Zillow Advice RSS: Question-Discussion-Guide,Mortgage,MN http://www.zillow.com/advice/MN/mortgage/question-discussion-guide/ Zillow Advice search results | Zillow Real Estate FHA and Non-Occupying Co Borrower http://www.zillow.com/advice-thread/FHA-and-Non-Occupying-Co-Borrower/507993/ Hey guys. I'm 24 years old and just starting the process of looking into purchasing my first home. I already have over $6000 in the bank for down payment and closing costs. I'm looking at spending under $100,000 around the Twin Cities suburbs in MN. I have been at my only employer for 8 years and have excellent credit. My income isn't very much so I'm looking into an FHA loan with a non-occupying co borrower (my parents.) My parents own their own home, have some debt, both work full times with excellent credit. I'm not looking to work my hours until mid 2015 when my son starts kindergarten. But I want to purchase now while the market is slowly getting better. I was wondering if I'm ever allowed to take my parents off my loan/mortgage once I start working full time. I don't want them to be attached to it forever just need their help to get me started. Any extra help/information would be great. Thanks in advance. Tanya<br \><br \>13 replies Wed, 21 Aug 2013 20:07:00 GMT http://www.zillow.com/advice-thread/FHA-and-Non-Occupying-Co-Borrower/507993/ 2013-08-21T20:07:00Z Should I refinance FHA with conventional http://www.zillow.com/advice-thread/Should-I-refinance-FHA-with-conventional/554426/ 6 replies Tue, 12 Aug 2014 18:16:00 GMT http://www.zillow.com/advice-thread/Should-I-refinance-FHA-with-conventional/554426/ 2014-08-12T18:16:00Z Move up buyer holding on to starter home http://www.zillow.com/advice-thread/Move-up-buyer-holding-on-to-starter-home/551161/ I'm curious what options I need to explore as a move-up buyer. &nbsp;We have a $200K FHA mortgage on our existing home, we would like to hold on to the property as a rental or have someone pay down the mortgage further prior to selling. &nbsp;What are our options for a 20 or 30 year mortgage on a $350K home and do we need a cash down payment of 20% on our 'second' home? &nbsp;Or can we get something lower for a down payment? &nbsp;We have excellent credit.<br \><br \>9 replies Thu, 24 Jul 2014 18:35:00 GMT http://www.zillow.com/advice-thread/Move-up-buyer-holding-on-to-starter-home/551161/ 2014-07-24T18:35:00Z Can I pay off my mom's mortgage and have her put the deed in my name? http://www.zillow.com/advice-thread/Can-I-pay-off-my-mom%27s-mortgage-and-have-her-put-the-deed-in-my-name/551538/ Hi,<br/><br/>After my father past 14 yrs ago I moved in with my mom to help her out since they had just bought this house as a fixer upper.&nbsp; I still live in the home with my family and she would like to move away and have my husband and I buy the house.&nbsp; There is 30,000 left on the mortgage.&nbsp; Could I just give her the 30,000 and she could get the deed and sign it over to me.&nbsp; Could I get my own mortgage through my credit union to pay off her loan and start my own?&nbsp; She doesn't want to come out with any extra on the deal she just wants it paid and she want to live with her boyfriend.&nbsp; So many questions, I appreciate any help. Thanks&nbsp; ps I belive it was a unassumable va loan<br \><br \>7 replies Sun, 27 Jul 2014 01:44:00 GMT http://www.zillow.com/advice-thread/Can-I-pay-off-my-mom%27s-mortgage-and-have-her-put-the-deed-in-my-name/551538/ 2014-07-27T01:44:00Z If I lock in a rate with a mortgage broker, am I required to use that broker / bank? http://www.zillow.com/advice-thread/If-I-lock-in-a-rate-with-a-mortgage-broker-am-I-required-to-use-that-broker-bank/353433/ 6 replies Thu, 10 Jun 2010 16:37:00 GMT http://www.zillow.com/advice-thread/If-I-lock-in-a-rate-with-a-mortgage-broker-am-I-required-to-use-that-broker-bank/353433/ 2010-06-10T16:37:00Z VA loan with a 587 score? http://www.zillow.com/advice-thread/VA-loan-with-a-587-score/549551/ <p>Trying to find someone that will work with me on a VA loan. I made mistakes in the past that ive been trying to get cleaned up. I have good income now. Im looking to sell my current house and buy one located in the country. I can get a loan with my local credit union but trying to save a little money if possible with a va loan.