Zillow Advice RSS: Question-Discussion-Guide,Mortgage,MA http://www.zillow.com/advice/MA/mortgage/question-discussion-guide/ Zillow Advice search results | Zillow Real Estate Can we get a morgage http://www.zillow.com/advice-thread/Can-we-get-a-morgage/603024/ My husband and I have poor credit, in low 500s, both have had the same job for many years any way to get approved for a morgage maybe 120-150?<br \><br \>5 replies Wed, 02 Sep 2015 17:48:00 GMT http://www.zillow.com/advice-thread/Can-we-get-a-morgage/603024/ 2015-09-02T17:48:00Z What are the chances we will be approved? http://www.zillow.com/advice-thread/What-are-the-chances-we-will-be-approved/603035/ My fianc&eacute;e and I are hoping to buy our first home within the next 9 months. We make roughly 60K a year but are recent college grads with short work histories. My credit is a 720 and we are slowly building his back up before applying. Our only debt is our student loans which total roughly $700 a month. We have been looking at fixer uppers in our area for around $200K. Within the next few months our down payment fund will be about $17000. What are our chances of qualifying for a mortgage of ~200K and what is the next step we should take to get this process started?<br \><br \>5 replies Wed, 02 Sep 2015 18:49:00 GMT http://www.zillow.com/advice-thread/What-are-the-chances-we-will-be-approved/603035/ 2015-09-02T18:49:00Z Nube Questions http://www.zillow.com/advice-thread/Nube-Questions/602413/ Hello!<br/><br/>Two quick "newbie" questions for anyone who can help:<br/><br/>1) How much (in percentage points) does your downpayment affect your interest rate? For example if you put 20% would you get a rate of 3.75% vs 5% down and a rate of 4%?<br/><br/>2) I am working with a broker and they are giving me a rate of 4% for 30y/fixed. I have been looking at some direct lenders and it looks like I could get a bit of a lower rate (3.773%) - BUT with fees, points, etc. the monthly payment is relatively close between the two. Should I go with the lower interest rate even though the difference in monthly payments is negligible?<br/><br/>Thanks for any information anyone can provide!<br \><br \>4 replies Fri, 28 Aug 2015 22:32:00 GMT http://www.zillow.com/advice-thread/Nube-Questions/602413/ 2015-08-28T22:32:00Z How long does it take a va loan to go through? http://www.zillow.com/advice-thread/How-long-does-it-take-a-va-loan-to-go-through/185820/ We had the appraisal done and it came in higher then what we currenly owe on are <a href="http://www.zillow.com/mortgage/">mortgage</a>. Everything is ok, are credit scores, income and dept to income. How long should it take to process? We are <a href="http://www.zillow.com/refinance/">refinancing</a> but we currently do not have a va loan.<br \><br \>31 replies Wed, 07 Jan 2009 14:12:00 GMT http://www.zillow.com/advice-thread/How-long-does-it-take-a-va-loan-to-go-through/185820/ 2009-01-07T14:12:00Z What can you do about really low appraisal by Landsafe? $249K less than a Spring 09 appraisal. http://www.zillow.com/advice-thread/What-can-you-do-about-really-low-appraisal-by-Landsafe-249K-less-than-a-Spring-09-appraisal/311658/ I tried to refi with Bank of America, their <a href="http://www.zillow.com/directory/real-estate-services-appraisal/">appraiser</a>, Landsafe, came in $249K less than the appraisal I had in Spring of 09. &nbsp;They won't look at any of the local comp's I've pointed out to them. &nbsp;They have used comp's from towns no where near my house. &nbsp;They have refused to adjust it and now I cannot refi without PMI or by paying down my <a href="http://www.zillow.com/mortgage/">mortgage</a>. &nbsp;My concerns fall on deaf ears from Bank of America since they are affliated with Landsafe Appraisal. &nbsp;I was also charge on my credit card $475 for an appraisal that I was told was going to be $375. &nbsp;I feel like I was totally scammed by Bank of America and Landsafe. &nbsp;When I called Bank of America, I got someone in India! &nbsp;So much for Bank of America!!! &nbsp;People should be outraged!