Zillow Advice RSS: Question-Discussion-Guide,Mortgage,Durham- NC http://www.zillow.com/advice/Durham-NC/mortgage/question-discussion-guide/ Zillow Advice search results | Zillow Real Estate ITIN Mortgage? http://www.zillow.com/advice-thread/ITIN-Mortgage/523990/ Any lenders that do ITIN mortgages?<br/><br/>What are the requirements?&nbsp;<br \><br \>6 replies Fri, 10 Jan 2014 17:16:00 GMT http://www.zillow.com/advice-thread/ITIN-Mortgage/523990/ 2014-01-10T17:16:00Z Mortgage for self-employed with less than 2 years? http://www.zillow.com/advice-thread/Mortgage-for-self-employed-with-less-than-2-years/550373/ Hello, I live in NC and have been working in the pharmaceutical/biotechnology industries for the past 28 years. &nbsp;In June of 2013, I became a 1099 employee (started my own company, of just myself) and am still doing the same work as I have been for my entire career. &nbsp;My salary increased last year and is on track to be around the same as last year. &nbsp;In past home purchases, we have utilized both traditional and VA loans but, in trying to obtain a pre-approval, we are now being told that I need to have another year+ as a 1099 employee, due to FHA requirements. &nbsp;My understanding of the FHA requirement is that the 2-year tax returns could be relaxed if the individual is making the same or more money within the same line of work. &nbsp;Is this not true? &nbsp;I could go private lending but then I will need to put 25% down and I really would prefer to keep my "security funding" intact. &nbsp;Any input would be appreciated. &nbsp;Thanks.<br \><br \>4 replies Sat, 19 Jul 2014 22:12:00 GMT http://www.zillow.com/advice-thread/Mortgage-for-self-employed-with-less-than-2-years/550373/ 2014-07-19T22:12:00Z need help w/ mortgage approval http://www.zillow.com/advice-thread/need-help-w-mortgage-approval/548038/ Attempting to buy first home in North Carolina. I have an 580/586/550 as of last week when i spoke to quicken loans.they advise me of what I needed to do. I paid off my cc debt which I settled in full, along w/ 2 other accounts. I'm now paying my car pmt as agreed to. I owe less than $8k, i'm current on my student loans now. I also have 12k cash saved.<br/><br \><br \>6 replies Tue, 01 Jul 2014 18:49:00 GMT http://www.zillow.com/advice-thread/need-help-w-mortgage-approval/548038/ 2014-07-01T18:49:00Z Would a bank approve me for a second mortgage? http://www.zillow.com/advice-thread/Would-a-bank-approve-me-for-a-second-mortgage/532291/ About me:<br/>-Salary - 40,000 (3,080 Monthly before taxes)<br/>-Current Home Payment (Mortgage, Insurance, Taxes) - 655.00 (28 years left on a 30 @ 3.5% fixed under USDA loan)<div>-Current Home Value Vs Owed - 100,00 Tax Value vs 96,000 Owed&nbsp;<div>-Other Debt (Car) - 296.00 (4.5 years left on 6 @ 3.49% fixed)<div>&nbsp;-FICO Score = 760 Now, but at the end of the month should be above 800, paying off credit cards in full.<div><br/><div><br/><div><br/><div>With the above information listed, would a bank likely approve me for a 40,000 loan on a second home at either a 15 year or 30 year fixed rate? And if so, what would be the minimal down payment be be approved? Also, would I be able to qualify for a FHA loan under this as well with a minimum of 3.5% down? Please explain below. Thank you in advance.