Zillow Advice RSS: Question-Discussion-Guide,All Real Estate Advice Topics,PA http://www.zillow.com/advice/PA/all/question-discussion-guide/mortgage/?s=0 Zillow Advice search results | Zillow Real Estate i am currently unemployed and receiving unemployment income for the last one year am i eligible to r http://www.zillow.com/advice-thread/i-am-currently-unemployed-and-receiving-unemployment-income-for-the-last-one-year-am-i-eligible-to-r/433585/ Fannie and Freddie provide insurance that protects against default<br/>====================<br/>no, they do not.<br/><br/>they are the largest buyers of mortgage backed securities in the US, which makes them the investors. They aren't insurers.&nbsp;<br \><br \>0 replies Fri, 02 Mar 2012 02:11:00 GMT http://www.zillow.com/advice-thread/i-am-currently-unemployed-and-receiving-unemployment-income-for-the-last-one-year-am-i-eligible-to-r/433585/ 2012-03-02T02:11:00Z job separation timeframe http://www.zillow.com/advice-thread/job-separation-timeframe/530795/ Yes you're currently able to obtain a new mortgage. &nbsp;When will you have 30 days of paystubs?<br \><br \>0 replies Tue, 04 Mar 2014 19:38:00 GMT http://www.zillow.com/advice-thread/job-separation-timeframe/530795/ 2014-03-04T19:38:00Z can I buy a home without downpayment? http://www.zillow.com/advice-thread/can-I-buy-a-home-without-downpayment/368781/ Nik,<br/><br/>There are a few mortgage programs out there in the world that can get you close to a 0% down scenario for buying your new home.<br/><br/>I am a REALTOR in Center City Philadelphia and have seen a few of these types of loans. You would need to qualify for the programs so I would suggest you contact a mortgage lender and ask if you qualify.<br/><br/>You can call either:<br/><br/>Mike DiGilio - Superior Mortgage 609-923-3639<br/>Ryan Strickler - Wells Fargo 267-884-6905<br/><br/>Also, ask the REALTOR you're working with about getting the seller to help pay for some or all of your closing costs. It's called a seller assist clause that would be part of your agreement of sale to purchase property.<br/><br/>If you're not working with anyone feel free to reach out to me for further advice.<br/><br/>I hope all this helps.<br/><br/>Ryan<br \><br \>0 replies Mon, 20 Dec 2010 21:27:00 GMT http://www.zillow.com/advice-thread/can-I-buy-a-home-without-downpayment/368781/ 2010-12-20T21:27:00Z National rate and the local rate are different, why? Local is usually lower. My broker uses national http://www.zillow.com/advice-thread/National-rate-and-the-local-rate-are-different-why-Local-is-usually-lower-My-broker-uses-national/192879/ I dont know what you are talking about either. If you want a rate quote on a <a href="http://www.zillow.com/mortgage/">mortgage</a>, put in a request.&nbsp;<br \><br \>0 replies Tue, 27 Jan 2009 14:42:00 GMT http://www.zillow.com/advice-thread/National-rate-and-the-local-rate-are-different-why-Local-is-usually-lower-My-broker-uses-national/192879/ 2009-01-27T14:42:00Z Seeking advice or information on short sales, the highest yield percentage, strategies, costs etc? http://www.zillow.com/advice-thread/Seeking-advice-or-information-on-short-sales-the-highest-yield-percentage-strategies-costs-etc/359524/ Rob,&nbsp; The downfall of a Short sale is it can take a few months to find out if the bank that holds the mortgage and any investor's involved will accept the offer.&nbsp; You can get some great deals right now if you have the time to wait.&nbsp; Mar<br \><br \>0 replies Thu, 09 Jun 2011 23:33:00 GMT http://www.zillow.com/advice-thread/Seeking-advice-or-information-on-short-sales-the-highest-yield-percentage-strategies-costs-etc/359524/ 2011-06-09T23:33:00Z I want to buy a farm /house built in 1806 for $700k, fico 620-670, 5% down, Bucks County PA. Advice? http://www.zillow.com/advice-thread/I-want-to-buy-a-farm-house-built-in-1806-for-700k-fico-620-670-5-down-Bucks-County-PA-Advice/356438/ Though your situation looks ideal there are a few factors that have to be considered.&nbsp; Your credit scores are good but is there anything that could conflict with lending guidelines?&nbsp; These could include previous missed mortgage payments within 12-24 months, missed car or credit card payments within the last 12 months, collections, Bankruptcies and even charged off accounts or repossessions. If your&nbsp; FICO is really 620-670 then you may be able to qualify for an FHA loan.&nbsp; If there are certain things in your scenario that conflict with any of the FHA guidelines and you are forced to do a Conventional loan then you would need a minimum of 20% to put down on the home.