Zillow Advice RSS: Question-Discussion-Guide,Mortgage,IA http://www.zillow.com/advice/IA/mortgage/question-discussion-guide/ Zillow Advice search results | Zillow Real Estate USDA appraisal, repairs needed. Who normally makes repairs? http://www.zillow.com/advice-thread/USDA-appraisal-repairs-needed-Who-normally-makes-repairs/569248/ <div>We are first time home buyers. We decided to go with a USDA loan. The house was on the market for 260+ days. We offered 85k and it was appraised at 85k. We did not ask the sellers for help with closing costs.&nbsp;<br/><div>When we had an inspection completed our realtor checked some thing and asked for the sellers to fix if needed for the loan which included installing 5 gfci outlets. Supposedly the seller's realtor didn't understand what our realtor was trying to say. The seller's checked 3 things- hot water tank &amp; boiler valve and a hanging electrical outlet that they will fix. The sellers stated that the "buyers are responsible for all other repairs. We will allow buyers or their contractors access to our home to make repairs."<br/><div>USDA will not complete the assessment because the house &nbsp;needs several GFCI outlets installed and the basement floor repainted. It would probably cost DIY of about $100 but we live in Pennsylvania and the house is in Brooklyn, IA. So we would need to hire an electrician &amp; painter.<br/><div>&nbsp;I was also told that we would find out if our loan was approved after the USDA assessment was completed. It will not be completed until the repairs are done. Now our realtor is saying she can get some type of paper from the bank which is like a guarantee of the loan. I do not remember what it is called though. Is there a guarantee of a loan before the assessment is completed? I know realtors just want to close the deal.<br/><div>I don't really want to put money into fixing the seller's house because we don't even know if can get the loan. I just keep thinking of the seller's response. We are responsible for all other repairs but they will give us access to THEIR home to make repairs.<br/><div>Am I being unreasonable? Is there any guarantee of a loan? Who normally makes repairs in this situation?</div></div></div></div></div></div><br \><br \>3 replies Wed, 10 Dec 2014 14:47:00 GMT http://www.zillow.com/advice-thread/USDA-appraisal-repairs-needed-Who-normally-makes-repairs/569248/ 2014-12-10T14:47:00Z where to find a home loan with my credit score http://www.zillow.com/advice-thread/where-to-find-a-home-loan-with-my-credit-score/546141/ Im not sure my exact credit score. I know its around 600. When i go to credit karma or quizzle or any of those websites that you can find them yourself they all say between 600-670. I know those arent always accurate though. Where do i even look to find a lender besides my bank? I dont know where to even look. Also i want to try for a VA loan if i meet all the requirements. Thanks in advance.<br \><br \>4 replies Thu, 19 Jun 2014 02:12:00 GMT http://www.zillow.com/advice-thread/where-to-find-a-home-loan-with-my-credit-score/546141/ 2014-06-19T02:12:00Z where to find a home loan with my credit score http://www.zillow.com/advice-thread/where-to-find-a-home-loan-with-my-credit-score/546141/ Im not sure my exact credit score. I know its around 600. When i go to credit karma or quizzle or any of those websites that you can find them yourself they all say between 600-670. I know those arent always accurate though. Where do i even look to find a lender besides my bank? I dont know where to even look. Also i want to try for a VA loan if i meet all the requirements. Thanks in advance.<br \><br \>4 replies Thu, 19 Jun 2014 02:12:00 GMT http://www.zillow.com/advice-thread/where-to-find-a-home-loan-with-my-credit-score/546141/ 2014-06-19T02:12:00Z Can Lender Increase PMI?? http://www.zillow.com/advice-thread/Can-Lender-Increase-PMI/564964/ I refinanced my home in March using FHA streamline program.&nbsp; I am a home mortgage consultant so I am familiar with the programs and what I was doing when closing the refinance.&nbsp; I qualified for the PMI reduction program where I could continue to pay about the same amount I was paying in PMI which was around $70 per month.&nbsp; I closed in March and made first payment in May 2014.&nbsp; I have been paying $70 per month in PMI until this month where I got a escrow review and it said my PMI was increasing from $70 per month to $166 per month?!?!? How can they increase my PMI?&nbsp; Was this an error on their part?&nbsp; Is there legal action I can take?&nbsp; I also should note that when I did my application by phone the lender did not ask any of the investor questions or HMDA questions and noticed they marked the answers for me on the paperwork even though some of the answers were not correct.