Zillow Advice RSS: Discussion,Mortgage,FL http://www.zillow.com/advice/FL/mortgage/discussion/ Zillow Advice search results | Zillow Real Estate How long does the Wells Fargo Pre-Approval loan process take? http://www.zillow.com/advice-thread/How-long-does-the-Wells-Fargo-Pre-Approval-loan-process-take/414405/ The LO at WF was good and seemed ambitious to help me.&nbsp; I sent her all the requested documents on AUGUST 13TH.&nbsp; It's September 5th now!&nbsp; All calls and emails have not been returned.&nbsp; What should I do?&nbsp; I would rather get a big DENIED letter in the mail than be left in the dark about the status of my application.&nbsp; Do they send denials?&nbsp; Should I look/work with a different lender?<br \><br \>15 replies Mon, 05 Sep 2011 15:49:00 GMT http://www.zillow.com/advice-thread/How-long-does-the-Wells-Fargo-Pre-Approval-loan-process-take/414405/ 2011-09-05T15:49:00Z Can I get a FHA Loan with a credit score of 640 for one hundred and fifteen thousand-150k range http://www.zillow.com/advice-thread/Can-I-get-a-FHA-Loan-with-a-credit-score-of-640-for-one-hundred-and-fifteen-thousand-150k-range/482405/ Can I get a FHA Loan with a credit score of 640 for an amount of $115-$150k range. 640 is the credit of my husband. &nbsp;He have been is his job for 2 years, we&nbsp;don't&nbsp;have credit cards payments (he pay in full 6 months ago), we&nbsp;don't&nbsp;have car payment. I start my job 6 months ago ( Never have a credit card). We only pay the usual (Rent, water, electricity, phone, car insurance). We&nbsp;haven't&nbsp;pay nothing late (starting 2 years ago). We are first time&nbsp;home-buyer's, that why we have so many questions.<br \><br \>8 replies Mon, 11 Mar 2013 23:48:00 GMT http://www.zillow.com/advice-thread/Can-I-get-a-FHA-Loan-with-a-credit-score-of-640-for-one-hundred-and-fifteen-thousand-150k-range/482405/ 2013-03-11T23:48:00Z Don't be fooled by HARP 2, Intrest Rates Aren't Everything http://www.zillow.com/advice-thread/Don%27t-be-fooled-by-HARP-2-Intrest-Rates-Aren%27t-Everything/433532/ <p>Don't be fooled by the government programs supposed to help you. Be aware that Freddie Mac and Fannie Mae rules are very different for completing a refinance through Harp 2. I am currently trying to refinance an investment property though HARP 2 and Freddie Mac. Freddie Mac requires you to use your current lender. They are charging me points and origination. In other words, I am buying my own rate down, and I have no choice, if I want to refinance, I have to pay. They are tacking on $3500 in closing costs, which equals another 3 years on my loan. They are requiring me to prequalify for my loan. Which is kind of insane, if you think about it, if I have been making my payments on time, why shouldn't I be able to make a lower payment on time also? I am not getting the lowest intrest rate of 3.75%, they are charging me 4.75%.</p><p>My advice to you, check the numbers. Make sure lowering your payment now is not going to make you pay more in the long run. Choose a shorter loan time like 15 or 20 years, or double up on your lower payments. Or, if you look at the numbers, and it just doesn't look right, choose to stay in your current loan or short sale and be done with the whole mess.</p><br \><br \>38 replies Thu, 01 Mar 2012 15:03:00 GMT http://www.zillow.com/advice-thread/Don%27t-be-fooled-by-HARP-2-Intrest-Rates-Aren%27t-Everything/433532/ 2012-03-01T15:03:00Z New construction financing w/builder's lender - tips? http://www.zillow.com/advice-thread/New-construction-financing-w-builder%27s-lender-tips/376534/ We're thinking of buying new construction from a national builder.&nbsp; They offer $8.5k in closing costs if we use their lender, and also guarantee that the rate won't increase during the period the house is being built.&nbsp; <br/><br/>This sounds like a very good deal.&nbsp; So what should we beware of?<br \><br \>5 replies Wed, 01 Dec 2010 19:27:00 GMT http://www.zillow.com/advice-thread/New-construction-financing-w-builder%27s-lender-tips/376534/ 2010-12-01T19:27:00Z Less then 20% down jumbo mortgage http://www.zillow.com/advice-thread/Less-then-20-down-jumbo-mortgage/492416/ Hi, I'm looking to purchase a house in the $650k range in central florida. I can probably come up with 15% down but I would be stretching it to do the rest. My income isn't an issue and credit score is over 800, what are my options?