<br \><br \>17 replies Mon, 04 Jan 2010 22:48:00 GMT http://www.zillow.com/advice-thread/What-can-you-do-about-really-low-appraisal-by-Landsafe-249K-less-than-a-Spring-09-appraisal/311658/ 2010-01-04T22:48:00Z Bank Statements affect mortgage approval? http://www.zillow.com/advice-thread/Bank-Statements-affect-mortgage-approval/599906/ I didn't think I would be even pre-approved for a loan, but tried anyway. Got pre-approved, found a condo and now accepted an offer. Credit is in high 700's, been at my job for 5 years. I only have 1 credit card in my name and a student loan with less than $1000 left on it. My wife is not on the application. I help her with some of her bills (a personal loan and a credit card) but they are not in my name. I wasn't really paying any attention to my spending since it's the summer and we've been on vacation and such, and I also wasn't thinking I was going to be applying for a mortgage. But my wife got pregnant and we need our own place so I decided to try. All that being said, I have uploaded all the necessary documents for my loan officer, but my bank statements have an awful lot of wasteful spending on them. Also, our savings were moved around a bit and we still have all of it, but it doesn't reflect in my bank statements. Should I just kiss this mortgage goodbye? Or is it not that big of a deal?<br \><br \>6 replies Wed, 12 Aug 2015 16:50:00 GMT http://www.zillow.com/advice-thread/Bank-Statements-affect-mortgage-approval/599906/ 2015-08-12T16:50:00Z Non warrantable condo-Cash out refi--Massachusetts http://www.zillow.com/advice-thread/Non-warrantable-condo-Cash-out-refi-Massachusetts/593035/ Hello<br/><br/>Looking to cash out in a condo in MA. Who does these types of loans here in MA?<br/>I am having a true hard time finding someone to do this.&nbsp;<br/>Perfect credit, solid rentals, and tons of equity (bought in 1997). Moreover, I do have 200K cash on hand.&nbsp;<br/>Why is it impossible to do this now??<br \><br \>7 replies Fri, 26 Jun 2015 14:17:00 GMT http://www.zillow.com/advice-thread/Non-warrantable-condo-Cash-out-refi-Massachusetts/593035/ 2015-06-26T14:17:00Z I am refinancing. After appraisal, house value has risen by 20k. Now LTV is 87% do I qualify for ARM http://www.zillow.com/advice-thread/I-am-refinancing-After-appraisal-house-value-has-risen-by-20k-Now-LTV-is-87-do-I-qualify-for-ARM/599712/ I am trying to refinance my home mortgage. I had 93% LTV ratio before the appraisal. My lender told because I didn't have atleast 90% LTV so I didn't qualify for ARM. After appraisal, the value has risend by 20k. Calculating &nbsp;LTV based off the lender ordered appraisal, it should be at 87%. Does that mean I qualify for ARM now?<br \><br \>5 replies Tue, 11 Aug 2015 12:15:00 GMT http://www.zillow.com/advice-thread/I-am-refinancing-After-appraisal-house-value-has-risen-by-20k-Now-LTV-is-87-do-I-qualify-for-ARM/599712/ 2015-08-11T12:15:00Z When Does A Buyer Have to Disclose Intent to Use FHA Loan http://www.zillow.com/advice-thread/When-Does-A-Buyer-Have-to-Disclose-Intent-to-Use-FHA-Loan/598100/ Hi There, we're selling our house, we've had inspections done and negotiate price/terms. &nbsp;We've also signed our Purchase and Sale agreement. &nbsp;Close is in just under three weeks.&nbsp;<br/><br/>We were just informed that our buyer is planning to use an FHA loan and as a result there are issues with peeling paint that we are now being asked to fix. &nbsp;My question is, should we have been informed of the buyers intent to use an FHA loan weeks ago? &nbsp;And, shouldn't issues associated with an FHA inspection have been brought up during the initial inspection?<br \><br \>11 replies Fri, 31 Jul 2015 18:27:00 GMT http://www.zillow.com/advice-thread/When-Does-A-Buyer-Have-to-Disclose-Intent-to-Use-FHA-Loan/598100/ 2015-07-31T18:27:00Z About rental property owned singly and bankruptcy and foreclosure http://www.zillow.com/advice-thread/About-rental-property-owned-singly-and-bankruptcy-and-foreclosure/599082/ <div>My husband owns rental property on his own (not jointly) which he purchased before we got married. Does it affect me in any way:&nbsp;<div>1) If there is a short-sale / foreclosure on the property&nbsp;<div>2) If he files for bankruptcy&nbsp;<div>3) Stops making his payments ?&nbsp;<div>We do not have any of our finances together FYI.