&nbsp; Can I do anything legally to get this resolved as I am NOT going to pay an increase of almost $100 per month as I would never have refinanced in first place as it would not have been worth it.&nbsp; Thanks for the help!<br \><br \>8 replies Fri, 31 Oct 2014 14:58:00 GMT http://www.zillow.com/advice-thread/Can-Lender-Increase-PMI/564964/ 2014-10-31T14:58:00Z Sell home...pay off debt....rent...buy home http://www.zillow.com/advice-thread/Sell-home-pay-off-debt-rent-buy-home/562245/ My husband and I are drowning in credit card debt and think selling our house and using the profit to pay it off is the best option. We would then rent for about a year to get a savings in place for an FHA loan on a new house. Is this a good idea in your experiences? I just don't know another way out.<br \><br \>5 replies Thu, 09 Oct 2014 05:34:00 GMT http://www.zillow.com/advice-thread/Sell-home-pay-off-debt-rent-buy-home/562245/ 2014-10-09T05:34:00Z how do I enter feedback on a mortgage lender I used http://www.zillow.com/advice-thread/how-do-I-enter-feedback-on-a-mortgage-lender-I-used/555732/ 3 replies Thu, 21 Aug 2014 02:32:00 GMT http://www.zillow.com/advice-thread/how-do-I-enter-feedback-on-a-mortgage-lender-I-used/555732/ 2014-08-21T02:32:00Z VA Home loans http://www.zillow.com/advice-thread/VA-Home-loans/546439/ My husband is active duty military and we are wanting to purchase a home. We both have a low 600's credit scores but have excellent past 12 months credit history. I don't know where to go to understand how the VA hone loan works. Advice please!!<br \><br \>7 replies Sat, 21 Jun 2014 01:57:00 GMT http://www.zillow.com/advice-thread/VA-Home-loans/546439/ 2014-06-21T01:57:00Z Does checking on pre-approval effect your credit? http://www.zillow.com/advice-thread/Does-checking-on-pre-approval-effect-your-credit/536265/ &nbsp;&nbsp;Hello!&nbsp; We are hoping to move this summer and are wanting to see if we are even&nbsp;qualified to get a new mortgage.&nbsp; I know that credit checks can actually go against your credit (this actually happened to us a few years ago - declined for too many credit inquiries) - does checking for preapproval&nbsp;then proceeding with an actual mortage a few months down the road have a negative impact on credit?&nbsp;<br \><br \>5 replies Sun, 13 Apr 2014 16:09:00 GMT http://www.zillow.com/advice-thread/Does-checking-on-pre-approval-effect-your-credit/536265/ 2014-04-13T16:09:00Z Pre-approved alone- want to add fiance with low credit score http://www.zillow.com/advice-thread/Pre-approved-alone-want-to-add-fiance-with-low-credit-score/535972/ I live in Iowa. I make 48,000. I am pre-approved for loans up to 70k for FHA. My fiance has a low middle credit score of 607. He makes 36,000. We have 5-6k for a down payment. We would like to buy a house around 100k but aren't sure if we should apply for loans knowing his score is low. What is your advice?<br \><br \>3 replies Thu, 10 Apr 2014 20:50:00 GMT http://www.zillow.com/advice-thread/Pre-approved-alone-want-to-add-fiance-with-low-credit-score/535972/ 2014-04-10T20:50:00Z Any FHA back to work lenders in Iowa? http://www.zillow.com/advice-thread/Any-FHA-back-to-work-lenders-in-Iowa/521120/ Hi, We are looking for a lender that participates in the back to work program in Iowa.<br \><br \>6 replies Sun, 08 Dec 2013 15:53:00 GMT http://www.zillow.com/advice-thread/Any-FHA-back-to-work-lenders-in-Iowa/521120/ 2013-12-08T15:53:00Z Are there any local lenders who understand income-based repayment (IBR) of student loans? http://www.zillow.com/advice-thread/Are-there-any-local-lenders-who-understand-income-based-repayment-IBR-of-student-loans/531877/ The lenders I have contacted so far insist they have to base my application on the payments I revert to if no longer participating in IBR because IBR payments are only scheduled for a year at a time. I need a lender educated on this program and am having difficulty finding one.<br \><br \>3 replies Tue, 11 Mar 2014 18:26:00 GMT http://www.zillow.com/advice-thread/Are-there-any-local-lenders-who-understand-income-based-repayment-IBR-of-student-loans/531877/ 2014-03-11T18:26:00Z Does Paying off all debt mean my credit score could increase enough to get a mortgage? http://www.zillow.com/advice-thread/Does-Paying-off-all-debt-mean-my-credit-score-could-increase-enough-to-get-a-mortgage/531912/ I have a repossession in my past which I am working to pay off. I've Also had various late payment, etc. I am turning things around and always paying everything on time now. Will my past mistakes keep me from being able to Get a mortgage, or is it possible to increase my credit enough to get a loan after the repo is paid off?