Zillow Advice RSS: Question-Discussion-Guide,Mortgage,Chattanooga- TN http://www.zillow.com/advice/Chattanooga-TN/mortgage/question-discussion-guide/ Zillow Advice search results | Zillow Real Estate Chance of approval, low credit? http://www.zillow.com/advice-thread/Chance-of-approval-low-credit/534371/ I currently have a 607 credit score, medium, I just checked my credit report. I have 12 negative items, six of which have been pd, but they refuse to remove til they fall off. two others i can pay whick are a total of 75 dollars. the total of the other 5-6 is about 1200, which i cannot at this time. 5 accounts in perfect standings. i have applied for pre appoval. Same job and residence for the last 3 years. Any advise to increase my chances. I found a house I would like to get. I am not getting my hopes up yet though.<br \><br \>6 replies Sun, 30 Mar 2014 04:29:00 GMT http://www.zillow.com/advice-thread/Chance-of-approval-low-credit/534371/ 2014-03-30T04:29:00Z Can I get a mortgage being self-employed? http://www.zillow.com/advice-thread/Can-I-get-a-mortgage-being-self-employed/547795/ I have been a partner in an LLC for less than a year. I was in the same line of work for about 9 years for a larger company prior to leaving to start my own company. My copmany is in a good cash flow position, and I am taking regular payments.<br/><br/>I am trying to get pre-approved for a mortgage, but numerous lenders have immediately said they can't do anything for me when they find out I am self employed. My current house is paid off (worth ~ $130,000), and I have about $90,000 in savings to put toward a down payment. Our target purchase price is around $275,000 - $300,000. So, I plan to put down around $200,000 and finance the remaining $100,000.<br/><br/>Do I have any options for getting a mortgage?<br \><br \>5 replies Mon, 30 Jun 2014 03:03:00 GMT http://www.zillow.com/advice-thread/Can-I-get-a-mortgage-being-self-employed/547795/ 2014-06-30T03:03:00Z HELOC Inheritance http://www.zillow.com/advice-thread/HELOC-Inheritance/540380/ <p class="MsoNormal">My Grandmother currently has a HELOC against her owned house; $140,000 CL with $60,000 borrowed. My mother's name is also on the deed. They are wishing to "will" me the house or transfer the deed into my name upon their death. I am not familiar with HELOC loans and my internet research has only exasperated my somewhat understanding of it all.&nbsp;&nbsp;</p><p class="MsoNormal">My main concern is do I inherit the HELOC payments along with the property AND if payments are not paid upon transfer can they take the house?</p><p class="MsoNormal">Any explanations, suggestions, and/or ideas are VERY MUCH welcomed.</p><p class="MsoNormal">Thank you,</p><p class="MsoNormal"></p><p class="MsoNormal">Balding Borrower</p><br \><br \>1 reply Mon, 12 May 2014 16:52:00 GMT http://www.zillow.com/advice-thread/HELOC-Inheritance/540380/ 2014-05-12T16:52:00Z re-aged account bogging down my credit for pre approval. http://www.zillow.com/advice-thread/re-aged-account-bogging-down-my-credit-for-pre-approval/538085/ I have contacted a broker that told me my credit is fine, except I have a collection from verizon that was just listed as a new debt in sept 13, the thing is they sold the debt to pinnacle collections. The original Last date of activity is may 2010. so when pinnacle reported this debt they re-aged it to the 2013 which made my credit score go down 54 pts. I am fine with trying to pay for delete, but if they refuse to delete should I dispute the age of the account? Just not sure what to do, im currently at 618, so if I do this wrong it could seriously mess up my goal of buying in august.