ok.<br/>Your $4900 collection account on an old credit account would either need to be settled / paid to zero or a payment plan set up with the creditor and you would need to have made a minimum of 3 months of payments on the plan that could be documented as $4,900 exceeds FHA thresholds to ignore.</p><br \><br \>0 replies Sat, 05 Apr 2014 23:08:00 GMT http://www.zillow.com/advice-thread/FHA-loan-questions-new-buyer-divorce/535300/ 2014-04-05T23:08:00Z USDA Guaranteed loans http://www.zillow.com/advice-thread/USDA-Guaranteed-loans/308902/ Also: Chris thanks for your advice and insight. When I compare the true cost of a mortgage, the interest rate is crucial, but it's not everything. Is comparing APRs the best way to compare among bank fees/closing costs?<br \><br \>0 replies Mon, 12 Apr 2010 15:08:00 GMT http://www.zillow.com/advice-thread/USDA-Guaranteed-loans/308902/ 2010-04-12T15:08:00Z what should i do? http://www.zillow.com/advice-thread/what-should-i-do/333021/ Find a reputable attorney who handles short sales, assuming this is what you're looking for. They can also determine if you are eligible to have your <a href="http://www.zillow.com/mortgage/">mortgages</a> restructured. They usually do not charge. They arrange things so that the bank covers their fees. Consultations for advice are either free or for a minimal charge.&nbsp; Good luck.<br \><br \>0 replies Thu, 11 Mar 2010 04:12:00 GMT http://www.zillow.com/advice-thread/what-should-i-do/333021/ 2010-03-11T04:12:00Z financing for foreign nationals? http://www.zillow.com/advice-thread/financing-for-foreign-nationals/536082/ If you are seeking a mortgage in the United States there is one particular loan for non-citizens that you should consider, a Foreign National Loan.&nbsp;These loans are meant for non-residences/citizens seeking a home loan in the United States. Also, this type of loan usually requires about 35% down depending on the documents the borrower has available (such as ITIN, VISA, etc.). It can also be more if the borrower is seeking a high loan amount.&nbsp;The best thing for you to do is to speak with a knowledgeable lender to see if you can get started on financing a new home.&nbsp;If you need additional assistance, feel free to reach out. Good luck!<br \><br \>0 replies Fri, 11 Apr 2014 19:35:00 GMT http://www.zillow.com/advice-thread/financing-for-foreign-nationals/536082/ 2014-04-11T19:35:00Z Mortgage help - sad credit situation, great rental history! Options? http://www.zillow.com/advice-thread/Mortgage-help-sad-credit-situation-great-rental-history-Options/346252/ I am trying to work on my credit but really need to purchase a home before I will have time to get it high enough for most lenders to care about me I think. I currently have a 600, 608, and 633. I make about 3200 monthly before taxes and only have partial child support of $108 each month. My wife is currently in school, she will have her second bachelors degree in July and will be an RN when she passes her licensing test sometime in August. So we have the means to pay a mortgage, and need some help. The house she loves is about $160000. We have about $7000 saved to pay for down payment, fees, etc. However, the home seller will probably pay closing costs Ive been told. Any advice or info would be appreciated!<br \><br \>1 reply Wed, 21 Apr 2010 04:15:00 GMT http://www.zillow.com/advice-thread/Mortgage-help-sad-credit-situation-great-rental-history-Options/346252/ 2010-04-21T04:15:00Z What can I do to get more (or better) quotes for my loan request ZR-ZBZCSVN http://www.zillow.com/advice-thread/What-can-I-do-to-get-more-or-better-quotes-for-my-loan-request-ZR-ZBZCSVN/443504/ I was watching dateline or nightline a couple weeks ago and they had a report on Costco entering the Mortgage industry. You may want to look into this option, as when big box retailers begin offering products, the prices drop immediately due to the competitiveness of the their markets. <br/><br/>I googled Costco, went to their site and typed "mortgage loan" in Costco's search bar and was taken to their mortgage link. <br/><br/>Hope this helps,<br/><br/>Josh Barnett, Realtor<br \><br \>0 replies Wed, 23 May 2012 12:44:00 GMT http://www.zillow.com/advice-thread/What-can-I-do-to-get-more-or-better-quotes-for-my-loan-request-ZR-ZBZCSVN/443504/ 2012-05-23T12:44:00Z Any mortgage lenders that offer home loans while in chap 13 bankruptcy? http://www.zillow.com/advice-thread/Any-mortgage-lenders-that-offer-home-loans-while-in-chap-13-bankruptcy/474626/ 3 replies Wed, 16 Jan 2013 19:48:00 GMT http://www.zillow.com/advice-thread/Any-mortgage-lenders-that-offer-home-loans-while-in-chap-13-bankruptcy/474626/ 2013-01-16T19:48:00Z Is there any bad credit mortgage lenders left? http://www.zillow.com/advice-thread/Is-there-any-bad-credit-mortgage-lenders-left/182099/ 7 replies Mon, 29 Dec 2008 00:51:00 GMT http://www.zillow.com/advice-thread/Is-there-any-bad-credit-mortgage-lenders-left/182099/ 2008-12-29T00:51:00Z could a 50% down payment make the interest rate lower on a home loan? http://www.zillow.com/advice-thread/could-a-50-down-payment-make-the-interest-rate-lower-on-a-home-loan/417057/ we got our first mortgage when he had no credit at all, mine was fair and i was unemployed (homemaker) and he was the income, we got the loan with no down payment (land/home deal) but it was a ballon loan and we were very ignorant about the process, we are selling our home, will the payoff help his score? and his bad credit is due to hospital bills from sept of 2010 (heart-attack). i know we can get a loan, i am not worried about that, i am worried about the interest rate, would it be better to purchase loan points or go through a hard money dealer?<br \><br \>0 replies Mon, 26 Sep 2011 03:53:00 GMT http://www.zillow.com/advice-thread/could-a-50-down-payment-make-the-interest-rate-lower-on-a-home-loan/417057/ 2011-09-26T03:53:00Z