<br \><br \>3 replies Tue, 11 Mar 2014 20:55:00 GMT http://www.zillow.com/advice-thread/Does-Paying-off-all-debt-mean-my-credit-score-could-increase-enough-to-get-a-mortgage/531912/ 2014-03-11T20:55:00Z Will we be able to secure mortgage? http://www.zillow.com/advice-thread/Will-we-be-able-to-secure-mortgage/530043/ We are exactly 24 months post short sale, with lates on that mortgage only. Prior to that, we purchased our current house, so we have a mortgage right now with no lates. Credit score is 770+, however we only have 10% to put down on our new house (relocating to iowa next month). Will we be able to get a mortgage? Would a credit union be able to help? **short sale on first house was due to job loss/relocation<br \><br \>6 replies Wed, 26 Feb 2014 12:43:00 GMT http://www.zillow.com/advice-thread/Will-we-be-able-to-secure-mortgage/530043/ 2014-02-26T12:43:00Z I am wondering if it is possible for me to get a VA Loan. http://www.zillow.com/advice-thread/I-am-wondering-if-it-is-possible-for-me-to-get-a-VA-Loan/529129/ <p>I have less than stellar credit 560.&nbsp; I have my VA certificate already and am retired militarty.</p><br \><br \>3 replies Thu, 20 Feb 2014 00:42:00 GMT http://www.zillow.com/advice-thread/I-am-wondering-if-it-is-possible-for-me-to-get-a-VA-Loan/529129/ 2014-02-20T00:42:00Z What can I do to get more (or better) quotes for my loan request ZR-WMJLTTP? http://www.zillow.com/advice-thread/What-can-I-do-to-get-more-or-better-quotes-for-my-loan-request-ZR-WMJLTTP/528315/ 1 reply Thu, 13 Feb 2014 14:24:00 GMT http://www.zillow.com/advice-thread/What-can-I-do-to-get-more-or-better-quotes-for-my-loan-request-ZR-WMJLTTP/528315/ 2014-02-13T14:24:00Z What can I do to get more (or better) quotes for my loan request ZR-FNPFCNB? http://www.zillow.com/advice-thread/What-can-I-do-to-get-more-or-better-quotes-for-my-loan-request-ZR-FNPFCNB/525710/ I lost my 12 yr. old job in Feb.'13 and due to my age of 55, I'm having a tough time finding anything that pays better than minimum wage. I have a credit score of 679-711. My wife is disabled and get's a disability check of $1,400. a month so this would be our total income until we can find a home where I can start my furniture repair business (I have all the tools bought). We found a double mobile home on it's own lot and w/a concrete foundation. It has a 4 stall garage and shop. We think we can talk them to 80K but our credit union won't do mobile homes and we were told we'd have to go on my wife's credit which is not good. Our rent goes up to $750 this month and our loan payment would be so much lower as we have 30% to put down on $80K. Are there any institutions who could help us? We're responsible people.. &nbsp;<br \><br \>0 replies Fri, 24 Jan 2014 18:24:00 GMT http://www.zillow.com/advice-thread/What-can-I-do-to-get-more-or-better-quotes-for-my-loan-request-ZR-FNPFCNB/525710/ 2014-01-24T18:24:00Z I have signed all doc's of a refinance. The lender is requesting additional doc's. Do I comply? http://www.zillow.com/advice-thread/I-have-signed-all-doc%27s-of-a-refinance-The-lender-is-requesting-additional-doc%27s-Do-I-comply/522102/ The lender is requesting a change of deed ownership. After 4 days past the closing.<br \><br \>8 replies Fri, 20 Dec 2013 13:48:00 GMT http://www.zillow.com/advice-thread/I-have-signed-all-doc%27s-of-a-refinance-The-lender-is-requesting-additional-doc%27s-Do-I-comply/522102/ 2013-12-20T13:48:00Z Why can't I rent my home? http://www.zillow.com/advice-thread/Why-can%27t-I-rent-my-home/520873/ I bought my first&nbsp;home almost 3 years ago using the USDA RD program. Since then I have made ALL of my payments on time and in excess of the amount they requested. I am wanting to rent out my home as I recently had a baby and cannot afford to live in my home anymore. My loan servicer is US Bank. When I asked them if I could rent my home they said no, as I&nbsp;signed 'Tax Exempt Financing Rider' when I closed on my home and am required to live in it for the life of the loan unless I refinance or sell it. Why can't I rent it and what can I do other than refinance it? I have never heard of anything like this before and thought I would rent my home after living in it for 3 years.<br \><br \>3 replies Thu, 05 Dec 2013 16:27:00 GMT http://www.zillow.com/advice-thread/Why-can%27t-I-rent-my-home/520873/ 2013-12-05T16:27:00Z Can a VA mortgage loan go through the assumption process http://www.zillow.com/advice-thread/Can-a-VA-mortgage-loan-go-through-the-assumption-process/516439/ 2 replies Wed, 23 Oct 2013 21:45:00 GMT http://www.zillow.com/advice-thread/Can-a-VA-mortgage-loan-go-through-the-assumption-process/516439/ 2013-10-23T21:45:00Z What can I do to get more (or better) quotes for my loan request ZR-FXGZRBS? http://www.zillow.com/advice-thread/What-can-I-do-to-get-more-or-better-quotes-for-my-loan-request-ZR-FXGZRBS/515586/ 0 replies Wed, 16 Oct 2013 23:42:00 GMT http://www.zillow.com/advice-thread/What-can-I-do-to-get-more-or-better-quotes-for-my-loan-request-ZR-FXGZRBS/515586/ 2013-10-16T23:42:00Z