</p><br \><br \>6 replies Mon, 14 Jul 2014 01:04:00 GMT http://www.zillow.com/advice-thread/VA-loan-with-a-587-score/549551/ 2014-07-14T01:04:00Z VA loans - 2 at once / 2nd tier entitlement? http://www.zillow.com/advice-thread/VA-loans-2-at-once-2nd-tier-entitlement/462956/ We are in a VA loan, and are starting a build on a new house to move to in ~4 months. We plan on using a VA loan to close the new loan. I originally assumed I would need to sell or refi this place to re-establish eligibility to close the new loan, which kinda sucks, but then I started reading all kinds of things about 2nd tier eligibility and holding two VA loans at once, and now I'm not so sure. I pulled my Certificate of Eligibility, and it says that I have my full basic entitlement ($36k) and that there is no entitlement charged&nbsp; to any previous loan and it has an entitlement code that "indicates previously used entitlement has beenrestored." However, it also has a condition that "This Certificate of Eligibility is valid only for a "cashout" refinance loan on" my current property, so I don't get it. Any wisdom out there? Thanks!<br \><br \>10 replies Sat, 06 Oct 2012 18:40:00 GMT http://www.zillow.com/advice-thread/VA-loans-2-at-once-2nd-tier-entitlement/462956/ 2012-10-06T18:40:00Z Where can I find a lender who would lend on a property with 40 acres of land/hobby farm? http://www.zillow.com/advice-thread/Where-can-I-find-a-lender-who-would-lend-on-a-property-with-40-acres-of-land-hobby-farm/474150/ We found a property that has a cute house with 40 acres of land! And since it is a "hobby farm" currently, with three pole building in it, I am told it's not eligible for FHA :-( Nor the property is located in an USDA tract....................So, what are my options?The property is located in northern suburb of Minnesota.<br \><br \>4 replies Sat, 12 Jan 2013 20:16:00 GMT http://www.zillow.com/advice-thread/Where-can-I-find-a-lender-who-would-lend-on-a-property-with-40-acres-of-land-hobby-farm/474150/ 2013-01-12T20:16:00Z Mortgage after bankruptcy http://www.zillow.com/advice-thread/Mortgage-after-bankruptcy/542798/ <p>I am hearing that it takes two years for FHA and four years after a bankruptcy discharge for a conventional mortgage. So, if a person wants to get a mortgage after filing Chapter 13, does that mean you have to wait 7 years or 9 years after filing? That seems excessive considering a Chapter 13 means that you are repaying your debt.</p><br \><br \>7 replies Tue, 27 May 2014 22:37:00 GMT http://www.zillow.com/advice-thread/Mortgage-after-bankruptcy/542798/ 2014-05-27T22:37:00Z FHA Loan with Limited Credit History...? http://www.zillow.com/advice-thread/FHA-Loan-with-Limited-Credit-History/547010/ I was pre-approved by Quicken Loans for 98k (perfect for the price range I was searching for, as I can also manage a&nbsp;decent downpayment) but they rescinded the offer&nbsp;a short time later citing 'limited credit history' reasons. The lender I had been working with was confident she could swap in on-time utility and rent payments&nbsp;to make up for limited credit accounts, but when push came to shove she&nbsp;told&nbsp;me&nbsp;I&nbsp;should try&nbsp;to jump&nbsp;my credit score about 25 points&nbsp;and&nbsp;apply for a conventional loan, which as a first-time homebuyer, I don't really want. Can what she first described be done successfully?