<br \><br \>7 replies Wed, 15 May 2013 15:12:00 GMT http://www.zillow.com/advice-thread/Less-then-20-down-jumbo-mortgage/492416/ 2013-05-15T15:12:00Z i am trying to get a mortgage and I have a credit rating of 690, I make good money and have 20% down http://www.zillow.com/advice-thread/i-am-trying-to-get-a-mortgage-and-I-have-a-credit-rating-of-690-I-make-good-money-and-have-20-down/449396/ have 20% to put down but I have a foreclosure due to a separation and also ave a cosigner if necessary can I get a loan<br \><br \>4 replies Mon, 02 Jul 2012 22:06:00 GMT http://www.zillow.com/advice-thread/i-am-trying-to-get-a-mortgage-and-I-have-a-credit-rating-of-690-I-make-good-money-and-have-20-down/449396/ 2012-07-02T22:06:00Z Trying to refinance a investment property with low score http://www.zillow.com/advice-thread/Trying-to-refinance-a-investment-property-with-low-score/470381/ I am trying to figure out how to refinance a rental property with a low credit score.&nbsp; How do you know the bank criteria for a loan.<br \><br \>2 replies Tue, 04 Dec 2012 20:33:00 GMT http://www.zillow.com/advice-thread/Trying-to-refinance-a-investment-property-with-low-score/470381/ 2012-12-04T20:33:00Z Question on acquiring a new home mortgage after a forced Short Sale http://www.zillow.com/advice-thread/Question-on-acquiring-a-new-home-mortgage-after-a-forced-Short-Sale/357441/ <p class="MsoNormal">After retiring from Active Duty (Air Force), I was forced to "short sale" my home due to a job relocation.&nbsp; My short sale only effected the "2nd" on my home and the primary mortgage (VA) was paid in full.<br/><br/> I have waited the 2 year period (as of August) and now I am looking to acquire a new home loan for the purchase of my primary residence.&nbsp; I would prefer a VA loan due to having no or very limited down payment monies available.<br/><br/> Is there any chance on getting a new home&nbsp;loan?&nbsp; If so, would I be able to attain a pre-qual letter stating something to the affect that come "X" date, I would be approved for "X" amount of money?</p><br \><br \>7 replies Mon, 12 Jul 2010 14:57:00 GMT http://www.zillow.com/advice-thread/Question-on-acquiring-a-new-home-mortgage-after-a-forced-Short-Sale/357441/ 2010-07-12T14:57:00Z Help..... http://www.zillow.com/advice-thread/Help/517636/ I am looking for a lender in Miami, Fl My husband just medically retired this January and his highest score is 590 and middle is 560 or 570? Is there anyone that can help us please???<br \><br \>7 replies Sat, 02 Nov 2013 11:55:00 GMT http://www.zillow.com/advice-thread/Help/517636/ 2013-11-02T11:55:00Z Can the mortgage holder require me to increase my insurance coverage http://www.zillow.com/advice-thread/Can-the-mortgage-holder-require-me-to-increase-my-insurance-coverage/436405/ I&nbsp;recently recieved a notice from the mortgage holder that the current insurance coverage&nbsp;is not enough (I have had the same coverage from loan inception and my house value has fallen).&nbsp; The bank has instructed me to increase coverage and send over the new insurance declarations page.&nbsp; I have&nbsp;refused, and now it appears that the bank has acquired the additional coverage&nbsp;and is charging me the additional premium.&nbsp; Is this legal?&nbsp;<br \><br \>4 replies Fri, 23 Mar 2012 19:54:00 GMT http://www.zillow.com/advice-thread/Can-the-mortgage-holder-require-me-to-increase-my-insurance-coverage/436405/ 2012-03-23T19:54:00Z In a FSBO is it possible to pay the mortgage payments to the Seller instead of a bank? http://www.zillow.com/advice-thread/In-a-FSBO-is-it-possible-to-pay-the-mortgage-payments-to-the-Seller-instead-of-a-bank/516865/ We are currently renting the house that we want to buy. Our credit isn't good. The only way to purchase is to pay the Seller and then once house is paid for it will legally belong to us.