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 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 \>4 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 Appraisal Value of mutlifamily http://www.zillow.com/advice-thread/Appraisal-Value-of-mutlifamily/583986/ When a bank does an appraisal on a two-family home, would they consider valuing it as a 2 condo property? I am in a very competitive market and my offer price is going to be in excess of an appraisal of a 2-family home. if you value each unit as a separate condo, the value will be higher.<br \><br \>3 replies Thu, 23 Apr 2015 03:26:00 GMT http://www.zillow.com/advice-thread/Appraisal-Value-of-mutlifamily/583986/ 2015-04-23T03:26:00Z Jumbo loans 15% down no PMI http://www.zillow.com/advice-thread/Jumbo-loans-15-down-no-PMI/534197/ Hi, I'm looking for a better understanding of what's out there for lending options. &nbsp;I recently saw an article saying that 20% down wasn't a necessity for a jumbo loan. &nbsp;I'd be looking for a loan of $480-$630k with 15% - 20% down, with excellent credit. &nbsp;The higher the loan, the less down, but nothing below 15%. &nbsp;I'm trying to avoid paying PMI and would also like to get just one loan. &nbsp;Is that possible in the near term, and how would the rates compare to conventional rates?<br/><br/>Thanks in advance for your replies. &nbsp;<br \><br \>14 replies Fri, 28 Mar 2014 19:15:00 GMT http://www.zillow.com/advice-thread/Jumbo-loans-15-down-no-PMI/534197/ 2014-03-28T19:15:00Z can I get a mortgage when my salary is only 20,000 a year? http://www.zillow.com/advice-thread/can-I-get-a-mortgage-when-my-salary-is-only-20-000-a-year/488117/ 10 replies Tue, 16 Apr 2013 02:27:00 GMT http://www.zillow.com/advice-thread/can-I-get-a-mortgage-when-my-salary-is-only-20-000-a-year/488117/ 2013-04-16T02:27:00Z Converting adjustable to fixed and take out equity http://www.zillow.com/advice-thread/Converting-adjustable-to-fixed-and-take-out-equity/583031/ I purchased my house in 2007--adjustable, under 3%, 40 years.<br/>I have benefitted from no rise in rates and still am paying 2.6%<br/>Original loan = 699k<br/>Current balance = 561k<br/>Original home value 790k<br/>Now its about 680k<br/><br/>I'm looking to&nbsp;<br/>1. convert adjustable to fixed before fixed rates take off<br/>2. take out about 100k during the refi for home improvements etc<br/><br/>Looking for advice, and thank you.<br \><br \>5 replies Wed, 15 Apr 2015 21:10:00 GMT http://www.zillow.com/advice-thread/Converting-adjustable-to-fixed-and-take-out-equity/583031/ 2015-04-15T21:10:00Z 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 \>8 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 Max loan with 5% down http://www.zillow.com/advice-thread/Max-loan-with-5-down/582594/ I am considering a $580K - $600K condo in Middlesex county MA (Boston, Cambridge, Brookline) area and my problem is I have only 5% for down payment. My credit score is around 740-780 and my wife is in the 800 range. Household income is $150K gross, stable jobs, no debts, no credit card balances etc.<br/>Is there a lender who will issue a loan with the above conditions and if so, what type of loan would that be?<br \><br \>4 replies Sun, 12 Apr 2015 19:30:00 GMT http://www.zillow.com/advice-thread/Max-loan-with-5-down/582594/ 2015-04-12T19:30:00Z If you have fairly good credit, and 10,000 dollars to put down, how much would the banks loan be? http://www.zillow.com/advice-thread/If-you-have-fairly-good-credit-and-10-000-dollars-to-put-down-how-much-would-the-banks-loan-be/495042/ Credit is at 690, and I will have atleast 10,000 to put down but the bank refuses to help us or tell us a price range till we have the money, I just need to know if anyone else has been close in credit/down payment and how much the bank loaned to you.<br \><br \>8 replies Sun, 02 Jun 2013 17:21:00 GMT http://www.zillow.com/advice-thread/If-you-have-fairly-good-credit-and-10-000-dollars-to-put-down-how-much-would-the-banks-loan-be/495042/ 2013-06-02T17:21:00Z Too late to apply for a 203k streamline loan? http://www.zillow.com/advice-thread/Too-late-to-apply-for-a-203k-streamline-loan/581721/ I bought a home a little over a year ago that I would like to make some home improvements to (build a deck, finish basement, pave driveway). Is it too late for me to apply for a 203k streamline loan? I don't have any equity in my home yet so I was looking for other options. Any advice is greatly appreciated!