</div></div></div></div></div><br \><br \>1 reply Fri, 07 Aug 2015 02:36:00 GMT http://www.zillow.com/advice-thread/About-rental-property-owned-singly-and-bankruptcy-and-foreclosure/599082/ 2015-08-07T02:36:00Z We have an acepted offer for a house and after a month with the bank they say my DTI is too high http://www.zillow.com/advice-thread/We-have-an-acepted-offer-for-a-house-and-after-a-month-with-the-bank-they-say-my-DTI-is-too-high/598700/ The DTI is 54% but we have never missed a payment and our credit took a hit because of the high DTI 700's. They want us to pay down two credit cards that will really stretch us after the close. Any ideas?<br \><br \>12 replies Tue, 04 Aug 2015 20:48:00 GMT http://www.zillow.com/advice-thread/We-have-an-acepted-offer-for-a-house-and-after-a-month-with-the-bank-they-say-my-DTI-is-too-high/598700/ 2015-08-04T20:48:00Z What non-Fannie Mae loan options with reasonable rates are available for excellent credit/low debt? http://www.zillow.com/advice-thread/What-non-Fannie-Mae-loan-options-with-reasonable-rates-are-available-for-excellent-credit-low-debt/597903/ I have an excellent credit score and more assets than debt, but can't get a traditional loan by Fannie Mae standards because some of my house is down to frame (burst pipe). &nbsp;There is no structural damage, the wet areas were removed immediately. &nbsp;It was/is insured, and is in a highly-desirable area. &nbsp;While already partially deconstructed, I not only want to repair, but put on an addition off the effected area. &nbsp;Because of the work needed, I can't pass an inspection, and therefore cannot receive a loan backed by Fannie Mae. &nbsp;I am looking for options with reasonable rates. &nbsp;What I have found online is higher rates for "risky loans" pertaining to people with bad credit or high debt as the reason for not qualifying, but can't find an answer to my situation.<br \><br \>6 replies Thu, 30 Jul 2015 15:25:00 GMT http://www.zillow.com/advice-thread/What-non-Fannie-Mae-loan-options-with-reasonable-rates-are-available-for-excellent-credit-low-debt/597903/ 2015-07-30T15:25:00Z What Mortgage Rate/Plan Is Better? http://www.zillow.com/advice-thread/What-Mortgage-Rate-Plan-Is-Better/597804/ Trying to figure out what the best option here is.&nbsp; I'm thinking the No PMI/No Closing is even though it's the highest rate at 4.5% but I don't really know what that means otherwise and everyone always seems to say the lowest rate is the best.&nbsp; So... what IS the best?<br/><br/><br/><img width="737" height="221" src="http://photos2.zillowstatic.com/o_a/ISdsqvon1g2s951000000000.jpg" imageid="X1-IAvc6hnn1g2s951000000000_l5bzr" uploadtype="new" imagetype="8"/><br \><br \>8 replies Wed, 29 Jul 2015 19:48:00 GMT http://www.zillow.com/advice-thread/What-Mortgage-Rate-Plan-Is-Better/597804/ 2015-07-29T19:48:00Z what kind of mortgage loan can a foreign national get when buy a condo? http://www.zillow.com/advice-thread/what-kind-of-mortgage-loan-can-a-foreign-national-get-when-buy-a-condo/515196/ <p>hi, I am from Shanghai&nbsp;China, I want to buy a condo amounted around USD300,000 in Boston. Wonder what kind of mortgage loan interest rate and what loan&nbsp;pencentage I can get.<br/>Thanks a lot for your reply.<br/>GG</p><br \><br \>12 replies Mon, 14 Oct 2013 08:07:00 GMT http://www.zillow.com/advice-thread/what-kind-of-mortgage-loan-can-a-foreign-national-get-when-buy-a-condo/515196/ 2013-10-14T08:07:00Z Massachusetts Private Road Issue http://www.zillow.com/advice-thread/Massachusetts-Private-Road-Issue/597695/ I am looking at a property that is on a private road in Massachusetts. &nbsp;There are 18 other homes on the road, but there is no formal written agreement/HOA. &nbsp;There is a voluntary contribution, which has worked for many years, but I'm very concerned I'm going to have financing issues. &nbsp;I've talked to some large lenders and small lenders, almost none of them seem to be familiar with the issue - a few have just said "it shouldn't be a problem", and some have said "we won't touch it". &nbsp;I'm afraid I'll get through the whole process and find out I can't do conventional financing on the house. &nbsp;The house