<br \><br \>4 replies Sun, 27 Oct 2013 14:37:00 GMT http://www.zillow.com/advice-thread/In-a-FSBO-is-it-possible-to-pay-the-mortgage-payments-to-the-Seller-instead-of-a-bank/516865/ 2013-10-27T14:37:00Z Refiance my Fl home through the VA Streamline (IRRRL) http://www.zillow.com/advice-thread/Refiance-my-Fl-home-through-the-VA-Streamline-IRRRL/433124/ Hello, my family and I live in Germany. We want to use the VA IRRRL program to refinance our Tampa, Fl house. We have two mortgages and underwater with both loans combined. We want to consolidate the loans at a lower interest rate for 15 years VA IRRRL. I am a disabled veteran. Please provide recommendations on lenders or trustworthy person/organization that will work with us. Thanks in advance!<br \><br \>2 replies Sun, 26 Feb 2012 21:26:00 GMT http://www.zillow.com/advice-thread/Refiance-my-Fl-home-through-the-VA-Streamline-IRRRL/433124/ 2012-02-26T21:26:00Z I have been relocated by my employer http://www.zillow.com/advice-thread/I-have-been-relocated-by-my-employer/515902/ I have been relocated by my employer and still have my home rented out in another state. Can I purchase a new construction home in the state I relocated to using a USDA loan?<br \><br \>6 replies Sat, 19 Oct 2013 19:15:00 GMT http://www.zillow.com/advice-thread/I-have-been-relocated-by-my-employer/515902/ 2013-10-19T19:15:00Z Foreigners getting a mortgage in FL. http://www.zillow.com/advice-thread/Foreigners-getting-a-mortgage-in-FL/483529/ My in-laws live in Trinidad and visit us in Florida often, they are interested in buying a home here for us to live in and where they can stay when they come up and eventually when we are able to get our own place it would be only theirs.<br/><br/>They have plenty of money and very good income coming in and would be able to put 20-30% down (depending on the price of the house). Lets just say that if they were US Citizens they would have no problem getting a mortgage for like 500k. We only want to be in the 130-150k range, as there are plenty of nice homes in the area we want to be at that price. <br/><br/>So my question is can they get a mortgage and how does it work? thanks for any help you might have.<br/><br/>PS I just realized i posted this from my wife's facebook login. This is Justin the husband. :)<br \><br \>5 replies Mon, 18 Mar 2013 18:00:00 GMT http://www.zillow.com/advice-thread/Foreigners-getting-a-mortgage-in-FL/483529/ 2013-03-18T18:00:00Z Loan with 2011 low income.. http://www.zillow.com/advice-thread/Loan-with-2011-low-income/515183/ My husband and i are looking for the new house purchase. We found a house, met the asking price and looking for financing. The price of the house is high but we are able to put approx 45% down. Our problem is my husband low income in 2011. He is a general contractor, i.e. self employed and was struggling with his job than. However, we were never late on our payments, incl. mortgage or credit cards. His credit score is 650, my 740. That year we financed from my savings abroad. Our tax return in 2012 is sufficient and we are ready to file high enough as early as we can for 2013. The house we are living now is on the market with approx profit of another 70k not being part of the deposit. Is there a chance to get a loan now or we have to wait till 2013 to apply or should we get a bridge loan from private lender and try to refinance next year? Thank for any advice..<br \><br \>5 replies Mon, 14 Oct 2013 02:39:00 GMT http://www.zillow.com/advice-thread/Loan-with-2011-low-income/515183/ 2013-10-14T02:39:00Z NAVY FEDERAL CREDIT UNION DUAL TRACK SCAM http://www.zillow.com/advice-thread/NAVY-FEDERAL-CREDIT-UNION-DUAL-TRACK-SCAM/488175/ <div style="text-align: center;">Dual Track Scam<br/><div style="text-align: center;"><br/>I had the unfortunate incident of becoming involved with a negligent bank negotiator during the short sale process. Let me explain....Navy Federal Credit Union approved us for short sale on price and gave us three weeks to close.&nbsp; During those three weeks they sold the home at a foreclosure auction.&nbsp; This is a dual track scam.&nbsp; Please help prevent this in the real estate business as it provides no protection for consumers.