Zillow Advice RSS: Question-Discussion-Guide,Mortgage,KY http://www.zillow.com/advice/KY/mortgage/question-discussion-guide/mortgage/?s=0 Zillow Advice search results | Zillow Real Estate credit score 720 http://www.zillow.com/advice-thread/credit-score-720/521860/ <p>You are potentially eligible for any type of mortgage - VA, FHA, Fannie Mae, etc... - The information you provided is simply not enough for anyone to make a reasonable good faith attempt at a credit decision.&nbsp; While I feel that everyone whom has commented is making a good faith attempt; the response to your quesiton is 'We need more information'.&nbsp; The days of taking a 10 minute phone call, pulling a credit score and hearing 'You're approved.' are in the rearview mirror.&nbsp;<br/>It initially appears that the amount of credit you may be eligible for is a reduced amount, though I'm reluctant to say that because perhaps the amount of verifiable monthly income is different than the figure you arrived at.&nbsp; Regardless, the best way to get clear, decisive answers it to make a phone call to a professional mortgage planning firm and have an appointment to discuss in person or via skype.&nbsp; It is especially important to have the face-to-face appointment with someone who has self-employed forms of income so that when we are reviewing the income we can show you exactly what is used, why it is used and how it affects you.&nbsp;<br/>My office would be happy to review with you.&nbsp;<br/></p><br \><br \>0 replies Mon, 23 Dec 2013 14:16:00 GMT http://www.zillow.com/advice-thread/credit-score-720/521860/ 2013-12-23T14:16:00Z What ReFi options are available when you're upside down on your mortgage, but you NEED to move? http://www.zillow.com/advice-thread/What-ReFi-options-are-available-when-you%27re-upside-down-on-your-mortgage-but-you-NEED-to-move/525548/ Current listed value of our home: 85K<br/>2007 ReFi appraisal: 138K<br/>Remaining balance on mortgage: 99K<br/><br/>During a previous ReFi in 2007, our home appraised for 138K. Currently, Zillow lists the value of our home at 85K. However, Zillow nor the PVA include the fact that we have a finished basement. My wife did the ReFi in 2007 prior to us being married. I'm of the opinion that she was the victim of predatory lending because the terms are INSANE!! (High interest rate on an interest only loan). Anyway, we need to move and we'd like to ReFi to save money and invest it in fixing up the house so we can sell it. Can anyone tell me what options we have other than walking away or staying in the house?<br \><br \>6 replies Thu, 23 Jan 2014 13:44:00 GMT http://www.zillow.com/advice-thread/What-ReFi-options-are-available-when-you%27re-upside-down-on-your-mortgage-but-you-NEED-to-move/525548/ 2014-01-23T13:44:00Z I am on disablity and a fixed income with a bad credit score is there a lender for me http://www.zillow.com/advice-thread/I-am-on-disablity-and-a-fixed-income-with-a-bad-credit-score-is-there-a-lender-for-me/541069/ Disability income can count towards your income on a mortgage application. Although, it may not give you a good sized loan amount. If you would like to increase your income to increase your loan amount, you should consider a cosigner, such as a family member. Having them cosign, will allow you to obtain a higher loan amount. When it comes to your credit, how bad is it? The lowest credit scores lenders like myself are able to do, is a score of 580. If your scores are above 580, then you should be fine. Otherwise, you may want to spend some time working on your credit. The simplest way to fix your credit is to pay off your debt and revolving credit balance on time.&nbsp;Either way, 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, 16 May 2014 20:07:00 GMT http://www.zillow.com/advice-thread/I-am-on-disablity-and-a-fixed-income-with-a-bad-credit-score-is-there-a-lender-for-me/541069/ 2014-05-16T20:07:00Z Any fha loans approving 619 scores? thanks. http://www.zillow.com/advice-thread/Any-fha-loans-approving-619-scores-thanks/267432/ Mortgage brokers also have access to <a href="http://www.zillow.com/fha-loan/">FHA</a> <a href="http://www.zillow.com/directory/lenders/">lenders</a> that can deal with <a href="http://www.zillow.com/mortgage-glossary/FICO/">FICO</a> scores below 620.&nbsp;<br/><br/>Also, if you go to your local bank you should be able to obtain a secured credit card to bump up your score. Make sure that they report the new account to all 3 credit bureaus.