<br \><br \>0 replies Fri, 27 Aug 2010 05:06:00 GMT http://www.zillow.com/advice-thread/I-want-to-buy-a-farm-house-built-in-1806-for-700k-fico-620-670-5-down-Bucks-County-PA-Advice/356438/ 2010-08-27T05:06:00Z I want to buy a farm /house built in 1806 for $700k, fico 620-670, 5% down, Bucks County PA. Advice? http://www.zillow.com/advice-thread/I-want-to-buy-a-farm-house-built-in-1806-for-700k-fico-620-670-5-down-Bucks-County-PA-Advice/356439/ Do all the right things.<br/><br/>Use an experienced professional real estate agent<br/>Use an experienced reputable mortgage professional<br/>Have the property inspected - from every direction<br/>Make sure the appraiser uses good comparables - don't wait until closing to take a look at it<br/><br/>Trust the professionals and you should be fine.<br \><br \>0 replies Wed, 07 Jul 2010 00:08:00 GMT http://www.zillow.com/advice-thread/I-want-to-buy-a-farm-house-built-in-1806-for-700k-fico-620-670-5-down-Bucks-County-PA-Advice/356439/ 2010-07-07T00:08:00Z What are Investor Mortgage guidelines? http://www.zillow.com/advice-thread/What-are-Investor-Mortgage-guidelines/419705/ Looking to purchase a property as a rental but only have 10% of the purchase price down. Are there any lenders doing 10% down for rental purchase properties?&nbsp; I have reasonably good credit (740+).&nbsp; The price of the property is $65K.<br \><br \>3 replies Tue, 18 Oct 2011 16:21:00 GMT http://www.zillow.com/advice-thread/What-are-Investor-Mortgage-guidelines/419705/ 2011-10-18T16:21:00Z I just refinanced (FHA). How long must I wait before I can sell my home? http://www.zillow.com/advice-thread/I-just-refinanced-FHA-How-long-must-I-wait-before-I-can-sell-my-home/408905/ <p>Most likely you may sell your house at any time.&nbsp; FHA mortgages don't have prepayment penalties.<br/>Please consult with your mortgage broker for details.</p><br \><br \>0 replies Mon, 25 Jul 2011 19:58:00 GMT http://www.zillow.com/advice-thread/I-just-refinanced-FHA-How-long-must-I-wait-before-I-can-sell-my-home/408905/ 2011-07-25T19:58:00Z Are there any mortgage options available in PA where one can avoid paying PMI without the 20% down? http://www.zillow.com/advice-thread/Are-there-any-mortgage-options-available-in-PA-where-one-can-avoid-paying-PMI-without-the-20-down/479885/ 10 replies Sat, 23 Feb 2013 13:55:00 GMT http://www.zillow.com/advice-thread/Are-there-any-mortgage-options-available-in-PA-where-one-can-avoid-paying-PMI-without-the-20-down/479885/ 2013-02-23T13:55:00Z WHAT ARE THE PROS AND CONS OF PAYING CASH FOR A HOUSE? DOES THIS EFFECT CLOSING? http://www.zillow.com/advice-thread/WHAT-ARE-THE-PROS-AND-CONS-OF-PAYING-CASH-FOR-A-HOUSE-DOES-THIS-EFFECT-CLOSING/391934/ Your closing costs are a few hundred dollars compared to several thousand you would pay if you mortgaged the property.&nbsp; If you are making an offer on a bank-owned property, they are more apt to take your offer over a mortgaged offer, even if your offer is less.<br \><br \>0 replies Wed, 23 Mar 2011 13:49:00 GMT http://www.zillow.com/advice-thread/WHAT-ARE-THE-PROS-AND-CONS-OF-PAYING-CASH-FOR-A-HOUSE-DOES-THIS-EFFECT-CLOSING/391934/ 2011-03-23T13:49:00Z Pre-approval question http://www.zillow.com/advice-thread/Pre-approval-question/472172/ First time buy here.&nbsp; I have been reading a lot, but I am having a difficult time understanding the buying process. I understand I need a pre-approval letter, but I am unsure of where I should go to do this.&nbsp; Should I go to the bank that I have accounts with or should I go to the suggested zillow mortgage rate place. I would guess I should go to a place that has the lowest APR...&nbsp; If someone could explain this in layman's terms I would greatly appreciate it! <br/><br/>Thank You<br \><br \>13 replies Wed, 26 Dec 2012 16:51:00 GMT http://www.zillow.com/advice-thread/Pre-approval-question/472172/ 2012-12-26T16:51:00Z Thin to no credit, can I still get a mortgage? http://www.zillow.com/advice-thread/Thin-to-no-credit-can-I-still-get-a-mortgage/532353/ I'm in urgent need to move asap but refuse to rent. I have talked to plenty of people but everyone act like they can't help and that I'm a lost cause. :-( I have 5 months of history and only one line of credit, I'm pretty sure I can qualify for something....... Anyone out there that can help????<br \><br \>9 replies Fri, 14 Mar 2014 20:14:00 GMT http://www.zillow.com/advice-thread/Thin-to-no-credit-can-I-still-get-a-mortgage/532353/ 2014-03-14T20:14:00Z Can I mortgage with an FHA 203K? http://www.zillow.com/advice-thread/Can-I-mortgage-with-an-FHA-203K/415085/ I'm interested in purchasing a foreclosed property in another state, about 70min from where I live now.&nbsp; I was interested in a FHA 203k mortgage to finance and help cover the costs of any majors items ... plumbing, heating etc.&nbsp; I would like to use this foreclosed property as my primary residance and rent my present home when the work is completed and the house is more liveable.