Zillow Advice RSS: Discussion,Mortgage,OR http://www.zillow.com/advice/OR/mortgage/discussion/ Zillow Advice search results | Zillow Real Estate Good news! USDA decided to hold off changing the maps http://www.zillow.com/advice-thread/Good-news-USDA-decided-to-hold-off-changing-the-maps/513555/ Good news! USDA decided to hold off changing the maps<br \><br \>2 replies Mon, 30 Sep 2013 17:43:00 GMT http://www.zillow.com/advice-thread/Good-news-USDA-decided-to-hold-off-changing-the-maps/513555/ 2013-09-30T17:43:00Z Self-employed for 6 mo with 10 years at my last job http://www.zillow.com/advice-thread/Self-employed-for-6-mo-with-10-years-at-my-last-job/505977/ I just started a job as an independent contractor 6 months ago after being with the same company for 10 years. My credit score is about 680. Do I have any chance of getting a home loan now, or do I need to show the standard 2 years of self-employment income?<br \><br \>6 replies Fri, 09 Aug 2013 03:26:00 GMT http://www.zillow.com/advice-thread/Self-employed-for-6-mo-with-10-years-at-my-last-job/505977/ 2013-08-09T03:26:00Z Oregon State Bond Loan Program http://www.zillow.com/advice-thread/Oregon-State-Bond-Loan-Program/381772/ <div class="entry-meta">The Oregon State Bond Loan Program is currently offering two great programs to help qualified buyers purchase a new home.&nbsp; The "Cash Advantage" option offers buyers a low and fixed interest rate and a cash credit of up to 3% of the loan amount.&nbsp; The "RateAdvantage" option offers the lowest possible fixed rate loan.</div><div class="entry-content"><p>For more information and to find out if you qualify, visit the Homeowners Opportunities website at:&nbsp; <a href="http://hownw.com/" rel="nofollow">HOWNW.com</a>.</p></div><br \><br \>2 replies Fri, 21 Jan 2011 04:50:00 GMT http://www.zillow.com/advice-thread/Oregon-State-Bond-Loan-Program/381772/ 2011-01-21T04:50:00Z VA loan costs due at closing? http://www.zillow.com/advice-thread/VA-loan-costs-due-at-closing/499378/ <p class="MsoNormal">My husband is eligible for a VA loan. We were going to wait buy until he is re-evaluated (temp medical retirement due to service related issues) because at that time he may get a severance which would be around $100,000. If that happened, even after taxes and paying off a tiny bit of debt we'd still have a good chunk of money for down payment and/or closing costs on a house. However, with the market here in the Portland, OR metro area changing so rapidly we are thinking about trying to buy sooner. Interest rates and prices are increasing, and inventory is dramatically down. We're afraid to wait too long even though we'd really like that large amount of money on hand.&nbsp;So, my questions have to do with what the up-front cost might be for a VA loan? We currently don't have any savings but my husband has a good paying job and we have great credit and very little debt. With so little money on hand I'm just wondering how much can be just lumped into a loan or possibly be paid by seller (if that's allowed)? What might we be expected to pay out of pocket at closing?&nbsp;</p><br \><br \>2 replies Thu, 27 Jun 2013 23:30:00 GMT http://www.zillow.com/advice-thread/VA-loan-costs-due-at-closing/499378/ 2013-06-27T23:30:00Z Gifted money for closing costs and/or down payment on VA loan? http://www.zillow.com/advice-thread/Gifted-money-for-closing-costs-and-or-down-payment-on-VA-loan/499379/ <p class="MsoNormal">My question has to do with gifted money (this is a follow up to my previous post about closing costs on a VA loan). There's an outside possibility that my father may be able to give us some money. If he were to say yes he could gift us money, how does that have to work? I've been reading a lot about the mortgage process in general and have heard a lot about gift money and how there has to be a letter or something stating it's a gift but I also heard something about him needing to document where it came from or something. Is that true? What if he were to just send us a check that we deposited before even starting the loan process, would it all need to somehow still be documented? Not even sure if I could get any money and if so I have no idea how much, but just would like to get an idea of the process if it becomes a possibility.