Zillow Advice RSS: Question-Discussion-Guide,Mortgage,Worcester- MA http://www.zillow.com/advice/Worcester-MA/mortgage/question-discussion-guide/ Zillow Advice search results | Zillow Real Estate Anyone offer a 80/10/10 on a Jumbo? http://www.zillow.com/advice-thread/Anyone-offer-a-80-10-10-on-a-Jumbo/572189/ We have an offer accepted on a single family home in Worcester Cty -&nbsp;<br/>We have financing lined up that's 85% LTV 30 Yr Fixed, 1pt, 3.625% and no MI ... but we'd prefer a 10% LTV so we can do some simple repairs to the home and keep more reserves. Anyone have a product that could help us these days? We need to secure something before the weekend.<br \><br \>6 replies Wed, 14 Jan 2015 14:04:00 GMT http://www.zillow.com/advice-thread/Anyone-offer-a-80-10-10-on-a-Jumbo/572189/ 2015-01-14T14:04:00Z Loan Limits (FHA and conventional) http://www.zillow.com/advice-thread/Loan-Limits-FHA-and-conventional/568101/ Just lightly browsing the idea of buying a home in 2015.<br/><br/>FHA loan limits in my area are down $100k from 2013 and will remain here through 2015 (from what I've read). FHA was the key to affording a new home, as the LTD ratio allows borrowers to be above 36% with little downpayment.&nbsp; <br/><br/>I've read conventional loans require no more than 36% LTD ratio. So here is my potential 2015 scenario:<br/><br/>FHA loan limit = 285k in area<br/>House we want = $340k<br/>A 330k house leaves us around 40% LTD ratio.&nbsp; <br/>We will have about $20k to put down on house.<br/><br/>Any thoughts on this?&nbsp; Does freddie mac cover overage from 36% to 40%?&nbsp; Is there any option here?<br/><br/>With the old FHA limits, I was good to go.&nbsp;&nbsp; With a limit of 285, I either need another 40k for a downpayment or I need to find extra income.<br \><br \>5 replies Fri, 28 Nov 2014 13:47:00 GMT http://www.zillow.com/advice-thread/Loan-Limits-FHA-and-conventional/568101/ 2014-11-28T13:47:00Z Loan Limits (FHA and conventional) http://www.zillow.com/advice-thread/Loan-Limits-FHA-and-conventional/568101/ Just lightly browsing the idea of buying a home in 2015.<br/><br/>FHA loan limits in my area are down $100k from 2013 and will remain here through 2015 (from what I've read). FHA was the key to affording a new home, as the LTD ratio allows borrowers to be above 36% with little downpayment.&nbsp; <br/><br/>I've read conventional loans require no more than 36% LTD ratio. So here is my potential 2015 scenario:<br/><br/>FHA loan limit = 285k in area<br/>House we want = $340k<br/>A 330k house leaves us around 40% LTD ratio.&nbsp; <br/>We will have about $20k to put down on house.<br/><br/>Any thoughts on this?&nbsp; Does freddie mac cover overage from 36% to 40%?&nbsp; Is there any option here?<br/><br/>With the old FHA limits, I was good to go.&nbsp;&nbsp; With a limit of 285, I either need another 40k for a downpayment or I need to find extra income.<br \><br \>5 replies Fri, 28 Nov 2014 13:47:00 GMT http://www.zillow.com/advice-thread/Loan-Limits-FHA-and-conventional/568101/ 2014-11-28T13:47:00Z Could i get FHA loan? http://www.zillow.com/advice-thread/Could-i-get-FHA-loan/563017/ Greeting,<br/><br/>I recently change my job around 3-4 months ago from W-2 employer to new employer that pay me 1099 (increased income, same line of work) and wonder if i could get an FHA loans with it?<br/><br/>My income with new employer around 36k/yr<br/>My Fico score , 667, 684, 691, there are some negative on my report but those already been taking care of, but still appear on the report,<br/><br/>Also what if i have a co-borrow / co-signer will it then increase my chance of getting a loan.