Zillow Advice RSS: Question-Discussion-Guide,Mortgage,MD http://www.zillow.com/advice/MD/mortgage/question-discussion-guide/ Zillow Advice search results | Zillow Real Estate 634 credit score pre-approval Possible? http://www.zillow.com/advice-thread/634-credit-score-pre-approval-Possible/561976/ Trying to buy a house for 380k I make 72k yearly I went to TDbank and could not get approval because of medical collections on my credit which made my score 634 their minimum was 640 but I heard wells Fargo was 600 as the minimum credit score is this true? I need a pretty approval letter quick so I'm going to try quicken loans tonight. Any ideas guys I own a home that's paid for already if it helps.<br \><br \>17 replies Tue, 07 Oct 2014 04:35:00 GMT http://www.zillow.com/advice-thread/634-credit-score-pre-approval-Possible/561976/ 2014-10-07T04:35:00Z Lender claims debt to income ratio is too high and wants to wait for OT income http://www.zillow.com/advice-thread/Lender-claims-debt-to-income-ratio-is-too-high-and-wants-to-wait-for-OT-income/564150/ Hello,<br/><br/>My lender is claiming my husbands debt to income ratio is 47% and is too high for us to receive a grant that is offered in the county we are looking to buy. He is telling us we can be pre approved right now for $180,000 - $190,000 but we will not receive the grant. So he said our best bet is to wait until December when he can accept my husbands OT, we will then be able to get the grant, and then our buying power would raise to $250K. Of course to a first time home buyer that sounds great, but I'm confused. My husband makes a little over $3000 a month and only has $100 a month in debt, so how is his debt to income ratio so high? Also our lender wanted us to sign a paper stating we our going to go through them and ONLY them, which we refused because he will not give us a break down of my husbands DTI. I've been waiting to for 2 weeks to hear back from him with this information and still nothing, before he would get back to us within hours whenever we had a question.<br/><br/>We are very confused, please help! Thank you.<br \><br \>6 replies Fri, 24 Oct 2014 18:57:00 GMT http://www.zillow.com/advice-thread/Lender-claims-debt-to-income-ratio-is-too-high-and-wants-to-wait-for-OT-income/564150/ 2014-10-24T18:57:00Z Refinance or Reverse Mortgage http://www.zillow.com/advice-thread/Refinance-or-Reverse-Mortgage/564129/ Hello, my name is Linda and I wanted to do a refinance, I've checked around on BBB resources and found a few mortgage broker's / lenders for help. One said that my income was low and that my debt ratios is high with my 2% ARM with BOA. In order if they could refinance me the monthly payments will be around $1400. even with a co-signer. And I'm not sure of a reverse mortgage, I do have a son and would like for him to stay in the home if and when I expire. Is their any help for me I was told also that I do have some equity on the home.<br \><br \>3 replies Fri, 24 Oct 2014 17:15:00 GMT http://www.zillow.com/advice-thread/Refinance-or-Reverse-Mortgage/564129/ 2014-10-24T17:15:00Z How to find a portfolio lender? http://www.zillow.com/advice-thread/How-to-find-a-portfolio-lender/189924/ I am looking for a portfolio <a href="http://www.zillow.com/directory/lenders/">lender</a>. I don't know where to start...<br \><br \>23 replies Mon, 19 Jan 2009 06:49:00 GMT http://www.zillow.com/advice-thread/How-to-find-a-portfolio-lender/189924/ 2009-01-19T06:49:00Z 95-100 ltv 1-3million sales price http://www.zillow.com/advice-thread/95-100-ltv-1-3million-sales-price/563409/ 300k+ income Good credit Physician Maryland<br \><br \>6 replies Sat, 18 Oct 2014 20:40:00 GMT http://www.zillow.com/advice-thread/95-100-ltv-1-3million-sales-price/563409/ 2014-10-18T20:40:00Z Closing Costs on FHA http://www.zillow.com/advice-thread/Closing-Costs-on-FHA/563105/ I am looking through my documents for a FHA 203K loan and signing where needed, but it seems our closing costs are extremely high..at least in my opinion. The home is at $185,000 + $29,000 in repairs. The 3.5% down is around $6,000, but our total cash costs are $22,900!! How are the closing costs $16,000?!