is in a very nice neighborhood with some very large and high end properties that are further down the road than the property I'm looking at (and would be in worse shape if the road were out of service). &nbsp;One exception on the Fannie guidelines is where the state in question has a rule regarding private road maintenance - I can't find anything indicating Massachusetts is one of them, but one bank I spoke to said that Mass, Oregon and California were the three states...I frankly don't think anybody knows the real deal here. &nbsp;Any guidance would be appreciated! &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br \><br \>3 replies Wed, 29 Jul 2015 01:15:00 GMT http://www.zillow.com/advice-thread/Massachusetts-Private-Road-Issue/597695/ 2015-07-29T01:15:00Z Need house appraisal http://www.zillow.com/advice-thread/Need-house-appraisal/597041/ 4 replies Fri, 24 Jul 2015 05:08:00 GMT http://www.zillow.com/advice-thread/Need-house-appraisal/597041/ 2015-07-24T05:08:00Z Is there a New Construction Loan in Massachusetts where you can put down less than 20% http://www.zillow.com/advice-thread/Is-there-a-New-Construction-Loan-in-Massachusetts-where-you-can-put-down-less-than-20/595095/ Hi there,<br/>I was hoping someone could steer me in the right direction for New Construction Loans. &nbsp;I am looking at a piece of land in a new development and was hoping to build but everything that I come across seems to indicate 20% down. &nbsp;Does anyone know of any other loans out there, or loan officers that can help me with a better product?<br/><br/>Thank you!<br \><br \>2 replies Sat, 11 Jul 2015 01:58:00 GMT http://www.zillow.com/advice-thread/Is-there-a-New-Construction-Loan-in-Massachusetts-where-you-can-put-down-less-than-20/595095/ 2015-07-11T01:58:00Z how to buy a house while on disabled income http://www.zillow.com/advice-thread/how-to-buy-a-house-while-on-disabled-income/560269/ My spouse and I are disabled with a combined income of just short of 30,000, there is a foreclosed house in western mass that is listed at 89,000, as is. &nbsp;So far just from the pictures i've seen it looks ok. &nbsp;How can we qualify for a loan? &nbsp;What are our first steps? &nbsp;Looking to put as little down as possible and if need be borrow some money from my father. &nbsp;I have been renting the same place for over 10 years at 675.00 and everything mortgage calculator I've tried has listed the mortgage at about the same amount per month. &nbsp;Please tell where to begin, thank you. &nbsp;Lisa&nbsp;<br \><br \>5 replies Tue, 23 Sep 2014 00:17:00 GMT http://www.zillow.com/advice-thread/how-to-buy-a-house-while-on-disabled-income/560269/ 2014-09-23T00:17:00Z USDA or FHA Construction-To-Perm Loan http://www.zillow.com/advice-thread/USDA-or-FHA-Construction-To-Perm-Loan/562828/ Hello,<br/><br/>I am looking for advice on financing the land purchase &amp; construction of my first home. Ideally, I would like to combine both the land purchase and construction financing into one mortgage (one closing).&nbsp;<br/><br/>&nbsp;Plans and specs are almost completed, with construction cost estimate forthcoming. I hold MA builders license (CSL), and would be supervising all construction activities.<br/><br/>Understandably this is a unique request these days...Are construction-to-perm mortgage products available through the FHA or USDA? I am familiar with requirements associated with FHA &amp; USDA loans. Any feedback would be great. &nbsp; &nbsp;&nbsp;&nbsp; &nbsp; &nbsp;&nbsp;<br \><br \>5 replies Tue, 14 Oct 2014 15:52:00 GMT http://www.zillow.com/advice-thread/USDA-or-FHA-Construction-To-Perm-Loan/562828/ 2014-10-14T15:52:00Z Which bank lenders offer financing on non-warrantable condo complexes? http://www.zillow.com/advice-thread/Which-bank-lenders-offer-financing-on-non-warrantable-condo-complexes/593339/ Which bank lenders offer financing on non-warrantable condo complexes in Rowley MA. &nbsp;It's my understanding it is non-warrantable due to the % of owner occupied units.<br \><br \>13 replies Sun, 28 Jun 2015 18:59:00 GMT http://www.zillow.com/advice-thread/Which-bank-lenders-offer-financing-on-non-warrantable-condo-complexes/593339/ 2015-06-28T18:59:00Z