&nbsp; Will I be eligible for this 203k mortgage to help assist with this purchase??<br \><br \>3 replies Sat, 10 Sep 2011 19:20:00 GMT http://www.zillow.com/advice-thread/Can-I-mortgage-with-an-FHA-203K/415085/ 2011-09-10T19:20:00Z getting a mortgage, not preaproval http://www.zillow.com/advice-thread/getting-a-mortgage-not-preaproval/512296/ <p>Do all lenders&nbsp;care only what is on the credit report?&nbsp; Is it easier to buy a property cash and then get a loan to rehab it, than a mortgage to purchase and rehab</p><br \><br \>5 replies Sat, 21 Sep 2013 16:11:00 GMT http://www.zillow.com/advice-thread/getting-a-mortgage-not-preaproval/512296/ 2013-09-21T16:11:00Z Do you have to have a down payment to purchase a home? http://www.zillow.com/advice-thread/Do-you-have-to-have-a-down-payment-to-purchase-a-home/382684/ Some people confuse down payment and escrow payment.<br/>&nbsp;<br/>The escrow, or good faith deposit typically is paid when you put in an offer, or shortly afterwards. This is usually required since it reassures the seller or sellers that you are really interested in purchasing their property.<br/><br/>The true down payment is to secure your mortgage. As Benny said, in most cases, it is required - anywhere from 3% to 20% depending on a number of variables such as mortgage type, credit score, etc. There are some programs in PA, such as Rural Housing, that may be available depending on the address and that would provide 100% financing. Other programs may also be in your area. It would be best to call a few lenders to ask what they have available.<br \><br \>0 replies Tue, 25 Jan 2011 20:36:00 GMT http://www.zillow.com/advice-thread/Do-you-have-to-have-a-down-payment-to-purchase-a-home/382684/ 2011-01-25T20:36:00Z I have an FHA loan for my mortgage, how long do I have to wait until we can move? We've been in the http://www.zillow.com/advice-thread/I-have-an-FHA-loan-for-my-mortgage-how-long-do-I-have-to-wait-until-we-can-move-We%27ve-been-in-the/492239/ 9 replies Tue, 14 May 2013 14:06:00 GMT http://www.zillow.com/advice-thread/I-have-an-FHA-loan-for-my-mortgage-how-long-do-I-have-to-wait-until-we-can-move-We%27ve-been-in-the/492239/ 2013-05-14T14:06:00Z How do I sell my home in PA and purchase a home in FL to relocate? http://www.zillow.com/advice-thread/How-do-I-sell-my-home-in-PA-and-purchase-a-home-in-FL-to-relocate/533904/ First off, you should ask your self a few questions.&nbsp;<br/><br/>Number one, interview a few agents to see who can best assist you in the sale of your home. A Realtor in PA will most definitely be able to coordinate a closing or rental closing with the sale of your home.&nbsp;<br/><br/>Number two, get familiar with FL and what they have to offer. It would be bad to get a rental in FL and still have your home in PA (paying a mortgage plus rent).&nbsp;<br/><br/>Lastly, you need to decide if you're going to have professional help or FSBO.&nbsp;<br/><br/>Your situation is very common. A lot of people relocate. Once your home accepts an offer I would start to look in FL and make that sale contingent upon selling your PA home to help you out. At this point you would consult with your real estate attorney with there language to help you out.&nbsp;<br/><br/>&nbsp;<br \><br \>0 replies Wed, 26 Mar 2014 19:29:00 GMT http://www.zillow.com/advice-thread/How-do-I-sell-my-home-in-PA-and-purchase-a-home-in-FL-to-relocate/533904/ 2014-03-26T19:29:00Z PHFA Funding http://www.zillow.com/advice-thread/PHFA-Funding/342573/ Those of you who may be interested in using PHFA Tax credit advance funds for your mortgage may want to hurry.&nbsp; My local finance sources say the allotted money is quickly running out with no scheduled re-supply.&nbsp; Good news if you are about to write, or have just written a contract,&nbsp; the monies will be reserved once a contract is in place.&nbsp; If&nbsp; you are using this type of funding, please contact your lender to see how it effects you.&nbsp; PHFA allocated $5 million towards the Tax Credit Advance program to ensure they will not run out of funds before the April 30 deadline!<br/>Thank you to our friends Helene and Rita for the Update.<br \><br \>0 replies Fri, 09 Apr 2010 20:50:00 GMT http://www.zillow.com/advice-thread/PHFA-Funding/342573/ 2010-04-09T20:50:00Z What are our mortgage options for 20 Acres, farmhouse and barn with apt, with only 15% down? http://www.zillow.com/advice-thread/What-are-our-mortgage-options-for-20-Acres-farmhouse-and-barn-with-apt-with-only-15-down/533907/ 2 replies Wed, 26 Mar 2014 19:03:00 GMT http://www.zillow.com/advice-thread/What-are-our-mortgage-options-for-20-Acres-farmhouse-and-barn-with-apt-with-only-15-down/533907/ 2014-03-26T19:03:00Z