</p><br \><br \>4 replies Thu, 27 Jun 2013 23:33:00 GMT http://www.zillow.com/advice-thread/Gifted-money-for-closing-costs-and-or-down-payment-on-VA-loan/499379/ 2013-06-27T23:33:00Z FHA Refinancing http://www.zillow.com/advice-thread/FHA-Refinancing/493502/ I have Bank of America FHA loan 30yr fixed 5.00 interest Rate.Original loan was endorsed in May 2010.LTV is 93% now.Is streamline refinancing still a good option ?Or any other options to refinance?What does the deadline June 3rd mean for FHA streamline refinance?Thanks<br \><br \>5 replies Thu, 23 May 2013 02:49:00 GMT http://www.zillow.com/advice-thread/FHA-Refinancing/493502/ 2013-05-23T02:49:00Z To FHA Streamline or not? http://www.zillow.com/advice-thread/To-FHA-Streamline-or-not/490979/ Hello,<br/>Seeking some guidance if it is worth my time and what my approximate savings range would be.<br/>I have a 30 years FHA loan in Jan 2010 at 5.00%, current principle balance is:$273,000. Never missed any payments.<br/>Looking for a zero-cost FHA Streamline.<br/>Thanking you all in advance!<br/><br \><br \>7 replies Mon, 06 May 2013 07:13:00 GMT http://www.zillow.com/advice-thread/To-FHA-Streamline-or-not/490979/ 2013-05-06T07:13:00Z Can I close my loan without 2012 transcripts? http://www.zillow.com/advice-thread/Can-I-close-my-loan-without-2012-transcripts/489387/ I have been trying to close on a loan for 3 months now and the lender is requiring transcripts from 2012. After being assured that my transcripts would be ready any day now (taxes were filed in February and accepted on March 5 due to delays in certain forms not ready for submission), I sold my home as my buyers were not willing to sign an extension. However, after spending a week living at a friend's house and no transcripts, I called the IRS and was informed that because I had owed, my taxes will not be processed until after mid-may. They do have both my payment and return on file. I have approximately 45% of the purchase price for the down, but I'm self employed and have to use my 2011 and 2012 income to qualify. Given this information, I will likely lose the house I have an offer on and will be literally homeless for months will I wait for transcripts and try to find another home. <br/><br/>My question is, are there any lenders/underwriters that can use other methods to verify my income and not require the 2012 transcripts? I do have a stamped receipt from the IRS of my payment but was told that a stamped copy of my return was "not good enough". Any advice or help is greatly appreciated!<br \><br \>7 replies Wed, 24 Apr 2013 16:43:00 GMT http://www.zillow.com/advice-thread/Can-I-close-my-loan-without-2012-transcripts/489387/ 2013-04-24T16:43:00Z Buying multi-unit property w/ owner-occupied rate http://www.zillow.com/advice-thread/Buying-multi-unit-property-w-owner-occupied-rate/223266/ I am looking to buy a multi-unit property (ideally a fourplex) and live in one unit. I currently live with my husband in a house that he alone owns. We are getting a legal separation that will be finalized within a week. I'm staying with him until I find a property to buy.<br/><br/>The <a href="http://www.zillow.com/directory/real-estate-agents/">real estate agent</a> I've been working with thinks I'll have a hard time convincing a <a href="http://www.zillow.com/directory/lenders/">lender</a> to give me an owner-occupied rate. Is this typical? I have a 790 credit score and income around $110K/yr. I'm looking at properties in the $300K range. I have the 20% downpayment, but don't want to put 25-35% down as would be required of an investment property, or pay the higher rate.<br/><br/>Another complicating factor is that the majority of the properties I'm looking at have all of the units rented. Can I just give the tenants their 30 days notice to vacate when I take ownership, or do I typically have to move immediately after closing?<br/><br/>TIA.<br/><br \><br \>14 replies Tue, 14 Apr 2009 01:47:00 GMT http://www.zillow.com/advice-thread/Buying-multi-unit-property-w-owner-occupied-rate/223266/ 2009-04-14T01:47:00Z HARP refi for an investment property http://www.zillow.com/advice-thread/HARP-refi-for-an-investment-property/473184/ Hi,<br/><br/>I am trying to refinance an investment property.