<br \><br \>6 replies Thu, 16 Oct 2014 14:35:00 GMT http://www.zillow.com/advice-thread/Closing-Costs-on-FHA/563105/ 2014-10-16T14:35:00Z 95-100 LTV DOCTOR LOANS MARYLAND http://www.zillow.com/advice-thread/95-100-LTV-DOCTOR-LOANS-MARYLAND/562633/ 1-1.5Mil purchase price<br/>300k+Income<br/>&nbsp;700+ Credit Score<br/>&nbsp;<br/>&nbsp;Can someone please send me a list of lenders/private mortgage brokers?<br \><br \>4 replies Sun, 12 Oct 2014 22:36:00 GMT http://www.zillow.com/advice-thread/95-100-LTV-DOCTOR-LOANS-MARYLAND/562633/ 2014-10-12T22:36:00Z Mid-5 Credit Score, 10% Down... Within 30-60 days... Possible? http://www.zillow.com/advice-thread/Mid-5-Credit-Score-10-Down-Within-30-60-days-Possible/562869/ <p class="MsoNormal">There's a much longer detailed version available, but as short as I can go...</p><p class="MsoNormal">We stumbled onto our perfect home on Saturday and the timing is perfect (our rental lease ends 12/31/14 &amp; house is available now as builder inventory with 30-60 day closing). &nbsp;We've had some storms in life and credit issues went with them... Perfect rent history since bankruptcy discharged in 2010. &nbsp;Mid-scores for both of us are mid-500 range, solid employment, good income, 10% down, &amp; $15K closing cost contribution from builder. &nbsp;Is there anyone licensed in Maryland that can make this dream happen? &nbsp;</p><p class="MsoNormal">We can give the builder a deposit to hold the house as early as today, but we're afraid of losing our money if we're unable to obtain financing.&nbsp;</p><br \><br \>4 replies Tue, 14 Oct 2014 19:45:00 GMT http://www.zillow.com/advice-thread/Mid-5-Credit-Score-10-Down-Within-30-60-days-Possible/562869/ 2014-10-14T19:45:00Z Mortgaging an adjacent parcel and wrapping it into home mortgage http://www.zillow.com/advice-thread/Mortgaging-an-adjacent-parcel-and-wrapping-it-into-home-mortgage/562300/ We are about to buy a house, and are considering buying a parcel that partly adjoins our yard, to make our backyard larger. It wold come with a covenant that protects it from ever being developed so as to protect the views for multiple houses. How do we handle the purchase of the parcel? Can we get a mortgage for it, and then tell our first bank that it's part of the whole property and wrap it into one single mortgage? I am trying to figure out how to make this work financially.<br \><br \>3 replies Thu, 09 Oct 2014 18:37:00 GMT http://www.zillow.com/advice-thread/Mortgaging-an-adjacent-parcel-and-wrapping-it-into-home-mortgage/562300/ 2014-10-09T18:37:00Z Fixed Rate Jumbo Cash-out Refinance http://www.zillow.com/advice-thread/Fixed-Rate-Jumbo-Cash-out-Refinance/561571/ I am looking to do a cash-out refinance assuming an 80/20 LTV.&nbsp;&nbsp; Amount financed will be approx. $515k.&nbsp;&nbsp; Who has the best rates with no points?<br \><br \>9 replies Fri, 03 Oct 2014 16:08:00 GMT http://www.zillow.com/advice-thread/Fixed-Rate-Jumbo-Cash-out-Refinance/561571/ 2014-10-03T16:08:00Z VA loan with high DTI http://www.zillow.com/advice-thread/VA-loan-with-high-DTI/553784/ I make 27663 a year untaxed, and another 35580 a year taxed. Stuck with 1600 a month in various debts (will be paid off in 4 years). I am also currently paying 1700 a month in rent. Credit score is above 680. Do I just hunker down for the next couple years, or is there any chance I could get approved for a place with a 58% DTI (which about how much it would be with a 275k loan+insurance+tax)<br \><br \>14 replies Fri, 08 Aug 2014 16:07:00 GMT