Zillow Advice RSS: Question-Discussion-Guide,Mortgage,Indianapolis- IN http://www.zillow.com/advice/Indianapolis-IN/mortgage/question-discussion-guide/ Zillow Advice search results | Zillow Real Estate 80/15/5 Refinance http://www.zillow.com/advice-thread/80-15-5-Refinance/570935/ Can anyone provide me an 80/15 refinance (95% CLTV)? I would prefer to have the 2nd as a HELOC. THis is my primary residence in Indiana.&nbsp;<br/><br/>DTI is not an issue. Credit scores in the 710-725 range. I'm an NOT looking for any cash out...just a refi of my current mortgage. I'm not looking for LPMI or PMI loans.&nbsp;<br/><br/>Thanks.<br \><br \>6 replies Fri, 02 Jan 2015 01:41:00 GMT http://www.zillow.com/advice-thread/80-15-5-Refinance/570935/ 2015-01-02T01:41:00Z Need To Move http://www.zillow.com/advice-thread/Need-To-Move/590631/ So my wife and I have decided we want to buy a home. We found the perfect house for now. Only 48,500! I have a 635 score. We have an annual income of 40000. Is it possible to get this home with less than 5000 down or maybe qualify for down payment assistance.<br \><br \>2 replies Wed, 10 Jun 2015 09:23:00 GMT http://www.zillow.com/advice-thread/Need-To-Move/590631/ 2015-06-10T09:23:00Z FHA Lenders with no overlays? http://www.zillow.com/advice-thread/FHA-Lenders-with-no-overlays/583780/ Hi all, hoping for any advice as to my situation and options.<br/><br/>I began a homebuying process with a lender I found through a google search for Indiana FHA lenders with no overlays. Got a pre-approval, made an accepted offer on a 115,000 house, and then completed the loan application. Lender came back concerned about consumer disputes on collection accounts reported from equifax. Lender says to fix and I did (within 7 days disputes were removed and I pulled my own report to verify). PROBLEM: Lender says they can only pull their vender's merge credit report every 30 days, so I have to wait until it's updated with their vender. Lender says I can go to another lender but when they pull my credit report I'll get dinged on my credit score.<br/><br/> Are there other lenders that can do FHA loans for this type of situation? Will I take a credit score hit if I go to another lender, or should I just stay with the first one?<br/><br/>Additional info:<br/>The reason I sought an FHA loan with no overlays are due to these following issues that are the subject of many lender imposed overlays:<br/>1. 4 collection accounts totalling ~$2500 in amounts owed, not medical. They're about 6 years old and I don't want to start paying on them now; my understanding is if I pay now my credit score will take a big hit.<br/>2. Fair credit score of 630<br/>3. DTI on backend near 50%<br/><br/>I have had a salaried job paying ~70,000 per year for 4 years, no late pays since 2011 (which was 1 30 day). I do have a nice sized child support obligation that is the reason for my high DTI. I've paid rent at between 875 and 1300 per month for the last several years without issue. I also have about 35% credit utilization on established revolving accounts<br/><br \><br \>4 replies Tue, 21 Apr 2015 21:03:00 GMT http://www.zillow.com/advice-thread/FHA-Lenders-with-no-overlays/583780/ 2015-04-21T21:03:00Z Recommendation for 203k lenders in Indianapolis, IN area. http://www.zillow.com/advice-thread/Recommendation-for-203k-lenders-in-Indianapolis-IN-area/499308/ I am looking for recommendation for 203k lenders in the Indianapolis, IN area.<br \><br \>5 replies Thu, 27 Jun 2013 18:11:00 GMT http://www.zillow.com/advice-thread/Recommendation-for-203k-lenders-in-Indianapolis-IN-area/499308/ 2013-06-27T18:11:00Z 75% cashout jumbo refi http://www.zillow.com/advice-thread/75-cashout-jumbo-refi/577094/ I have a 761 mid score and have a newly constructed house with a sales price of around 700000. I was forced, due to time constraints, to put 40% down for the contractor's "preferred" lender. The property has four and a half months seasoning. I want to recoup some of my cash. The current mortgage is conforming and has a balance of 409000. I would like 80%, but can settle for 75%.<br \><br \>7 replies Thu, 26 Feb 2015 20:15:00 GMT http://www.zillow.com/advice-thread/75-cashout-jumbo-refi/577094/ 2015-02-26T20:15:00Z Mortgage Pre Approval Prior to End of Seasoning http://www.zillow.com/advice-thread/Mortgage-Pre-Approval-Prior-to-End-of-Seasoning/576833/ I have had a short sale coming up on 3 years now in April. &nbsp;Everything else is ready to go for a mortgage; credit score 660+, no lates, proof of income, etc., etc. &nbsp;We are getting ready to take our home search to the next level and start looking at houses. &nbsp;We are looking to get either an FHA or USDA home loan.