<br \><br \>1 reply Mon, 06 Apr 2015 02:38:00 GMT http://www.zillow.com/advice-thread/Too-late-to-apply-for-a-203k-streamline-loan/581721/ 2015-04-06T02:38:00Z Is paving a driveway eligible with the 203k streamline loan? http://www.zillow.com/advice-thread/Is-paving-a-driveway-eligible-with-the-203k-streamline-loan/581723/ Is paving a driveway eligible with the 203k streamline loan?<br \><br \>1 reply Mon, 06 Apr 2015 03:03:00 GMT http://www.zillow.com/advice-thread/Is-paving-a-driveway-eligible-with-the-203k-streamline-loan/581723/ 2015-04-06T03:03:00Z FICO 640 and Bankruptcy REFI http://www.zillow.com/advice-thread/FICO-640-and-Bankruptcy-REFI/581064/ I have a 640 FICO and a Chapter 7 bankruptcy from 5 years ago. &nbsp;I have no credit issues since then. I want to refinance my home, which is worth approx. $1.1M and on which I now owe $570k, to a new jumbo loan of $700k. &nbsp;My debt/income would be about 30-35% including the new mortgage if I can get it approved. &nbsp;Is there anyone doing these loans?<br \><br \>3 replies Tue, 31 Mar 2015 18:30:00 GMT http://www.zillow.com/advice-thread/FICO-640-and-Bankruptcy-REFI/581064/ 2015-03-31T18:30:00Z Upside down mortgage http://www.zillow.com/advice-thread/Upside-down-mortgage/580838/ My husband and I are upside down on our current mortgage and unable to refinance. We need to move to a larger house. We have never missed or been late on the mortgage payments. Only my husband is on the mortgage. The other factor is we are stuck in an interest only loan and it was not a fannie mae or Freddie mac loan so we do not qualify for HARP. What can we do? Thanks for your help.<br \><br \>2 replies Mon, 30 Mar 2015 01:29:00 GMT http://www.zillow.com/advice-thread/Upside-down-mortgage/580838/ 2015-03-30T01:29:00Z I am a disabled vet. I am pre approved for a 500k loan but my credit score is only 600. Is there a http://www.zillow.com/advice-thread/I-am-a-disabled-vet-I-am-pre-approved-for-a-500k-loan-but-my-credit-score-is-only-600-Is-there-a/579946/ lender or mortgage broker who could help me get a loan at a reasonable rate<br \><br \>6 replies Mon, 23 Mar 2015 12:33:00 GMT http://www.zillow.com/advice-thread/I-am-a-disabled-vet-I-am-pre-approved-for-a-500k-loan-but-my-credit-score-is-only-600-Is-there-a/579946/ 2015-03-23T12:33:00Z Is it wise to refinance in retirement to lower monthly payments? http://www.zillow.com/advice-thread/Is-it-wise-to-refinance-in-retirement-to-lower-monthly-payments/580409/ 8 replies Thu, 26 Mar 2015 16:29:00 GMT http://www.zillow.com/advice-thread/Is-it-wise-to-refinance-in-retirement-to-lower-monthly-payments/580409/ 2015-03-26T16:29:00Z My Score is an 625 but my wife median score is an 581, i have to increase it:what are my options http://www.zillow.com/advice-thread/My-Score-is-an-625-but-my-wife-median-score-is-an-581-i-have-to-increase-it-what-are-my-options/579001/ I have tried every possible way to boost her scores with no help, I added her as an authorized user it pulled the score 2 to an 581. I wished lenders used the Score 8 we wouldn't have any problems. What are my options at this point?<br \><br \>6 replies Sun, 15 Mar 2015 20:11:00 GMT http://www.zillow.com/advice-thread/My-Score-is-an-625-but-my-wife-median-score-is-an-581-i-have-to-increase-it-what-are-my-options/579001/ 2015-03-15T20:11:00Z 401k loan refi house http://www.zillow.com/advice-thread/401k-loan-refi-house/578851/ I'm going to take a loan from my 401k to refi my house. Should I take the loan before I go to the bank so the money is in my account or wait until all the paperwork is done? Until the apprisal comes in I will not know exactly how much I need for 80% LTV. If my house appraises @300k and I owe 280k will the bank say we will loan you 240k, then I can take my 401k loan and bring that money to the closing or will they look at what I have for money and not offer me a loan unless I have the money already in my savings account? I just do not get the timing of this. Thanks for any advise.