http://www.zillow.com/advice-thread/VA-loan-with-high-DTI/553784/ 2014-08-08T16:07:00Z Can you purchase a home via FHA 203K if you already own a home being RENTED but funded by FHA loan? http://www.zillow.com/advice-thread/Can-you-purchase-a-home-via-FHA-203K-if-you-already-own-a-home-being-RENTED-but-funded-by-FHA-loan/503866/ My wife and I jumped into a home purchase in February of 2011 due to our lease being up while renting. We wanted to purchase so we found a move in ready home and bought it using a FHA loan. After being there for a year+ we decided we didn't like the area and wanted to move. However it would of put us WAY upside down to sell. So we are now renting again as well as found a tenant for the home. I looked into FHA requirements and it said it was ok to rent your home after a year of residence so that's what we did.&nbsp;<br/><br/>My question is however. We are looking to buy again and came across a REO that is in need of a lot of repairs. A gut rehab per say. Also says on the listing that 203K is welcome. The question is, can we use a 203K if we already have the other FHA loan on the home that is being rented out? We are planning on making this our home for 10+ years after it is rehabbed. We would be the "owner occupant" which seems to be the requirement for this type of loan.&nbsp;<br/><br/>My current mortgage broker that I have been dealing with keeps telling me this isn't possible because we already have the other FHA loan. However I can't find anywhere that says this can't be done!? Anyone have experience with this that can answer? I have searched for a day or so with no luck online.<br/><br/>THANKS!<br \><br \>7 replies Sat, 27 Jul 2013 13:28:00 GMT http://www.zillow.com/advice-thread/Can-you-purchase-a-home-via-FHA-203K-if-you-already-own-a-home-being-RENTED-but-funded-by-FHA-loan/503866/ 2013-07-27T13:28:00Z Can I Be qualify for an FHA loan and purchase a House. Please Help http://www.zillow.com/advice-thread/Can-I-Be-qualify-for-an-FHA-loan-and-purchase-a-House-Please-Help/561208/ Hi! <br/>I am a Federal Employee , make over $145,000 a year with and total monthly bills ( Car, Credit Cards and) of less than $800.00. BUt I have credit issues in the past after my foreclosure in 2005. As of now my credit is 588 and I am doing all my best to make it goes up and up ... <br/>Could I be qualified for a house loan now.? help.<br \><br \>14 replies Tue, 30 Sep 2014 16:41:00 GMT http://www.zillow.com/advice-thread/Can-I-Be-qualify-for-an-FHA-loan-and-purchase-a-House-Please-Help/561208/ 2014-09-30T16:41:00Z No credit http://www.zillow.com/advice-thread/No-credit/560660/ I would like to renovate a home for $16,000-$20,000 but I fear I won't be able to purchase one because I have no credit. The home is in Baltimore, Maryland and I plan on putting about $3,800 (maybe even more) down. I don't want to pay for the house in cash.<br \><br \>2 replies Thu, 25 Sep 2014 18:09:00 GMT http://www.zillow.com/advice-thread/No-credit/560660/ 2014-09-25T18:09:00Z Can I apply for my mortgage from a different lender than my pre-approval was issued from? http://www.zillow.com/advice-thread/Can-I-apply-for-my-mortgage-from-a-different-lender-than-my-pre-approval-was-issued-from/560652/ Hello Home Buying World,<br/><br/>I received a pre-approval letter from a lender. However, that lender does not accept a down payment assistance program that I am eligible for. Am I able to borrow from a different lender to gain access to the credit?<br \><br \>8 replies Thu, 25 Sep 2014 17:36:00 GMT http://www.zillow.com/advice-thread/Can-I-apply-for-my-mortgage-from-a-different-lender-than-my-pre-approval-was-issued-from/560652/ 2014-09-25T17:36:00Z What happens when ARM rate is about to reset http://www.zillow.com/advice-thread/What-happens-when-ARM-rate-is-about-to-reset/560643/ I would like to know what happens when ARM rate is about to reset. <br/><br/>Here is the scenario, <br/>I have 5/1 ARM which is about to reset in Apr 2015. My rate is 4.25, with a margin 2.25 and a lifetime cap at 5.Index is LIBOR.