<br/><br/>My question is this - Since I cannot close on a new house until 3 years from my short sale close date, can I get pre approved now so that if we find the right house we can put an offer in to close as soon as 1 day after my 3 year seasoning of the short sale? &nbsp;With automated underwriting I don't know if we can get pre approved prior to the seasoning being completed.<br/><br/>Also, can a pre approval letter be generated without an actual hard credit pull? &nbsp;Since they would need to pull credit again when it comes closer to closing, I would like to limit credit pulls. &nbsp;I could provide my credit report via credit karma, discover, or the actual bureau's websites (I haven't received my free credit within the last year).<br/><br/>We are just looking to get prepared in case we find the "must have" house prior to the 3 year seasoning point. &nbsp;Again, we will be obtaining a USDA or FHA loan depending on the property.<br \><br \>3 replies Tue, 24 Feb 2015 18:18:00 GMT http://www.zillow.com/advice-thread/Mortgage-Pre-Approval-Prior-to-End-of-Seasoning/576833/ 2015-02-24T18:18:00Z can i get a loan after modification http://www.zillow.com/advice-thread/can-i-get-a-loan-after-modification/388208/ hello,<br/><br/><br/>my loan was modified in early 2009 after i was 30 days late two months in a row. &nbsp;i was never in jeopardy of losing my house, but time were tough for a couple months. &nbsp;since then i have not been late on a payment, and recently started renting my house out and got married. &nbsp;we want to buy another house, and keep renting my old house, but i was told that i cannot get a loan because my credit history shows the statement "paying under modified loan". &nbsp;my financial situation is much better now. &nbsp;is it possible for me to qualify as the second person (with my wife) on a loan? Thanks<br \><br \>10 replies Thu, 24 Feb 2011 03:53:00 GMT http://www.zillow.com/advice-thread/can-i-get-a-loan-after-modification/388208/ 2011-02-24T03:53:00Z can i get a loan after modification http://www.zillow.com/advice-thread/can-i-get-a-loan-after-modification/388208/ hello,<br/><br/><br/>my loan was modified in early 2009 after i was 30 days late two months in a row. &nbsp;i was never in jeopardy of losing my house, but time were tough for a couple months. &nbsp;since then i have not been late on a payment, and recently started renting my house out and got married. &nbsp;we want to buy another house, and keep renting my old house, but i was told that i cannot get a loan because my credit history shows the statement "paying under modified loan". &nbsp;my financial situation is much better now. &nbsp;is it possible for me to qualify as the second person (with my wife) on a loan? Thanks<br \><br \>10 replies Thu, 24 Feb 2011 03:53:00 GMT http://www.zillow.com/advice-thread/can-i-get-a-loan-after-modification/388208/ 2011-02-24T03:53:00Z Lender pays UFMIP with higher rate OR lower rate and regular closing costs? http://www.zillow.com/advice-thread/Lender-pays-UFMIP-with-higher-rate-OR-lower-rate-and-regular-closing-costs/575973/ <p class="MsoNormal">Hello<br/>My lender is offering an interest rate of 3.99% on an FHA mortgage and then will pay the Up Front MIP and some of the closing costs as well. The other option was that the interest rate will be 3.5% on the FHA mortgage with closing costs of approximately $1560 (other than the UFMIP).</p><p class="MsoNormal">FYI, I plan on refinancing to a lower term (240 or 180 months after about 18 months).</p><p class="MsoNormal">Which option is better?</p><p class="MsoNormal">Thank you.</p><br \><br \>3 replies Tue, 17 Feb 2015 02:45:00 GMT http://www.zillow.com/advice-thread/Lender-pays-UFMIP-with-higher-rate-OR-lower-rate-and-regular-closing-costs/575973/ 2015-02-17T02:45:00Z Lender pays UFMIP with higher rate OR lower rate and regular closing costs? http://www.zillow.com/advice-thread/Lender-pays-UFMIP-with-higher-rate-OR-lower-rate-and-regular-closing-costs/575973/ <p class="MsoNormal">Hello<br/>My lender is offering an interest rate of 3.99% on an FHA mortgage and then will pay the Up Front MIP and some of the closing costs as well. The other option was that the interest rate will be 3.5% on the FHA mortgage with closing costs of approximately $1560 (other than the UFMIP).</p><p class="MsoNormal">FYI, I plan on refinancing to a lower term (240 or 180 months after about 18 months).