</div></div><br \><br \>4 replies Tue, 16 Apr 2013 15:12:00 GMT http://www.zillow.com/advice-thread/NAVY-FEDERAL-CREDIT-UNION-DUAL-TRACK-SCAM/488175/ 2013-04-16T15:12:00Z Get A Loan Now, Quickly And Easily http://www.zillow.com/advice-thread/Get-A-Loan-Now-Quickly-And-Easily/511136/ <em>[deleted by Zillow moderator. Please see our <a href="http://www.zillow.com/howto/GoodNeighborPolicy.htm">Good Neighbor Policy</a> for posting guidelines]</em><br \><br \>0 replies Fri, 13 Sep 2013 03:08:00 GMT http://www.zillow.com/advice-thread/Get-A-Loan-Now-Quickly-And-Easily/511136/ 2013-09-13T03:08:00Z Why a home buyer would chose FHA over Conventional http://www.zillow.com/advice-thread/Why-a-home-buyer-would-chose-FHA-over-Conventional/498764/ HUD has made some significant changes to their guidelines in 2013, including the increase of their mortgage insurance premiums and the fact that the MIP stays on FHA loans&nbsp;for life (until you refinance or pay the loan off). FHA still offers solutions for home buyers and home owners who do not meet the conventional guidelines.<br/>A few benefits of FHA Financing includes;<br/>3.5% Minimum down payment<br/>Lower credit score requirements<br/>Allows refinances without an appraisal<br/>Interest rates are typically lower on FHA Loans<br/><br/>Anyone who is considering FHA financing should compare their specific scenario to Conventional financing and weigh all of their options<br \><br \>4 replies Mon, 24 Jun 2013 20:10:00 GMT http://www.zillow.com/advice-thread/Why-a-home-buyer-would-chose-FHA-over-Conventional/498764/ 2013-06-24T20:10:00Z What type of loan for a Condo http://www.zillow.com/advice-thread/What-type-of-loan-for-a-Condo/510662/ I'm looking at Condos in my area but Ive never owned one before. I currently live in the house that my husband purchased in 2010 I'm on deed only will be moving out after first of the year with my child. What types of mortgages are there for Condos? are they harder to get get financed? My mid score is around 670 but slowly climbing as I pay my debt down. Prior BK over 5 years ago all good credit since then. Steady employment 9 years on job. Any advice would be greatly appreciated.<br/><br/>Thanks <br/><br \><br \>3 replies Tue, 10 Sep 2013 00:17:00 GMT http://www.zillow.com/advice-thread/What-type-of-loan-for-a-Condo/510662/ 2013-09-10T00:17:00Z HARP interest rate http://www.zillow.com/advice-thread/HARP-interest-rate/509809/ <div>&nbsp;was received a letter form my mortgage loan services company(ocwen.LLC).&nbsp;<div>According to the letter, I am qualified the HARP loan program and they enclosed the mortgage finance company to contact (since Ocwen is servicing company not financing) so I called them to ask details. They said they are located in CA (I am live in FL)and can offer 30yrs 5.25% and 15yrs 4.25% and since they have my info from Ocwen, it can process quite easy and no need to provide w2, tax info etc only employment verification. ( I forgot to mention closing cost will be $3000 which could be add into the loan).<br/>I am looking into the pro and con of this HARP 2 program but still not clear.&nbsp;<br/>The person who I talked on the phone is FL licensed broker and mentioned I can go look for another bank or mortgage financial company for lower rate but it might be difficult to qualify( property value is too low they don't approve?) and will be asked so many documents to see if I am qualified....&nbsp;<br/><br/>my questions are&nbsp;<br/>1, I know that most of mortgage company is located in different but should I find little closer than CA? or doesn't matter?&nbsp;<br/>2, 30yrs 5.25% interrest is average or too high? or how can I determined?&nbsp;<br/>&nbsp; &nbsp; (Current my mortgage interest is 6.625%)&nbsp;<br/>3. If I should look another company, How can I find a decent agency or company?&nbsp;<br/>&nbsp; &nbsp;&nbsp;<br/>I appreciate if you have any info about this program (HARP).<br/><br/><br/><br/><br/><br/><br/><br/><br/><br/><br/><br/></div></div><br \><br \>14 replies Tue, 03 Sep 2013 17:35:00 GMT http://www.zillow.com/advice-thread/HARP-interest-rate/509809/ 2013-09-03T17:35:00Z