<br/><br/>We originally had 20% equity but that's no longer the case because of the drop in value.&nbsp; I'm assuming HARP is my best option.<br/><br/>I tried GMAC who owns the current loan (it's a Fannie Mae loan) but the best rate they could quote was 4.375 and very high closing cost.<br/><br/>We&nbsp;currently are on an ARM which has started to adjust.&nbsp; I would like to get a fix rate or at least get a few more years of fix rates.&nbsp; I don't want to worry what the payments are going to be every year.<br/><br/>Does anyone know of any lender who could do this loan?&nbsp; or does anyone know any other options outside of HARP that could work for us?<br/><br \><br \>3 replies Sat, 05 Jan 2013 02:04:00 GMT http://www.zillow.com/advice-thread/HARP-refi-for-an-investment-property/473184/ 2013-01-05T02:04:00Z Looking to get a FHA Streamline Loan w/out credit pull http://www.zillow.com/advice-thread/Looking-to-get-a-FHA-Streamline-Loan-w-out-credit-pull/472891/ &nbsp;Want to do an&nbsp;<a href="http://www.zillow.com/fha-loan/">FHA</a>&nbsp;streamline w/out appraisal, purchased 7/09 with no lates. Loan left is 232, value is 266. Called Paramount Equity and they required a credit pull. Flagstar (apparently) doesn't do FHA Streamline refi's. Anyone able to point me in the right direction?<br \><br \>3 replies Wed, 02 Jan 2013 20:58:00 GMT http://www.zillow.com/advice-thread/Looking-to-get-a-FHA-Streamline-Loan-w-out-credit-pull/472891/ 2013-01-02T20:58:00Z FHA Streamline Refinance from 30 to 15 Year Fixed http://www.zillow.com/advice-thread/FHA-Streamline-Refinance-from-30-to-15-Year-Fixed/444254/ I just learned about the new fee reductions on FHA streamline, and I would like to take advantage. However, I also want to move from a 30 year fixed to a 15 year fixed mortgage. Is this possible? I am getting conflicting answers depending on where I look. Some places say no because the payment will not be decreasing, some say yes as long as I get an appraisal.<br/><br/>Anybody know?<br \><br \>6 replies Fri, 25 May 2012 07:16:00 GMT http://www.zillow.com/advice-thread/FHA-Streamline-Refinance-from-30-to-15-Year-Fixed/444254/ 2012-05-25T07:16:00Z We need some help. We are having difficulties making our large mortgage payment each month. help http://www.zillow.com/advice-thread/We-need-some-help-We-are-having-difficulties-making-our-large-mortgage-payment-each-month-help/442207/ Is there any place out there that will help us?<br \><br \>11 replies Wed, 09 May 2012 21:24:00 GMT http://www.zillow.com/advice-thread/We-need-some-help-We-are-having-difficulties-making-our-large-mortgage-payment-each-month-help/442207/ 2012-05-09T21:24:00Z In a condo- Way upside down, want to buy a house, Harp 2.0 & self employeed http://www.zillow.com/advice-thread/In-a-condo-Way-upside-down-want-to-buy-a-house-Harp-2-0-self-employeed/432375/ <div>Ok so here is the story.&nbsp;<br/><div>Bought condo 5 years ago<div>134k purchase price 100% financing<div>Condo is now valued at around $60k<div>I have an 80/20 loan<div>Main loan at 6.75% ARM 5 year IO 10 year so arms is coming up next month and IO is going away in 5 years<br/><div>I have very low debt to income ratio. &nbsp;Making 108k last year with wifes income<div>Credit in the 690-715 range<div>Just became self employeed in march 2011 but business is in same industry i have several years experience in and business has 0 debt and showed a 5% net profit last year<br/><br/><div>&nbsp;I want to have a larger place to start a family but we have a 1 bed one bath condo right now. &nbsp;After both mortgages, taxes, insurance, HOA fees I am paying $1240 or so a month. &nbsp;Could rent this place out for about $800 a month. &nbsp;I can qualify for a $250k home FHA loan, and still have the condo and be well within DTI ratio's needed. &nbsp;Problem is that I only have not quite 1 year of self employement and real estate agent said i need 2 years. &nbsp;Now I was partial owner (15%) of my previous company I worked for but the owner who was my father went bankrupt and closed the company so I opened up my own and hired all my fathers employees and my father. &nbsp;So basically I am looking at I have the financials to purchase a 150-200k home like I want and rent my place out but I am being told not going to qualify for FHA loan because of the short time of self employement. &nbsp;I almost want to walk away from this condo because i could rent a place for 800 and I am paying $400 more than that in mortgage on an upside down place. &nbsp;Lender also says Freddie won't want to do a HARP 2.0 on my place because the LTV is over 200% and even then I could only refi the first and would still be stuck with the second that is at a 14% interest rate. &nbsp;I am in oregon. &nbsp;Any help or advice is appreciated.