</p><p class="MsoNormal">Which option is better?</p><p class="MsoNormal">Thank you.</p><br \><br \>3 replies Tue, 17 Feb 2015 02:45:00 GMT http://www.zillow.com/advice-thread/Lender-pays-UFMIP-with-higher-rate-OR-lower-rate-and-regular-closing-costs/575973/ 2015-02-17T02:45:00Z Refinancing issue of LLC rental properties http://www.zillow.com/advice-thread/Refinancing-issue-of-LLC-rental-properties/490688/ Hello<br/><br/>I'm having an issue trying to refinance some rental properties I have in an LLC. Currently I have 2 duplexes, 1/2 of another duplex and a single family ranch all are rentals titled in an LLC. Currently a small community bank gave me a commercial loan 20 years adjusts every 3, rate is at 6.0% now. Have had the properties about 5 years, LTV all in the 60-65% range, all were foreclosures, rehabed then rented out. The issue is with the 15year fixed rates as low as they are I would like to move into that product but so far all lenders say I would have to move the properties into my personal name to get a 15 year fixed product. The tax account says if I do that the LLC would have to sell the properties to me personally at fair market value which would trigger capital gains taxes that would likely make the savings of going to 15 year loan not worth it.<br/><br/>Has anyone seen this issue before or have an idea around the issue.<br/><br/>Thanks for your help.<br/><br/>Kirk<br/><br/><br/><br \><br \>10 replies Fri, 03 May 2013 16:38:00 GMT http://www.zillow.com/advice-thread/Refinancing-issue-of-LLC-rental-properties/490688/ 2013-05-03T16:38:00Z Refinancing issue of LLC rental properties http://www.zillow.com/advice-thread/Refinancing-issue-of-LLC-rental-properties/490688/ Hello<br/><br/>I'm having an issue trying to refinance some rental properties I have in an LLC. Currently I have 2 duplexes, 1/2 of another duplex and a single family ranch all are rentals titled in an LLC. Currently a small community bank gave me a commercial loan 20 years adjusts every 3, rate is at 6.0% now. Have had the properties about 5 years, LTV all in the 60-65% range, all were foreclosures, rehabed then rented out. The issue is with the 15year fixed rates as low as they are I would like to move into that product but so far all lenders say I would have to move the properties into my personal name to get a 15 year fixed product. The tax account says if I do that the LLC would have to sell the properties to me personally at fair market value which would trigger capital gains taxes that would likely make the savings of going to 15 year loan not worth it.<br/><br/>Has anyone seen this issue before or have an idea around the issue.<br/><br/>Thanks for your help.<br/><br/>Kirk<br/><br/><br/><br \><br \>10 replies Fri, 03 May 2013 16:38:00 GMT http://www.zillow.com/advice-thread/Refinancing-issue-of-LLC-rental-properties/490688/ 2013-05-03T16:38:00Z Why am I still paying PMI how can I force the bank to drop PMI http://www.zillow.com/advice-thread/Why-am-I-still-paying-PMI-how-can-I-force-the-bank-to-drop-PMI/574581/ I read legally they can not continue to make you pay PMI if you hit a magic number and owe 78-80 percent of the original loan or home value.&nbsp;<br/><br/>Can grant money that has since been forgiven be counted towards repayment of original loan to get to this magic number.&nbsp;<br/><br/>Say my original loan was 89827 and my grant was 3500 FHA. The grant was forgiven at year 5. been in the home 10 years current balance is close or past this number depending on how I slice it.<br/><br/><p class="MsoNormal">80 of loan not counting grant.</p><p class="MsoNormal">89827 x.80 =71861.60</p><p class="MsoNormal">Original loan amount</p><p class="MsoNormal">89827.00 + grant 3500</p><p class="MsoNormal">93327 x .80 =74661.60</p><p class="MsoNormal">93327 x .78 =72795.06</p><p class="MsoNormal">Current outstanding mortgage is 72k.</p><p class="MsoNormal">Homes current market value according to Zillow</p><p class="MsoNormal">128,000</p><p class="MsoNormal">&nbsp;</p><p class="MsoNormal">Why am I still paying PMI? Can I force them to drop with out paying their 500 to their appraiser based on these numbers?</p><br \><br \>6 replies Thu, 05 Feb 2015 02:22:00 GMT http://www.zillow.com/advice-thread/Why-am-I-still-paying-PMI-how-can-I-force-the-bank-to-drop-PMI/574581/ 2015-02-05T02:22:00Z Why am I still paying PMI how can I force the bank to drop PMI http://www.zillow.com/advice-thread/Why-am-I-still-paying-PMI-how-can-I-force-the-bank-to-drop-PMI/574581/ I read legally they can not continue to make you pay PMI if you hit a magic number and owe 78-80 percent of the original loan or home value.