<br/><br/>The current value of the house is less then the purchased price. But the loan amt&nbsp; is between 80-90%&nbsp; of the current value.<br/><br/>This was my principal residence but now I have rented it and its mortgage is&nbsp; almost covered by the rent. So I want to keep it for some time before I sale. <br/><br/>Please suggest what would be the best strategy to deal with this. Should I wait for lender to contact me to reset the interest rate or refinance it. <br/><br \><br \>2 replies Thu, 25 Sep 2014 16:42:00 GMT http://www.zillow.com/advice-thread/What-happens-when-ARM-rate-is-about-to-reset/560643/ 2014-09-25T16:42:00Z FHA Under 90 Day Flip http://www.zillow.com/advice-thread/FHA-Under-90-Day-Flip/560246/ I'm looking for a lender that allows FHA loans when buying a Flip that the seller held for less than 90 days. I read an article on 123flip that stated this 90 rule has been waived. The lenders I've dealt with thus far adhere to the 90 days rule.<br \><br \>4 replies Mon, 22 Sep 2014 20:31:00 GMT http://www.zillow.com/advice-thread/FHA-Under-90-Day-Flip/560246/ 2014-09-22T20:31:00Z 203K appraisal http://www.zillow.com/advice-thread/203K-appraisal/554955/ Hello,<br/>I am looking for a 203K streamline to do some repairs and upgrades on my home. How does the appraiser assess what is to be done? What is counted in the "new" appraised value? Is it possible to purchase a higher quality used item as opposed to a new item. Specifically, I am looking to replace my fiberboard kitchen cabinets with glass front wood cabinets. Granite is included for the counter tops. ANY help with this would be most greatly appreciated!<br/>&nbsp;<br/><br/>&nbsp;<br/><br/>&nbsp;<br \><br \>7 replies Fri, 15 Aug 2014 19:16:00 GMT http://www.zillow.com/advice-thread/203K-appraisal/554955/ 2014-08-15T19:16:00Z Refi Reverse mortgage to investor property. Need max LTV, http://www.zillow.com/advice-thread/Refi-Reverse-mortgage-to-investor-property-Need-max-LTV/560193/ Mom no longer lives in property.&nbsp;&nbsp;Balance is&nbsp;95% of value.&nbsp; Would like to keep her on title and add name to qualify and keep as rental.&nbsp;<br \><br \>2 replies Mon, 22 Sep 2014 15:26:00 GMT http://www.zillow.com/advice-thread/Refi-Reverse-mortgage-to-investor-property-Need-max-LTV/560193/ 2014-09-22T15:26:00Z Can I get a 80/15/5 loan program with both first + second mortgage being thirty year terms around 4% http://www.zillow.com/advice-thread/Can-I-get-a-80-15-5-loan-program-with-both-first-second-mortgage-being-thirty-year-terms-around-4/559487/ Hi,<br/><br/>I am about to fall into a contract on a beautiful townhome. However, my lender does not quite offer the terms that I understood.<br/><br/>I am looking for an 80/15/5 where 80% of the loan is the first mortgage, 15% is the second mortgage, and 5% is the down payment. I am very interested in finding a lender who can offer the first and second mortgage at 30 year terms. My current lender offers the second mortgage at a 20 year term. Also, I would like to be able to get them both around 4.25% at the current interest rate. My current lender is offering me 6.14% on my second mortgage while 4.25% on my first mortgage. Does anyone know a lender who can match or beat this? I am also looking at buying as few to no points as possible to save on closing costs. My current lender has around a $2,000 origination fee for closing. Please anyone let me know what is out there and what I can be offered.<br/><br/>Thanks in Advance!<br \><br \>5 replies Tue, 16 Sep 2014 15:47:00 GMT http://www.zillow.com/advice-thread/Can-I-get-a-80-15-5-loan-program-with-both-first-second-mortgage-being-thirty-year-terms-around-4/559487/ 2014-09-16T15:47:00Z