&nbsp;<br/><br/><br \><br \>0 replies Thu, 13 Aug 2009 07:46:00 GMT http://www.zillow.com/advice-thread/Any-fha-loans-approving-619-scores-thanks/267432/ 2009-08-13T07:46:00Z First Time Home Buyer Questions http://www.zillow.com/advice-thread/First-Time-Home-Buyer-Questions/500333/ I would recommend that you contact someone at KYHousing who is knowledgeable about the down payment assistance program they are advertising and have them pre-qualify you for this loan over the phone. Then, I would contact a few other professional mortgage loan originators, listed here on Zillow perhaps, and see what other loan programs they would recommend. Then you will have something certain to compare. Once you have the facts about the different loan options available then you can compare apples to apples. Please note that some payment assistance programs also require that you share or split the equity in your home with the down payment assistance lender when you sell your home. You will want to discuss your important income tax questions with your CPA. Good Luck!!<br \><br \>0 replies Thu, 04 Jul 2013 18:50:00 GMT http://www.zillow.com/advice-thread/First-Time-Home-Buyer-Questions/500333/ 2013-07-04T18:50:00Z If owners of a home are separating, and one of them is considering buying the home, how does this a http://www.zillow.com/advice-thread/If-owners-of-a-home-are-separating-and-one-of-them-is-considering-buying-the-home-how-does-this-a/384419/ Mortgage is 117,000 including a line of credit for 45,000, so if one person was going to keep home, how does it all figure out?<br \><br \>3 replies Thu, 03 Feb 2011 18:49:00 GMT http://www.zillow.com/advice-thread/If-owners-of-a-home-are-separating-and-one-of-them-is-considering-buying-the-home-how-does-this-a/384419/ 2011-02-03T18:49:00Z Questions about FHA loans... http://www.zillow.com/advice-thread/Questions-about-FHA-loans/552626/ From what you posted you should not have problems getting a mortgage. &nbsp;As far as what price you would qualify for, it really will depend on who you work with. &nbsp;Some of us will follow the automated findings, which will allow for higher debt to income ratios (I just closed one with a back ratio of 57%). &nbsp;My suggestion is you reach out to a &nbsp;loan officer and make a formal loan application. &nbsp;This way your credit history, liabilities, income and assets can be reviewed and an automated underwriting decision can be ran. &nbsp;I would be happy to help, contact me through my profile if &nbsp;you like.&nbsp;<br \><br \>0 replies Fri, 01 Aug 2014 18:34:00 GMT http://www.zillow.com/advice-thread/Questions-about-FHA-loans/552626/ 2014-08-01T18:34:00Z What is the median credit score? http://www.zillow.com/advice-thread/What-is-the-median-credit-score/455339/ USDA mortgage guidelines are written in a way that provides the borrower the benefit of the doubt, and as long as the borrower has recovered from those circumstances in a reasonable manner and have at least a 640 credit score, they're generally going to be credit-eligible for an USDA rural loan mortgage.<br \><br \>0 replies Tue, 16 Apr 2013 14:32:00 GMT http://www.zillow.com/advice-thread/What-is-the-median-credit-score/455339/ 2013-04-16T14:32:00Z Are there any lenders who will do VA or any cash out refi for low scores & not charge high rates? http://www.zillow.com/advice-thread/Are-there-any-lenders-who-will-do-VA-or-any-cash-out-refi-for-low-scores-not-charge-high-rates/481628/ Try looking into a Home Equity Line of Credit (HELOC) or a collateralized second trust mortgage if you need cash.&nbsp; You have 9 years left on your mortgage.&nbsp; This means that a large portion of your monthly payment goes towards your principle balance.&nbsp; If you were to refinance, you will a new 30 year loan.&nbsp; Also, the amortization table is setup for the interest to be paid in the beginning.&nbsp; So, the breakdown of your payment during the beginning couple of years on your new loan will be approximately: 90% interest and 10% principle.&nbsp; Then as the years go by, the tide eventually shifts and when you have 9 years left: 90% principle and 10% interest.<br/><br/>The fact that you have a current interest rate of 6% has no bearing.&nbsp; Your greatest asset is equity.&nbsp; You have paid 21 years on your current mortgage, doesn't make sense to start all over again.<br/><br/>Work on your credit and try to raise your score.&nbsp; A little elbow grease might be cheaper than trying to get another loan.