&nbsp;<br/><br/>Can grant money that has since been forgiven be counted towards repayment of original loan to get to this magic number.&nbsp;<br/><br/>Say my original loan was 89827 and my grant was 3500 FHA. The grant was forgiven at year 5. been in the home 10 years current balance is close or past this number depending on how I slice it.<br/><br/><p class="MsoNormal">80 of loan not counting grant.</p><p class="MsoNormal">89827 x.80 =71861.60</p><p class="MsoNormal">Original loan amount</p><p class="MsoNormal">89827.00 + grant 3500</p><p class="MsoNormal">93327 x .80 =74661.60</p><p class="MsoNormal">93327 x .78 =72795.06</p><p class="MsoNormal">Current outstanding mortgage is 72k.</p><p class="MsoNormal">Homes current market value according to Zillow</p><p class="MsoNormal">128,000</p><p class="MsoNormal">&nbsp;</p><p class="MsoNormal">Why am I still paying PMI? Can I force them to drop with out paying their 500 to their appraiser based on these numbers?</p><br \><br \>6 replies Thu, 05 Feb 2015 02:22:00 GMT http://www.zillow.com/advice-thread/Why-am-I-still-paying-PMI-how-can-I-force-the-bank-to-drop-PMI/574581/ 2015-02-05T02:22:00Z I received a principal reduction modification but not the rate. http://www.zillow.com/advice-thread/I-received-a-principal-reduction-modification-but-not-the-rate/573081/ I am trying to do a re-fi to a lower rate, and they are telling me that no investor will buy the note because of the principal reduction, any ideas ?<br \><br \>4 replies Thu, 22 Jan 2015 19:00:00 GMT http://www.zillow.com/advice-thread/I-received-a-principal-reduction-modification-but-not-the-rate/573081/ 2015-01-22T19:00:00Z 203k self help lenders in Indianapolis indiana http://www.zillow.com/advice-thread/203k-self-help-lenders-in-Indianapolis-indiana/573053/ I am looking to find a 203k renovation lender who will allow self help of the entire project, purchase price 73k and 30k in repairs.&nbsp;<br \><br \>3 replies Thu, 22 Jan 2015 16:50:00 GMT http://www.zillow.com/advice-thread/203k-self-help-lenders-in-Indianapolis-indiana/573053/ 2015-01-22T16:50:00Z 80/15/5 Refinance http://www.zillow.com/advice-thread/80-15-5-Refinance/570935/ Can anyone provide me an 80/15 refinance (95% CLTV)? I would prefer to have the 2nd as a HELOC. THis is my primary residence in Indiana.&nbsp;<br/><br/>DTI is not an issue. Credit scores in the 710-725 range. I'm an NOT looking for any cash out...just a refi of my current mortgage. I'm not looking for LPMI or PMI loans.&nbsp;<br/><br/>Thanks.<br \><br \>5 replies Fri, 02 Jan 2015 01:41:00 GMT http://www.zillow.com/advice-thread/80-15-5-Refinance/570935/ 2015-01-02T01:41:00Z 95% LTV and HELOC http://www.zillow.com/advice-thread/95-LTV-and-HELOC/570438/ Here's my situation. Bought a home this past summer with 5% down and did a 95% conventional loan with LPMI. Went LPMI over traditional PMI as it seemed to be a better situation and the break even on going regular PMI was going to be 7 years or so....and we are only 50/50 we'll still be in the home at that point.<br/><br/><br/>Anyway, I'm at 5% fixed on my current loan. Rates unfortunately had bumped up right around when we were buying. Anyway....I'm curious of doing a refi and doing a piggyback loan. Years ago in a prior home I was able to do this with the 2nd being a HELOC. This would be my preference over a traditional 2nd. Does anyone do HELOCs up to 95% LTV for the 2nd?&nbsp;<br/><br/>This is primary residence.&nbsp;<br/><br/>&nbsp;<br \><br \>5 replies Fri, 26 Dec 2014 20:05:00 GMT http://www.zillow.com/advice-thread/95-LTV-and-HELOC/570438/ 2014-12-26T20:05:00Z 80% cashout jumbo refi in indianapolis IN http://www.zillow.com/advice-thread/80-cashout-jumbo-refi-in-indianapolis-IN/566536/ I'm in an owner occupied single family house. Appraised value of 704000$. And I put 40% down for 417000$ conforming loan. I need to pull about 135000 out to pay back my relatives. Any lenders that will do more than 75% Ltd on a jumbo.<br \><br \>2 replies Thu, 13 Nov 2014 20:42:00 GMT http://www.zillow.com/advice-thread/80-cashout-jumbo-refi-in-indianapolis-IN/566536/ 2014-11-13T20:42:00Z affordable loan for those in need http://www.zillow.com/advice-thread/affordable-loan-for-those-in-need/550271/ <strong><em><u>[Spam/Self-promotional ad removed by Zillow moderator, see our Good Neighbor Policy]</u></em></strong><br \><br \>3 replies Sat, 19 Jul 2014 03:11:00 GMT http://www.zillow.com/advice-thread/affordable-loan-for-those-in-need/550271/ 2014-07-19T03:11:00Z