</div></div></div></div></div></div></div></div></div></div><br \><br \>3 replies Sun, 19 Feb 2012 19:57:00 GMT http://www.zillow.com/advice-thread/In-a-condo-Way-upside-down-want-to-buy-a-house-Harp-2-0-self-employeed/432375/ 2012-02-19T19:57:00Z Income to consider in the modification. http://www.zillow.com/advice-thread/Income-to-consider-in-the-modification/411170/ My daughter and myself are on the home loan.&nbsp; I have lived in this house for 27 years.&nbsp; My daughter had to leave to find work in another state, and basically cannot contribute any funds towards the mortgage.&nbsp; Would my income be the income to consider the monthly payments?<br \><br \>1 reply Thu, 11 Aug 2011 03:06:00 GMT http://www.zillow.com/advice-thread/Income-to-consider-in-the-modification/411170/ 2011-08-11T03:06:00Z Student http://www.zillow.com/advice-thread/Student/405423/ I am going to be in law school for the next 3 years. Would it be possible to qualify for a refinance loan with only student loans as income?<br \><br \>1 reply Tue, 28 Jun 2011 20:17:00 GMT http://www.zillow.com/advice-thread/Student/405423/ 2011-06-28T20:17:00Z FHA Announces Increase to Monthly Mortgage Insurance Premiums http://www.zillow.com/advice-thread/FHA-Announces-Increase-to-Monthly-Mortgage-Insurance-Premiums/386822/ <p>The Federal Housing Administration (FHA) announced today that the monthly mortgage insurance premiums (MIP) paid by borrowers on FHA backed mortgages will increase by 0.25% beginning April 18&lt;sup&gt;th&lt;/sup&gt;.&nbsp; To be grandfathered into the existing premium structure you need to be issued a case number by FHA before April 18&lt;sup&gt;th&lt;/sup&gt;.&nbsp; The upfront MIP will remain at 1% of the loan amount.</p><p>&nbsp;For 30-year loans the MIP will go from 0.85% to 1.10% for mortgages with loan-to-value ratios of 95% or less.&nbsp; Mortgages with loan-to-value ratios greater than 95% will go from 0.90% up to 1.15%.</p><p>The MIP is calculated against the loan amount so at a $200,000 loan balance the 0.25% increase equates to an increase of $500 per year or about $42 per month to the borrower.</p><p>This upcoming change, along with the expectation of higher interest rates as the economy improves, makes this a great time to buy a home before costs increase to the borrower which will impact how much house you can comfortably afford.<br/><br/>If I can answer any questions or be of service please click on my profile which links back&nbsp;to our website.</p><br \><br \>11 replies Tue, 15 Feb 2011 03:14:00 GMT http://www.zillow.com/advice-thread/FHA-Announces-Increase-to-Monthly-Mortgage-Insurance-Premiums/386822/ 2011-02-15T03:14:00Z Who will refinance for us? We have PMI and owe more on our house than its value. http://www.zillow.com/advice-thread/Who-will-refinance-for-us-We-have-PMI-and-owe-more-on-our-house-than-its-value/375183/ We have searched high and low to find someone who will refinance our home. We have excellent credit but&nbsp;have PMI and currently owe more on the house than it will appraise for.&nbsp; Any suggestions on who might finance to someone in our situation?<br \><br \>3 replies Tue, 16 Nov 2010 19:53:00 GMT http://www.zillow.com/advice-thread/Who-will-refinance-for-us-We-have-PMI-and-owe-more-on-our-house-than-its-value/375183/ 2010-11-16T19:53:00Z Permanent Foundations For Mobile Homes - HUD 7584 PFGMH Manufactured Home Inspections Guide http://www.zillow.com/advice-thread/Permanent-Foundations-For-Mobile-Homes-HUD-7584-PFGMH-Manufactured-Home-Inspections-Guide/355790/ When you buy (or sell) a manufactured / mobile home, many times the loan involved in real estate transaction will either be an FHA or VA loan.