<br \><br \>12 replies Tue, 24 Jun 2014 22:13:00 GMT http://www.zillow.com/advice-thread/FHA-Loan-with-Limited-Credit-History/547010/ 2014-06-24T22:13:00Z Will Mortgage Lenders Look Into Seasoned Funds Used As Down Payment? http://www.zillow.com/advice-thread/Will-Mortgage-Lenders-Look-Into-Seasoned-Funds-Used-As-Down-Payment/548616/ I am currently renting and plan to buy a house for the first time when my current lease is up in 8 months, I have cash saved up for a down payment that I keep in a home safe from a variety of sources over the years, but don't have receipts or anything to prove where all the money came from. &nbsp;If I put all that money into my established bank account now, 8 months before I apply for a mortgage, will the lender want to know or ask questions about where it came from seeing as it will have already been in my account for a long time? &nbsp;My understanding is they only want to see a few months of previous bank statements which would not show any large deposits I couldn't explain as I am adding the "Mattress Money" now, leaving it to be "Seasoned" for far longer than the few months of statements a lender will want to see. &nbsp;Additionally I do have a job with steady income stream that I can explain assuming they were the only deposits from the past few months of bank statements being reviewed by the lender. So my question is will this large addition of cash 8 months or so before I apply for a loan be at all suspicious or not be counted towards eligible funds for a down payment in the eyes of a mortgage lender? &nbsp;I just don't want to run into any problems that might put a snag in obtaining a mortgage loan, like having a bunch of unexplained money deposited in the bank statements they DO want to see, thanks in advance for your answers!<br \><br \>11 replies Sun, 06 Jul 2014 19:13:00 GMT http://www.zillow.com/advice-thread/Will-Mortgage-Lenders-Look-Into-Seasoned-Funds-Used-As-Down-Payment/548616/ 2014-07-06T19:13:00Z To streamline my FHA on a duplex, he wans 5k upfront. only gets rid of 1.25% on my pmi. http://www.zillow.com/advice-thread/To-streamline-my-FHA-on-a-duplex-he-wans-5k-upfront-only-gets-rid-of-1-25-on-my-pmi/545101/ 5 replies Wed, 11 Jun 2014 20:25:00 GMT http://www.zillow.com/advice-thread/To-streamline-my-FHA-on-a-duplex-he-wans-5k-upfront-only-gets-rid-of-1-25-on-my-pmi/545101/ 2014-06-11T20:25:00Z Inaccurate description / estimate of value... http://www.zillow.com/advice-thread/Inaccurate-description-estimate-of-value/544350/ TThere is also a three bedroom two bath separate and completely modern guest house adjoining the main Lodge. Lake shore property with fine beach.<br \><br \>1 reply Fri, 06 Jun 2014 14:55:00 GMT http://www.zillow.com/advice-thread/Inaccurate-description-estimate-of-value/544350/ 2014-06-06T14:55:00Z Can we get a joint mortgage if my spouse has bad credit? http://www.zillow.com/advice-thread/Can-we-get-a-joint-mortgage-if-my-spouse-has-bad-credit/541745/ My "middle score" is 668, and my highest score is 698. I make $60k a year. I am pre-approved at Bremer Bank for $200k but my fianc&eacute; and I just not finding anything we like in this price point. He makes $110k a year, but has terrible credit. I think it is somewhere around 530 - 560. Would my credit be enough to get us qualified? I have heard that lenders use the "middle score" but what would be the middle score, if we have 6 scores between us? Are there any lenders out there anymore who will work with people who have bad credit?<br/>&nbsp;<br/>Thanks in advance!<br/>&nbsp;<br \><br \>8 replies Wed, 21 May 2014 00:05:00 GMT http://www.zillow.com/advice-thread/Can-we-get-a-joint-mortgage-if-my-spouse-has-bad-credit/541745/ 2014-05-21T00:05:00Z Mortgage Loan Question http://www.zillow.com/advice-thread/Mortgage-Loan-Question/539861/ <p>My husband and I went through a hardship for about 5 years, in the process lost our home (12/2012)&nbsp;and had to file bankruptcy (10/2012).&nbsp; Do you have connections with private lenders that would consider a home loan.