<br/><br/>Please Help Thanks<br \><br \>5 replies Wed, 15 Oct 2014 21:24:00 GMT http://www.zillow.com/advice-thread/Could-i-get-FHA-loan/563017/ 2014-10-15T21:24:00Z want to either sell or rent our house and buy a cheaper house http://www.zillow.com/advice-thread/want-to-either-sell-or-rent-our-house-and-buy-a-cheaper-house/399439/ Okay, so our house has lost a lot of value since we bought during the boom years. Luckily, we are not quite underwater, but close to it. Also, we own an antique house and it is harder to sell than a newer home. Selling it would take a long time if we could even get a buyer (not much is moving where we are in MA). We are wondering whether we should do a sale by owner (which would allow us to keep the price lower and make it somewhat more likely to sell ) or whether we should go for buying a cheaper, more affordable home we've been thinking of. We bought our current house for 230k, it's worth about 175 to 180 now, we owe 168 on it. Our income is 90k salary and 10k in almost guaranteed bonuses. We pay 1272 for mortgage and taxes, 0 credit card debt, 0 car loans, but a window loan for 364/month.&nbsp; We pay 600 for private schools for kids (town schools here suck), but we would drop this to 0 if we moved to this other house in a better town. Price of other home is 85k but it is a short sale (could be a real pain)...Reason for doing this: We feel we pay out more than it is worth to stay here (private schools etc..) when we could pay out a lot less (0 for schools and about 650 for mortgage instead of 1272)..What would you do??? Thanks for help!<br \><br \>9 replies Wed, 18 May 2011 02:04:00 GMT http://www.zillow.com/advice-thread/want-to-either-sell-or-rent-our-house-and-buy-a-cheaper-house/399439/ 2011-05-18T02:04:00Z What can I do to get more (or better) quotes for my loan request ZR-CJDTCVR? http://www.zillow.com/advice-thread/What-can-I-do-to-get-more-or-better-quotes-for-my-loan-request-ZR-CJDTCVR/530534/ Im interesting in a property the you have and I look too see how can I have a cualification for, my income is my ssc around 12,000 and only have two credit car but they are clean no due..the values of the house is 175,000 is in you're. Side, a townhouse<br \><br \>0 replies Sun, 02 Mar 2014 02:02:00 GMT http://www.zillow.com/advice-thread/What-can-I-do-to-get-more-or-better-quotes-for-my-loan-request-ZR-CJDTCVR/530534/ 2014-03-02T02:02:00Z What can I do to get more (or better) quotes for my loan request ZR-ZWMXTYY? http://www.zillow.com/advice-thread/What-can-I-do-to-get-more-or-better-quotes-for-my-loan-request-ZR-ZWMXTYY/479398/ Home in Massachusetts. Looking to do an FHA streamline to drop my monthly payment, while minimizing my out of pocket expenses (if any) with credits and skipped month. Plan is to stay in the home for 3-5 years. Current rate is 5.5% so move to a rate in the 3's should pay out. Current loan certified in 8/2009 so I don't not qualify for the sweetheart FHA program for older loans :-(&nbsp; Should still be able to make something happen here though!<br \><br \>6 replies Wed, 20 Feb 2013 06:01:00 GMT http://www.zillow.com/advice-thread/What-can-I-do-to-get-more-or-better-quotes-for-my-loan-request-ZR-ZWMXTYY/479398/ 2013-02-20T06:01:00Z Underwater FHA Mortgage http://www.zillow.com/advice-thread/Underwater-FHA-Mortgage/464236/ Hi,<br/><br/>&nbsp;&nbsp;&nbsp; My house is currently underwater about $40k. We purchased the house back in Oct 09 so we missed out on the HARP and FHA Streamline refi programs with endorsement date after June 1st 2009. <br/><br/>Is there anything that can be done for us? Our current rate is 5.75%.