<br \><br \>0 replies Wed, 06 Mar 2013 22:16:00 GMT http://www.zillow.com/advice-thread/Are-there-any-lenders-who-will-do-VA-or-any-cash-out-refi-for-low-scores-not-charge-high-rates/481628/ 2013-03-06T22:16:00Z VA 100% Cashout Refi from Conventional - 15 Yr. http://www.zillow.com/advice-thread/VA-100-Cashout-Refi-from-Conventional-15-Yr/432062/ If combining only mortgage debt, there are some VA options out there to 100%, but you are still bringing cash into closing for that scenario.&nbsp;&nbsp; If you are not disabled veteran, also looking at costly funding fee, especially if subsequent use.<br/><br/>If you have the cash to bring into closing, it might still be the best option for you.&nbsp;&nbsp; You should also consider a Freddie Mac Relief Refinance of your primary loan, stretch that back to 30 years, and then use the savings to pay off your second faster.&nbsp;&nbsp; This would avoid you needing to bring 10,000 cash plus possibly closing fees into closing if that is factor in what you end up doing.<br/><br \><br \>0 replies Thu, 16 Feb 2012 19:40:00 GMT http://www.zillow.com/advice-thread/VA-100-Cashout-Refi-from-Conventional-15-Yr/432062/ 2012-02-16T19:40:00Z Is it possible to refinance current home or get a new mortgage 1 year out of Ch. 13 BR discharge? http://www.zillow.com/advice-thread/Is-it-possible-to-refinance-current-home-or-get-a-new-mortgage-1-year-out-of-Ch-13-BR-discharge/494822/ Current home is valued at approx. $500k, with $280k 1st mortgage and $85k HELOC balance owed. Mid-credit scores are around 630.<br \><br \>3 replies Fri, 31 May 2013 19:34:00 GMT http://www.zillow.com/advice-thread/Is-it-possible-to-refinance-current-home-or-get-a-new-mortgage-1-year-out-of-Ch-13-BR-discharge/494822/ 2013-05-31T19:34:00Z Do I get a new mortgage or refinance on a house I own with my ex-husband to become sole owner? http://www.zillow.com/advice-thread/Do-I-get-a-new-mortgage-or-refinance-on-a-house-I-own-with-my-ex-husband-to-become-sole-owner/255137/ My ex-husband and I own a house together we bought when we were married.&nbsp; I want to keep the house (my ex is fine with that).&nbsp; Do I apply for a new <a href="http://www.zillow.com/mortgage/">mortgage</a> or do I just need to <a href="http://www.zillow.com/refinance/">refinance</a> the current mortgage both of our names are on?&nbsp;<br \><br \>3 replies Sat, 11 Jul 2009 18:21:00 GMT http://www.zillow.com/advice-thread/Do-I-get-a-new-mortgage-or-refinance-on-a-house-I-own-with-my-ex-husband-to-become-sole-owner/255137/ 2009-07-11T18:21:00Z VA Loan Poor Credit http://www.zillow.com/advice-thread/VA-Loan-Poor-Credit/576209/ <p>I would have to ask the question - What has happened to display that score?&nbsp; Usually if we dive into the 'why' behind the score model; then we can address what to change/ update/ review in order to reflect a higher rating.&nbsp; I'm sure you can find someone who would finance that score.&nbsp; Though it will be at your cost - higher costs - because the score represents about the equivalent of a D- with mortgage lending.&nbsp; If we can help, please reach out.&nbsp;</p><br/><br/><p>Good Luck!</p><br \><br \>0 replies Sun, 29 Mar 2015 17:13:00 GMT http://www.zillow.com/advice-thread/VA-Loan-Poor-Credit/576209/ 2015-03-29T17:13:00Z have log cabin in KY is vacation rental Our current rate is 5.49% ARM. looking for a better % LTV 70 http://www.zillow.com/advice-thread/have-log-cabin-in-KY-is-vacation-rental-Our-current-rate-is-5-49-ARM-looking-for-a-better-LTV-70/331090/ Be happy with what you have. Mortgage Loans on Log Homes are extremely difficult to find. More so, with investment property. ..... Best wishes, Rudi<br \><br \>0 replies Fri, 05 Mar 2010 17:56:00 GMT http://www.zillow.com/advice-thread/have-log-cabin-in-KY-is-vacation-rental-Our-current-rate-is-5-49-ARM-looking-for-a-better-LTV-70/331090/ 2010-03-05T17:56:00Z Need help with HARP 2.0 Loan in KY http://www.zillow.com/advice-thread/Need-help-with-HARP-2-0-Loan-in-KY/464564/ <p>Review my profile.&nbsp; I am doing one there currently with MI.&nbsp; You have to stay away from the big banks.&nbsp; As soon as they here mortgage insurance they run.&nbsp; I can transfer easily.</p><br \><br \>0 replies Wed, 17 Oct 2012 21:01:00 GMT http://www.zillow.com/advice-thread/Need-help-with-HARP-2-0-Loan-in-KY/464564/ 2012-10-17T21:01:00Z How do I know if I am using the right mortgage company/ http://www.zillow.com/advice-thread/How-do-I-know-if-I-am-using-the-right-mortgage-company/434203/ I have been working with this lender almost 7 mths. I have wrkd relentlessly to increase my score.