</div></div></div></div></div></div></div><br \><br \>6 replies Fri, 14 Mar 2014 04:59:00 GMT http://www.zillow.com/advice-thread/Would-a-bank-approve-me-for-a-second-mortgage/532291/ 2014-03-14T04:59:00Z Can I sell my home to my soon to be ex-girlfriend? http://www.zillow.com/advice-thread/Can-I-sell-my-home-to-my-soon-to-be-ex-girlfriend/531077/ Here is my scenario. I reside in Durham, NC. I currently own a home, that my girlfriend, our child, and I both live in. We have lived in this home for 3 years, and I owe less than the current value of the home, so I am not "upside down" on my loan at all. We may be parting ways soon, and since she would retain the majority of the child custody, she wants to keep our child in the house she was born in, and I would prefer to move out anyways.&nbsp;<br/><br/>My girlfriend should be able to qualify for a loan based on her credit and finances. My concern is the bank could see this as a "bail out" since we are not strangers, and her current address is the same as the house she would be interested in buying. <br/><br/>Is there any issue with her buying it? <br/><br/>If there is not an issue with her buying, and she does in deed buy it, if she became delinquent on payments, would this fall back on me at all, for instance: the bank thinking I sold it to her so I would not ruin my credit, and she never intended to pay for the home to begin with, or any other scenario where potential fraud could be thought of.<br/><br/>Thanks in advance for responding.<br \><br \>13 replies Wed, 05 Mar 2014 20:29:00 GMT http://www.zillow.com/advice-thread/Can-I-sell-my-home-to-my-soon-to-be-ex-girlfriend/531077/ 2014-03-05T20:29:00Z HomePath Renovation Loan? http://www.zillow.com/advice-thread/HomePath-Renovation-Loan/442895/ Was pre-approved for a HomePath Renovation Loan.&nbsp; with no points... We also talked about an FHA renovation loan with no points.&nbsp; that was two months ago.<br/>put an offer on a house.&nbsp; go to sign the paperwork in the office to get the loan..&nbsp; <br/>All of a sudden there are points on the loan... about 5000 in point cost.&nbsp; on 180000<br/>..<br/>What should I do?&nbsp; go to a different lender or just pay the points?<br/><br \><br \>4 replies Tue, 15 May 2012 19:55:00 GMT http://www.zillow.com/advice-thread/HomePath-Renovation-Loan/442895/ 2012-05-15T19:55:00Z I am looking for a 90% LTV 30 yr fixed loan of $870K in NC. Excellent credit, low DTI Any programs? http://www.zillow.com/advice-thread/I-am-looking-for-a-90-LTV-30-yr-fixed-loan-of-870K-in-NC-Excellent-credit-low-DTI-Any-programs/490922/ 7 replies Sun, 05 May 2013 20:04:00 GMT http://www.zillow.com/advice-thread/I-am-looking-for-a-90-LTV-30-yr-fixed-loan-of-870K-in-NC-Excellent-credit-low-DTI-Any-programs/490922/ 2013-05-05T20:04:00Z Is there a chance of receiving a mortgage in Durham, NC with less than perfect credit? http://www.zillow.com/advice-thread/Is-there-a-chance-of-receiving-a-mortgage-in-Durham-NC-with-less-than-perfect-credit/494941/ My Score = ~620 (credit karma)<br/><br/>My Girlfriend = ~675 (credit karma)<br/><br/>I was wild in my younger days!&nbsp; I had a vehicle reposessed in 06 or 07, and I just found out about a ~$250 judgement for vehicle personal prop. taxes from 2007 in VA.&nbsp; There was also a cell phone bill and credit card bill that went into collections around the same time. &nbsp;<br/><br/>Another major problem is that I haven't really had any credit for the last 6-7 years.<br/><br/>Next problem is my employment history is starting over as well.&nbsp; I have been working as an Executive Asst. in an apprenticeship type situation at TROSA for the last 3 years.&nbsp; I have just been offered a job with a newly formed Venture Capital/Intermediary firm making 38+ benefits.&nbsp; My girlfriend makes 20-25k/yr but she has the same employment history issue. &nbsp;&nbsp; <br/><br/>Combined household income is roughly 60k/yr.