<br/>Mortgage balance $170k<br/>House estimated $130k<br/><br/>Thank you<br/><br/>-Stressed<br \><br \>3 replies Mon, 15 Oct 2012 22:51:00 GMT http://www.zillow.com/advice-thread/Underwater-FHA-Mortgage/464236/ 2012-10-15T22:51:00Z where to get small loan mortgage? http://www.zillow.com/advice-thread/where-to-get-small-loan-mortgage/442064/ im looking into purchasing a income property in the near future. (This would be my second property)&nbsp;Condo's in my area can be had for around the $40-50k range. I have around $9K for a down payment/closing costs, but im being told good luck finding some one to finance that little of a loan. Any advice<br \><br \>1 reply Tue, 08 May 2012 23:09:00 GMT http://www.zillow.com/advice-thread/where-to-get-small-loan-mortgage/442064/ 2012-05-08T23:09:00Z FHA-Non purchasing spouse http://www.zillow.com/advice-thread/FHA-Non-purchasing-spouse/434753/ My husband and I recently got married and are looking to purchase a home. He has great credit, earns a decent living and has no debt. He has been pre-approved FHA on his own.&nbsp;<br/><br/>I have been told and read so many conflicting things. I had a foreclosure two years ago before we where married due to job loss. He never lived in the property or benefited from it in any way. Would he still have to wait the mandatory three years since we are married?<br/><br/>If he can buy now without me what is the role of a non-purchasing spouse in Massachusetts?&nbsp;<br/><br/><br \><br \>4 replies Sun, 11 Mar 2012 11:52:00 GMT http://www.zillow.com/advice-thread/FHA-Non-purchasing-spouse/434753/ 2012-03-11T11:52:00Z What's the interest mortgage rate with commerce bank? http://www.zillow.com/advice-thread/What%27s-the-interest-mortgage-rate-with-commerce-bank/433953/ 1 reply Sun, 04 Mar 2012 21:50:00 GMT http://www.zillow.com/advice-thread/What%27s-the-interest-mortgage-rate-with-commerce-bank/433953/ 2012-03-04T21:50:00Z What can I do to get more (or better) quotes for my loan request ZR-HWZKZXS http://www.zillow.com/advice-thread/What-can-I-do-to-get-more-or-better-quotes-for-my-loan-request-ZR-HWZKZXS/425519/ WHY AM I NOT RECIEVING <a href="http://www.zillow.com/directory/lenders/">LENDERS</a> LIKE ANYONE ELSE WHO GOES TO THIS SITE?<br \><br \>1 reply Mon, 12 Dec 2011 08:28:00 GMT http://www.zillow.com/advice-thread/What-can-I-do-to-get-more-or-better-quotes-for-my-loan-request-ZR-HWZKZXS/425519/ 2011-12-12T08:28:00Z I am a Real Estate Agent and presented an offer on a house that is on what is considered a private http://www.zillow.com/advice-thread/I-am-a-Real-Estate-Agent-and-presented-an-offer-on-a-house-that-is-on-what-is-considered-a-private/418044/ street in Worcester.&nbsp; I was told that FHA will not give loans on private streets. have you any knowledge of this.<br \><br \>8 replies Tue, 04 Oct 2011 13:12:00 GMT http://www.zillow.com/advice-thread/I-am-a-Real-Estate-Agent-and-presented-an-offer-on-a-house-that-is-on-what-is-considered-a-private/418044/ 2011-10-04T13:12:00Z Very confused about Mortgage options (MA) http://www.zillow.com/advice-thread/Very-confused-about-Mortgage-options-MA/413452/ My husband and I are looking to purchase a home in Worcester MA. I am a graduate student, work part time and have lots of student loans. He was planning on purchasing the home himself as he has a great job which he has been at for eight years and no debt (paid off credit cards, car, etc). He has decent credit and enough for a 5% downpayment at the moment but still saving up. He can also afford it on his salary alone.