&nbsp; However, FHA and VA will only fund the loan if you can prove that the foundation under the home is a permanent foundation.<br/><br/>But what is a "permanent foundation" and where do I find it's proper definition?&nbsp; Well, in HUD Publication 7584, is where you will find its definition.&nbsp; The definition is quite extensive and geared, mainly, towards professional engineers. &nbsp;<br/><br/>The HUD 7584 publication is also called the HUD Permanent Foundation Guide for Manufactured Homes, or PFGMH.&nbsp; It is published by the United States department of Housing and Urban Development (HUD).&nbsp; This 400 page manual is intended for new construction of manufactured home permanent foundations. If you have an existing foundation and are in need of a permanent foundation certification, then the existing permanent foundation shall meet the intent of the PFGMH.<br/><br/>A manufactured mobile home foundation that does not meet the intent of the PFGMH is considered non-compliant, and one that does meet the intent of the PFGMH is considered compliant.&nbsp; Only a professional engineer licensed in the state of where the home is located can make this determination.<br/><br/>In its most simplistic definition, a permanent foundation will generally consist of a skirting to keep out vermin and water, footings and piers to support the home from gravity loads (such as snow and live loads), anchorage to resist lateral loads such as high winds or an earthquake, and other considerations.<br/><br/>The reason why a professional engineer is required to determine whether it is permanent or not, is because of the safety issues involved with a structure that houses people.&nbsp; Professional engineers have the training and educational background to determine if the foundation is safe and habitable, and also "permanent" as defined by HUD.<br \><br \>0 replies Tue, 29 Jun 2010 23:21:00 GMT http://www.zillow.com/advice-thread/Permanent-Foundations-For-Mobile-Homes-HUD-7584-PFGMH-Manufactured-Home-Inspections-Guide/355790/ 2010-06-29T23:21:00Z Foundations and the Difference Between Modular Homes, Manufactured Homes, Or Mobile Homes http://www.zillow.com/advice-thread/Foundations-and-the-Difference-Between-Modular-Homes-Manufactured-Homes-Or-Mobile-Homes/355789/ It can be confusing to tell the difference between a manufactured home, mobile home, and/or modular home.<br/><br/><u>What are Manufactured Homes?</u><br/><br/>A manufactured home is any factory-built home in the United States that is built conforming to HUD Title 6 construction standards (commonly known as "the HUD-code"). The HUD-code was implemented and took effect starting June 15, 1976. A HUD-coded home will display documentation called the HUD Certification Label and the Data Plate. A manufactured home is also built on a permanent chassis to ensure transportability. However, typically a manufactured home is not moved from its initial installed site. The home can then be placed on HUD permanent foundation. This is what an professional engineer (like us at Foundation Certifications) inspects and certifies when we visit your home-site. <br/><br/><u>What are Mobile Homes?</u><br/><br/>A mobile home is similar to a manufactured home, in that it is a factory-built home. However, it differs in that it is: 1) built before June 15, 1976, and 2) not built to any uniform construction code, including HUD, since the HUD code didn't come out until June 15, 1976. <br/><br/><u>What are Modular Homes?</u><br/><br/>A modular home is any factory-built home that is constructed to a local (City or County), or state building code. Modular homes will not have the red HUD Certification Label, but will have a different label (often called a "UBC Label", or similar) attached to the home stating the code it complies with. A modular home can be built as an "on-frame" or "off-frame" modular. On-frame will be built on a permanent chassis, whereas, the off-frame modular will be built with removal of the chassis frame in mind.<br \><br \>0 replies Tue, 29 Jun 2010 23:20:00 GMT http://www.zillow.com/advice-thread/Foundations-and-the-Difference-Between-Modular-Homes-Manufactured-Homes-Or-Mobile-Homes/355789/ 2010-06-29T23:20:00Z