<br \><br \>5 replies Sat, 14 Mar 2015 12:10:00 GMT http://www.zillow.com/advice-thread/401k-loan-refi-house/578851/ 2015-03-14T12:10:00Z Is this doable? http://www.zillow.com/advice-thread/Is-this-doable/577440/ We've found a condo that we would like to trade our current condo in for. Our scores average out 661 and we have a hefty debt burden of $4975 per month (not including current mortgage of $1813 per month) with a monthly income of $20300. We have $75,000 (leaving about $40k in reserve) to put down and would use the proceeds the of the sale of of our current condo to payoff the majority of the other debt. The property that we're in love with is $589k with condo fees of $195. Two questions. 1) Is this at all doable? 2) Is this doable in a manner that wouldn't be contingent on the sale of our current condo (knowing that we'd be selling it as soon as our offer was accepted)?<br \><br \>5 replies Mon, 02 Mar 2015 09:00:00 GMT http://www.zillow.com/advice-thread/Is-this-doable/577440/ 2015-03-02T09:00:00Z I was able to get a pre-qualification letter but the next day he said i had disputes why? http://www.zillow.com/advice-thread/I-was-able-to-get-a-pre-qualification-letter-but-the-next-day-he-said-i-had-disputes-why/576761/ Why cant I recieve a mortgage because I have disputes on my credit that has already been settled? It is showing still on my CBC Innovis report?&nbsp;<br \><br \>10 replies Tue, 24 Feb 2015 02:46:00 GMT http://www.zillow.com/advice-thread/I-was-able-to-get-a-pre-qualification-letter-but-the-next-day-he-said-i-had-disputes-why/576761/ 2015-02-24T02:46:00Z Lender screwed up escrow account and I have to pay? http://www.zillow.com/advice-thread/Lender-screwed-up-escrow-account-and-I-have-to-pay/523571/ We pay around 2200 for insurance. The lender anticipated it would cost 1$ this past year and changed our payment to reflect this. Having no experience with a fluctuating payment of any sort let alone going down, I stupidly did not look into it. Now our payments are going back up (sucks but makes sense) and since they exhausted all of our reserve this past year I'm supposed to come up with that as well. They have "generously" allowed me to pay it over 12 months. This has increased my payment by 440$ a month for the next year. I got 7 weeks warning. Do I have any options? I would love to not pay it at all since they screwed the pooch but I doubt that's a choice. Any thing I can do about them setting the timetable for repayment? Any way I can get out of an escrow account at all, especially in light of their subpar handling of it? Thanks.<br \><br \>12 replies Tue, 07 Jan 2014 03:19:00 GMT http://www.zillow.com/advice-thread/Lender-screwed-up-escrow-account-and-I-have-to-pay/523571/ 2014-01-07T03:19:00Z Loan to purchase a bed and breakfast http://www.zillow.com/advice-thread/Loan-to-purchase-a-bed-and-breakfast/576798/ I am currently looking at a multifamily property (2 units) to convert to a bed and breakfast (I would not live on the premises). I'm trying to figure out the type of financing that would work for this situation. I was thinking an investment loan would be what I would use to finance this. When speaking with someone at a lending institution yesterday, as soon as I mentioned bed and breakfast they said it would be a commercial loan. I don't really understand that since this is still purchasing real estate for an investment. The value of the mortgage would be backed by the value of the property, nothing to do with the fact that it's a bed and breakfast.&nbsp; Should I not even mention this when talking to banks?<br/><br/>I would also need additional money to make repairs. I think this would require a rehab loan but then I read that these require you to have a general contractor which I wouldn't need (family is in the construction business). I am fine with putting 25% down on the property but would not have enough to make the repairs out of pocket after that. I could still put 25% down if the mortgage included the cost of the repairs as well. Other relevant information is I already "own" my primary residence and have 62% LTV on that house.<br \><br \>3 replies Tue, 24 Feb 2015 14:20:00 GMT http://www.zillow.com/advice-thread/Loan-to-purchase-a-bed-and-breakfast/576798/ 2015-02-24T14:20:00Z