<br/><br/>We would like to buy a single family 2-3 bedrooms that is in need of some renovation but not a total rehab situation. Our realtor has shown us several in the area that could be good options we are just very confused about our financing options.<br/><br/>He was pre-approved for Masshousing but we really do not know what that is. The banker said we would need to do 80/20 to use this option. The website says different. We do not really understand what this is. She also said they will not finance anything below 100k which several in Worcester are below 100k. We are also trying to figure out if Masshousing has any sort of rehab program.<br/><br/>He was also pre-approved for FHA.&nbsp;I have heard since we are married if we go FHA my debt may be figured in or that my credit has to be run even as a non-purchasing spouse? Is this the case in Massachusetts? The 203k or 203b option sounds like it is what we would be looking for but we don't know if he can do it alone. I am sure my student loan debt would make his debt ratio too high.<br/><br/>Lastly we have heard about the "Buy Cities" program does anyone know what that is?<br/><br/>We are looking to see what are the pluses and minuses of each loan. Any help you could offer would be great. Thanks!<br/><br/><br/><br/><br \><br \>3 replies Sun, 28 Aug 2011 01:41:00 GMT http://www.zillow.com/advice-thread/Very-confused-about-Mortgage-options-MA/413452/ 2011-08-28T01:41:00Z best company for title insurance reissue rates in massachusetts http://www.zillow.com/advice-thread/best-company-for-title-insurance-reissue-rates-in-massachusetts/407620/ 4 replies Sat, 16 Jul 2011 14:12:00 GMT http://www.zillow.com/advice-thread/best-company-for-title-insurance-reissue-rates-in-massachusetts/407620/ 2011-07-16T14:12:00Z what if we are not able to get loan according to price? http://www.zillow.com/advice-thread/what-if-we-are-not-able-to-get-loan-according-to-price/371914/ 5 replies Tue, 19 Oct 2010 20:06:00 GMT http://www.zillow.com/advice-thread/what-if-we-are-not-able-to-get-loan-according-to-price/371914/ 2010-10-19T20:06:00Z I did not get any quotes on my loan request (ZR-HXSRVPW). Can someone help me figure out why? http://www.zillow.com/advice-thread/I-did-not-get-any-quotes-on-my-loan-request-ZR-HXSRVPW-Can-someone-help-me-figure-out-why/321425/ 1 reply Wed, 03 Feb 2010 20:56:00 GMT http://www.zillow.com/advice-thread/I-did-not-get-any-quotes-on-my-loan-request-ZR-HXSRVPW-Can-someone-help-me-figure-out-why/321425/ 2010-02-03T20:56:00Z Why doesnt my lender lock me in? http://www.zillow.com/advice-thread/Why-doesnt-my-lender-lock-me-in/297621/ He refused to lock in the rate. States it cost them but I never had it locked other then applying for the loan...<br \><br \>14 replies Fri, 13 Nov 2009 15:39:00 GMT http://www.zillow.com/advice-thread/Why-doesnt-my-lender-lock-me-in/297621/ 2009-11-13T15:39:00Z Escrow property taxes or pay ourselves? http://www.zillow.com/advice-thread/Escrow-property-taxes-or-pay-ourselves/249749/ Is there anything negative about escrowing property taxes as opposed to paying ourselves separately?&nbsp; We were thinking of putting 1/12th of taxes into a savings account each month &amp; pay the taxes ourselves.&nbsp; Recommended?<br \><br \>6 replies Thu, 25 Jun 2009 13:21:00 GMT http://www.zillow.com/advice-thread/Escrow-property-taxes-or-pay-ourselves/249749/ 2009-06-25T13:21:00Z What is a guaranteed lending fee and guaranteed appraisal fee? http://www.zillow.com/advice-thread/What-is-a-guaranteed-lending-fee-and-guaranteed-appraisal-fee/194887/ 2 replies Mon, 02 Feb 2009 18:39:00 GMT http://www.zillow.com/advice-thread/What-is-a-guaranteed-lending-fee-and-guaranteed-appraisal-fee/194887/ 2009-02-02T18:39:00Z