&nbsp; We both own our cars and have no additional credit at this point.&nbsp; If I forgot to mention we are looking to apply together.<br/><br/>Is there any hope for us?&nbsp; Renting is such a money pit and we would love to start our lives in a new home.&nbsp; I have found several nice homes in the 100k - 125k region.&nbsp; <br/><br/>Any information would be greatly appreciated!&nbsp; <br/><br/><br \><br \>4 replies Sat, 01 Jun 2013 19:40:00 GMT http://www.zillow.com/advice-thread/Is-there-a-chance-of-receiving-a-mortgage-in-Durham-NC-with-less-than-perfect-credit/494941/ 2013-06-01T19:40:00Z Quick and easy what to build a closet http://www.zillow.com/advice-thread/Quick-and-easy-what-to-build-a-closet/496941/ <p>If you have a room that would easily serve as a bedroom (has 3 windows and door, located between full bath and second bedroom) what is the quickest and easiest way to build a closet. A closet that would make the room be appraised as a third bedroom?<br/></p><br \><br \>2 replies Thu, 13 Jun 2013 18:44:00 GMT http://www.zillow.com/advice-thread/Quick-and-easy-what-to-build-a-closet/496941/ 2013-06-13T18:44:00Z What can I do to get more (or better) quotes for my loan request ZR-FMCKRQR? http://www.zillow.com/advice-thread/What-can-I-do-to-get-more-or-better-quotes-for-my-loan-request-ZR-FMCKRQR/491792/ I purchased the house for cash and would like to pull cash out.<br \><br \>1 reply Sat, 11 May 2013 10:50:00 GMT http://www.zillow.com/advice-thread/What-can-I-do-to-get-more-or-better-quotes-for-my-loan-request-ZR-FMCKRQR/491792/ 2013-05-11T10:50:00Z Any mortgage lenders in/near Durham that take graduate stipend as income? http://www.zillow.com/advice-thread/Any-mortgage-lenders-in-near-Durham-that-take-graduate-stipend-as-income/491728/ I'm starting a PhD program in Durham this fall, and I'm looking to buy a house. Does anyone know of any lenders who would treat my stipend (guaranteed for 5 years) as income?<br \><br \>1 reply Fri, 10 May 2013 21:05:00 GMT http://www.zillow.com/advice-thread/Any-mortgage-lenders-in-near-Durham-that-take-graduate-stipend-as-income/491728/ 2013-05-10T21:05:00Z Is it possible to secure a mortgage on a home owned free and clear? http://www.zillow.com/advice-thread/Is-it-possible-to-secure-a-mortgage-on-a-home-owned-free-and-clear/486767/ 4 replies Sun, 07 Apr 2013 15:18:00 GMT http://www.zillow.com/advice-thread/Is-it-possible-to-secure-a-mortgage-on-a-home-owned-free-and-clear/486767/ 2013-04-07T15:18:00Z Investment Property Refinance w/ LPMI http://www.zillow.com/advice-thread/Investment-Property-Refinance-w-LPMI/482759/ My wife and I purchased a home in Durham, NC in 2007 with a BofA "Doctor Mortgage" which was a 30yr fixed 6.125% including LPMI.&nbsp; We moved out of state in 2011 and converted the property to a rental at that time.&nbsp; The property has been occupied by tenants since we moved.<br/><br/>Our current LTV is ~85-90%.&nbsp; I attempted to refinance last year and was told by BofA we were ineligible because I have LPMI.&nbsp; I tried to go with a third party who said LPMI was no problem, but then Fannie Mae said we were ineligible because they purchased the mortgage after May 31, 2009 (I just looked up our address and found that Fannie Mae purchased the mortgage June 1, 2010).&nbsp; <br/><br/>Is it true I am disqualified from HARP 2 even though our mortgage was originated in 2007?&nbsp; Do we have any way (other than bringing down LTV to 75%) to refinance and take advantage of low interest rates?