&nbsp; Mine is 624 my husband 648 in Jan, Fed 614, due to a higher bal.on crdt card. It was paid down just did not update w/cbr. It seems in the beginning he was telling what to do to repair some things and I have, now just pulls crdt once a month and lets us know it needs to be 640. Never a late pay in 5 yrs, letter from landlord for credit worthiness and always paying 5 - 14 days early<br \><br \>4 replies Tue, 06 Mar 2012 21:10:00 GMT http://www.zillow.com/advice-thread/How-do-I-know-if-I-am-using-the-right-mortgage-company/434203/ 2012-03-06T21:10:00Z What is a clip mortgage?and how does it work? http://www.zillow.com/advice-thread/What-is-a-clip-mortgage-and-how-does-it-work/468932/ 2 replies Mon, 19 Nov 2012 03:33:00 GMT http://www.zillow.com/advice-thread/What-is-a-clip-mortgage-and-how-does-it-work/468932/ 2012-11-19T03:33:00Z What can I do to get more (or better) quotes for my loan request ZR-LKJPSCR? http://www.zillow.com/advice-thread/What-can-I-do-to-get-more-or-better-quotes-for-my-loan-request-ZR-LKJPSCR/501137/ My best suggestion would be to contact several mortgage companies, banks and lenders, find out if they do many land contracts. &nbsp;<br/><br/>Most companies I have dealt with need credit scores closer to 620-640. But a good company should be able to give you tips on how to increase your score, it just might take a little longer than you like.<br/><br/>You can click the top link Find a Pro to get some contact information.<br/><br/>Good luck<br \><br \>0 replies Wed, 10 Jul 2013 12:46:00 GMT http://www.zillow.com/advice-thread/What-can-I-do-to-get-more-or-better-quotes-for-my-loan-request-ZR-LKJPSCR/501137/ 2013-07-10T12:46:00Z My local banks won't refi b/c they say they don't have recent comps for the appraisal.Advise? http://www.zillow.com/advice-thread/My-local-banks-won%27t-refi-b-c-they-say-they-don%27t-have-recent-comps-for-the-appraisal-Advise/235456/ <img uploadtype="new" imageid="X1-IA12s2a2qdrx47l_laydr" imagetype="8" src="http://images2.zillow.com/is/image/i0/i1/i1467/IS12s2a2qdqijs3.jpg?op_sharpen=1&amp;qlt=90&amp;size=250,300"/>Had this same situation arise this week. Wells Fargo has a double appraisal/evaluation system to overcome this problem. Get in touch with Wells Fargo or a broker that does business with Wells Fargo.&nbsp; The good news is that a system is in place to help now. The bad news is that you have to start the <a href="http://www.zillow.com/mortgage/">mortgage</a> process over again. Best Wishes!!<br \><br \>0 replies Sat, 16 May 2009 04:39:00 GMT http://www.zillow.com/advice-thread/My-local-banks-won%27t-refi-b-c-they-say-they-don%27t-have-recent-comps-for-the-appraisal-Advise/235456/ 2009-05-16T04:39:00Z What are mortgage options for my situation? http://www.zillow.com/advice-thread/What-are-mortgage-options-for-my-situation/571660/ I've been repairing some pretty bad credit. &nbsp;Pertinent details: &nbsp;From a score of 570 in the late summer / fall to 601 now according to the Capital One credit tracker. &nbsp;I'm at 594 on Lending Tree. &nbsp;I've been paying $800 every two weeks on my car and will have that paid off next Friday. &nbsp; I have a student loan of approx 10k, monthly payment 135. &nbsp;I have 3 items in collections on my credit report totaling under $1500 which I will have paid off in about 6 weeks. &nbsp; My income is 85,000. &nbsp;<br/><br/>I also have a secured credit card through Capital One. &nbsp;According to the Cap One simulator (can I trust that?), my score will be bumped 11 points if I increase available credit to $2,000 and still carry a 0 balance (I pay it off every month). &nbsp; I'm hoping that along with paying off the collections will get me to 620, but I'm not sure.<br/><br/>Once the car and collections are paid off, I'll be saving $800 every two weeks to put towards a down payment.<br/><br/>My fiance has a great credit score, makes about 40k, and owns a home. &nbsp;<br/><br/>I'm just wondering what our options are. &nbsp;We can put the loan in her name if I don't qualify, or only qualify for an outrageous interest rate. &nbsp;I'm also curious what kind of down payment (10%?) we would need if we buy a place together.<br/><br/>We would like to be in a home by early summer, but aren't going to hurry into an unfavorable situation if a little patience will improve our outlook.<br/><br/>Any thoughts / ideas are greatly appreciated. &nbsp;Thank you!<br \><br \>6 replies Fri, 09 Jan 2015 00:04:00 GMT http://www.zillow.com/advice-thread/What-are-mortgage-options-for-my-situation/571660/ 2015-01-09T00:04:00Z