Zillow Advice RSS: Question-Guide,Mortgage,Omaha- NE

Second mortgage for closing costs and down payment help?

Wed, 27 Feb 2013 22:55:00 GMT

I posted this in the wrong section earlier...

I'm beginning the stages of seeking my first home. In Nebraska there is a NIFA loan, in which they offer a second mortgage for down payment assistance.

"The second mortgage loan provides assistance in an amount up to 5% of the purchase price of the home. Homebuyers must make principal and interest payments on the second loan. NIFA requires the homebuyer to have a minimum investment of $1,000" The current rates are 3.00% 1st, 1.00% 2nd*

I'm very new and bad with all of this, would someone be able to elaborate for me, with maybe a 150K home as an example?

4 replies

Mortgage after chapter 7 foreclosure in Omaha?

Mon, 22 Oct 2012 20:44:00 GMT

We had a chapter 7 earlier this year due to guarantees on business loans for a business that failed. We did not default on any mortgage, credit card, student loan payment or any other consumer debt. We have a lot of cash from the sale of our homestead and need only a 50% loan. Is there anyone making these loans in Omaha?

1 reply

What can I do to get more (or better) quotes for my loan request ZR-KRDNMPW

Thu, 30 Aug 2012 16:10:00 GMT

where do I say I am only interested in VA IRRRL?

3 replies

Contract says"seller to pay up to 7K toward closing costs, prepaids, escrows.can this include points

Fri, 23 Mar 2012 09:36:00 GMT

The seller is an attorney so I want to make sure we are covered before I buy down mortgage with a point. (Our other closing costs/prepaids are below the 7K)

8 replies

Loan officer is not communicating with us, holding us back from closing, need advice

Fri, 11 May 2012 02:22:00 GMT

We're getting an FHA/NIFA loan and are having issues with our LO. She's rarely if ever returning calls or emails, we were supposed to close on Monday and she waited until an hour before closing to tell me the loan hadn't even gone through yet. I'm having to go directly to NIFA to get a straight answer about what's going on, found out that originally she had sent the wrong person's file with my name. She's sending other people's personal information to me because she's getting us confused. Can't get an answer out of her at all, refuses to give us time frames as to when we're closing. Now she's saying that she's still trying to get approval from NIFA when NIFA notified me earlier that we've already been approved through them. Is there any recourse I can take? Can I file a complaint or is there someone I should speak with??

3 replies

estimated costs for closing on a conventional loan of 130,00 for 30 years

Fri, 20 Apr 2012 16:07:00 GMT

2 replies

Investment Property Mortgage Questions

Sun, 25 Mar 2012 21:10:00 GMT

I am moving from Los Angeles to Omaha later this year. Taking advantage of the much lower property costs in Omaha, I'm hoping to split the equity in my current home to purchase both a modest home for myself and a multi-family investment property in Omaha. I have the following questions:

1) In determining how to split the equity between the two properties and size of investment property I can afford, what is the minimum down payment required on an investment property mortgage? And, if under 20% is allowed, is there PMI like on a home mortgage?
2) Is there anything I should be concerned about in terms of timing of purchasing a home and investment property? (i.e. Is it better to purchase the investment property or home first?)
3) Does both my personal income and anticipated income from the investment property play into qualifying me for the investment property loan?

If it will help answer the above, I have excellent credit, will earn 3-4x the median household income for Omaha before any investment property NOI is included, and have debt to income ratio of about 20%.

Thanks for your advice!!

3 replies

2 houses both under water

Mon, 20 Jun 2011 23:47:00 GMT

Let me begin by saying that I'm absolutely the reason the housing bubble burst when it did. I bought a house (170k) in 2003 when I was 22 years old with awful credit while making under $25k/yr. Like many folks, I signed w/o truly understanding the impact of an ARM mortgage and after the ARM adjusted, my interest rate went from 7% to 12%. My credit had improved slightly, so I refinanced with a 125% LTV loan. I moved to MN 4 years ago for work making more than triple what I was making when I first bought the house. Given I was underwater in my current home, I decided to keep it and rent it out. I purchased a house in MN, thinking the move was permanent, but ended up having to move back to my 2003 house, where I'm probably about 100% LTV at this point. The problem is my house in MN. I purchased for $180k and it's now worth about $130k if that. I currently have renters, but can't afford to sell and the rent vs. mortgage leaves me out a substantial amount monthly, not to mention the cost for property management. I can't continue to go deeper into debt to not "walk away", but don't want to kill my now 720+ FICO.. Thoughts?

5 replies

Must Refi, Not a Rental, I Live out of State

Thu, 02 Sep 2010 21:22:00 GMT

I currently own a home in Omaha that I bought in 2007, but I've recently moved to WA state. Only after moving across the country and giving my lender my updated mailing address, did I learn that, according to my mortgage terms, my house MUST be owner occupied. The only way to keep the US Bank dogs at bay has been to have my house on the market. After 11 months and zero offers, the only other option I have seems to be a refi, so I can own in Omaha, yet live elsewhere.

Over the phone, an employee from the US Bank mortgage dept. informed me that "almost all" conventional mortgages require owner occupancy and that my only other options were to get second home mortgage or a rental mortgage. I don't want to get a rental mortgage, as I plan on moving back in a few years. Additionally, I wonder if someone who would still only have one mortgage (I rent in my new city) could actually qualify for something referred to as a second home mortgage, as I don't know it's the word "home" or the word "mortgage" that the second refers to.

Value of home 140K, loan remainder 106,743, currently at 6.04%, good credit.

Are there conventional mortgages that exist for me and my situation? I'm stumped and not sure if I want to go to shopping lender after lender, potentially hurting my credit, if I'm not even sure of my options. Any advice is much appreciated.

10 replies

What can I do to get more (or better) quotes for my loan request ZR-FQDJYWN

Thu, 01 Jul 2010 13:43:00 GMT

3 replies

How do appriasal values affect home price?

Wed, 14 Oct 2009 17:15:00 GMT

I have a good rate locked for a refinance, but I am afraid that the appraisal might come up with a lower valuation for the house. How does this affect If I am planning to sell the house in the next couple of years ? Is it worth while to consider refinancing now ? Thanks

1 reply

95% LTV Cash Out Refinance

Fri, 02 Oct 2009 23:07:00 GMT

Does anyone still offer 95% LTV cash out refinancing?

7 replies

why is my lender adding 3 quarters of a percent to my rate for an extended lock?