<br \><br \>3 replies Wed, 13 Mar 2013 18:05:00 GMT http://www.zillow.com/advice-thread/Investment-Property-Refinance-w-LPMI/482759/ 2013-03-13T18:05:00Z how much my house http://www.zillow.com/advice-thread/how-much-my-house/469221/ 6 replies Thu, 22 Nov 2012 04:52:00 GMT http://www.zillow.com/advice-thread/how-much-my-house/469221/ 2012-11-22T04:52:00Z how do I speak to a real zillow representative? http://www.zillow.com/advice-thread/how-do-I-speak-to-a-real-zillow-representative/436091/ 4 replies Wed, 21 Mar 2012 18:16:00 GMT http://www.zillow.com/advice-thread/how-do-I-speak-to-a-real-zillow-representative/436091/ 2012-03-21T18:16:00Z Tough situation? http://www.zillow.com/advice-thread/Tough-situation/373585/ I am currently in a 30-year VA fixed mortgage at 6.875%.&nbsp; I have poor credit.&nbsp; For a variety of reasons, I missed two or three payments and am now on a repayment plan with my mortgagor.&nbsp; <br/><br/>I am interested in a IRRRL refinance.&nbsp; I meet all the requirements except the requirement that you can't have more than one 30-day late payment in the past year.&nbsp; However, after reading the VA guidelines, they offer an exception process whereby if the loan is delinquent, the lender must obtain prior approval from the VA.&nbsp; <br/><br/>Can anyone recommend or point me to lenders who would be willing to work with me to obtain an IRRRL based on my circumstances?<br/><br/>Thank you,<br/>Rick<br \><br \>11 replies Wed, 03 Nov 2010 13:58:00 GMT http://www.zillow.com/advice-thread/Tough-situation/373585/ 2010-11-03T13:58:00Z refi without PMI http://www.zillow.com/advice-thread/refi-without-PMI/414827/ House recently appraised for $440k, have a single 5.5% 30y fixed with $397k remaining, paying PMI. &nbsp;What is my best option to lower payment without spending a lot at closing? &nbsp;I'm comfortable with 5/1 ARM given that we'd like to move within 2 years. &nbsp;We have excellent credit and income.<br \><br \>5 replies Thu, 08 Sep 2011 21:57:00 GMT http://www.zillow.com/advice-thread/refi-without-PMI/414827/ 2011-09-08T21:57:00Z 3.75% 30 ARM or 5% 20 year fixed 90% LTV mortgage. Which is better? http://www.zillow.com/advice-thread/3-75-30-ARM-or-5-20-year-fixed-90-LTV-mortgage-Which-is-better/374945/ I am renovating my current home and am financing with the local credit union.&nbsp; Total loan value is $264,000.&nbsp; They are offering two products:&nbsp; 1) a 3.75% ARM (fixed for two year with a cap at 9.75%) or a 2) 5% 20 year fixed rate.&nbsp; Both are 90% LTV with no PMI.&nbsp;&nbsp; Looking for advice on best route to take.<br/><br/>thanks,<br \><br \>20 replies Mon, 15 Nov 2010 14:39:00 GMT http://www.zillow.com/advice-thread/3-75-30-ARM-or-5-20-year-fixed-90-LTV-mortgage-Which-is-better/374945/ 2010-11-15T14:39:00Z What's the difference between a mortgage banker and a mortgage broker? Are there drawbacks to banker http://www.zillow.com/advice-thread/What%27s-the-difference-between-a-mortgage-banker-and-a-mortgage-broker-Are-there-drawbacks-to-banker/363017/ I received a great quote from a mortgage banker and want to know if there's anything that should concern me. Thanks!<br \><br \>18 replies Fri, 20 Aug 2010 16:57:00 GMT http://www.zillow.com/advice-thread/What%27s-the-difference-between-a-mortgage-banker-and-a-mortgage-broker-Are-there-drawbacks-to-banker/363017/ 2010-08-20T16:57:00Z How does Zillow calculate PMI http://www.zillow.com/advice-thread/How-does-Zillow-calculate-PMI/362745/ I'm confused by Zillow's PMI estimate. I thought 95% gave 0.78 PMI/yr. The Zillow calculation is almost 20% higher. Any explanation?<br \><br \>3 replies Wed, 18 Aug 2010 18:47:00 GMT http://www.zillow.com/advice-thread/How-does-Zillow-calculate-PMI/362745/ 2010-08-18T18:47:00Z