</p><br \><br \>5 replies Thu, 08 May 2014 15:11:00 GMT http://www.zillow.com/advice-thread/Mortgage-Loan-Question/539861/ 2014-05-08T15:11:00Z Should being at new job less then a year make me not loan worthy? http://www.zillow.com/advice-thread/Should-being-at-new-job-less-then-a-year-make-me-not-loan-worthy/539886/ I work in the construction industry and have for nearly 20 years, which in Minnesota means some layoff in the winter. I started the pre approval process on March 3rd because the banker convinced me they could pre approve me while laid off, I would just have to be back to work before I could close. <u>Was upfront about length of time at job and everything else</u>. Went back to work early April. After 7 weeks, around the 23rd of April I was finally pre approved after going through the entire mortgage approval process (tax returns for 3 years because of new job, VOE's, paystubs, VOD's, everything . <br/>Found a house I really liked after months of online looking and put in a bid, however my banker called and yanked my pre approval and I ended losing the house. He says their underwriter won't accept my income (paid a lot more but differently at new job) and doesn't like my job history of less then a year at this job. I submitted my new paystubs and my employer is filling out an updated VOE but my banker says he doesn't think the underwriter will accept it and approve it, therefore he won't give me any sort of pre approval until it has gone through underwriting again. Credit Score ranges between 749 and 771.<br \><br \>5 replies Thu, 08 May 2014 17:03:00 GMT http://www.zillow.com/advice-thread/Should-being-at-new-job-less-then-a-year-make-me-not-loan-worthy/539886/ 2014-05-08T17:03:00Z Don't have 20% downpayment and looking at a house that qualifies as a jumbo loan, any options? http://www.zillow.com/advice-thread/Don%27t-have-20-downpayment-and-looking-at-a-house-that-qualifies-as-a-jumbo-loan-any-options/525475/ 9 replies Wed, 22 Jan 2014 20:51:00 GMT http://www.zillow.com/advice-thread/Don%27t-have-20-downpayment-and-looking-at-a-house-that-qualifies-as-a-jumbo-loan-any-options/525475/ 2014-01-22T20:51:00Z Mortgage approval with a 596 score possible? http://www.zillow.com/advice-thread/Mortgage-approval-with-a-596-score-possible/537499/ For the past 6 months, I have worked on getting my credit score increased from 490 to 596. My lease ends end of May and I desperately need to buy a home. Is there any lenders willing to lend with a mid score lower then 600?<br \><br \>10 replies Tue, 22 Apr 2014 17:08:00 GMT http://www.zillow.com/advice-thread/Mortgage-approval-with-a-596-score-possible/537499/ 2014-04-22T17:08:00Z Refinance mortgage on second home that is rented out. http://www.zillow.com/advice-thread/Refinance-mortgage-on-second-home-that-is-rented-out/537364/ <p>My son owns a second home(half of a twin home). He has a 1st and a 2nd mortgage.The second mortgage is above 8%. He would like to lower that<br/>payment. Could lower the second mortgage somehow or do the whole thing?<br/>Is there any place he could go for this. Is seems know place will help him.<br/>The mortgage is still under water, but not by much.</p><br \><br \>1 reply Mon, 21 Apr 2014 19:10:00 GMT http://www.zillow.com/advice-thread/Refinance-mortgage-on-second-home-that-is-rented-out/537364/ 2014-04-21T19:10:00Z Are there any physician mortgage program providers in Minnesota (Duluth area)? http://www.zillow.com/advice-thread/Are-there-any-physician-mortgage-program-providers-in-Minnesota-Duluth-area/526797/ I'm graduating from residency this summer and trying to find a physician mortgage program for a new home purchase in Duluth, MN.<br \><br \>8 replies Sat, 01 Feb 2014 19:37:00 GMT http://www.zillow.com/advice-thread/Are-there-any-physician-mortgage-program-providers-in-Minnesota-Duluth-area/526797/ 2014-02-01T19:37:00Z