<br \><br \>3 replies Sat, 26 Apr 2014 11:57:00 GMT http://www.zillow.com/advice-thread/re-aged-account-bogging-down-my-credit-for-pre-approval/538085/ 2014-04-26T11:57:00Z Self Employed First Time Home Buyer in Tennessee http://www.zillow.com/advice-thread/Self-Employed-First-Time-Home-Buyer-in-Tennessee/533292/ I have several questions about qualifying for a mortgage. My wife and I are both self employed in the same industry. We are looking to buy a house in Tennessee and I want to get a realistic idea of how much we can borrow. I have used several home affordability calculators, but the ranges vary greatly. My credit score is around 700 hers 740. I have a bankruptcy thats 9.5 years old and a paid tax lien from 2012. We can put down 20k-25k. We have about $1250/mo in debt payments (car payment, child support, student loan).<br/><br/>I'm not sure how our income should be calculated. Our 2013 income is about 50% higher than 2012, will these be averaged? Will only the past 2 years of tax records be needed? Should I be looking at AGI or Total Income? Our AGI for 2012 is 91k and total income is 103k. For 2013 (Not finalized yet, still with cpa) AGI is 135k and total income 155k. The primary deductions from total income are deductible portion of self employment tax and self employed health insurance.<br/><br/>Ideally we would like to buy a house in the 350k-450k range, is this feasible with 5% down payment and our income/debt etc?<br/><br/>Thanks in advance for the great advice.<br \><br \>4 replies Sat, 22 Mar 2014 01:58:00 GMT http://www.zillow.com/advice-thread/Self-Employed-First-Time-Home-Buyer-in-Tennessee/533292/ 2014-03-22T01:58:00Z Should I use a HELOC to get money to fix up my home if I plan to sell? http://www.zillow.com/advice-thread/Should-I-use-a-HELOC-to-get-money-to-fix-up-my-home-if-I-plan-to-sell/491227/ I purchased my home with the intention of fixing it up as the money came in, and selling in 3-5 years. &nbsp;So far, the biggest thing slowing me down is money. &nbsp;With the planned updates (2 bathrooms, kitchen, yard, etc), I am confident I can sell the house at a price covering any money I take out in a HELOC, as well as my mortgage. &nbsp;I'm mainly looking for a quick boost of cash to get to a sale quicker.<br/><br/>My question is this:<br/>Is it worth taking out money in a HELOC if I plan on selling the property for a profit before the time limit is up on the payment plan? &nbsp;I can add more details if it would be helpful. &nbsp;Thanks for any responses!&nbsp;<br \><br \>14 replies Tue, 07 May 2013 20:35:00 GMT http://www.zillow.com/advice-thread/Should-I-use-a-HELOC-to-get-money-to-fix-up-my-home-if-I-plan-to-sell/491227/ 2013-05-07T20:35:00Z What can I do to get more (or better) quotes for my loan request ZR-KVCMRZP? http://www.zillow.com/advice-thread/What-can-I-do-to-get-more-or-better-quotes-for-my-loan-request-ZR-KVCMRZP/515416/ 2 replies Tue, 15 Oct 2013 20:38:00 GMT http://www.zillow.com/advice-thread/What-can-I-do-to-get-more-or-better-quotes-for-my-loan-request-ZR-KVCMRZP/515416/ 2013-10-15T20:38:00Z Where can you find out what the current USDA home loan interest is? http://www.zillow.com/advice-thread/Where-can-you-find-out-what-the-current-USDA-home-loan-interest-is/509302/ I am a 1st time home buyer with a credit score of 710 but I don't have a down payment so I was offered the option to choose a USDA home loan. I believe I have found a property but would like to calculate what my mortgage payment would be but I am having trouble finding out what the current USDA home mortgage rate is. Can anyone direct me to where I can find this information and a USDA mortgage calculator (if possible as well).&nbsp;<br \><br \>5 replies Fri, 30 Aug 2013 17:09:00 GMT http://www.zillow.com/advice-thread/Where-can-you-find-out-what-the-current-USDA-home-loan-interest-is/509302/ 2013-08-30T17:09:00Z Partner and I are on deed of trust together, loan is in his name. If he refinance will i be on deed http://www.zillow.com/advice-thread/Partner-and-I-are-on-deed-of-trust-together-loan-is-in-his-name-If-he-refinance-will-i-be-on-deed/506105/ 2 replies Fri, 09 Aug 2013 22:17:00 GMT http://www.zillow.com/advice-thread/Partner-and-I-are-on-deed-of-trust-together-loan-is-in-his-name-If-he-refinance-will-i-be-on-deed/506105/ 2013-08-09T22:17:00Z What can I do to get more (or better) quotes for my loan request ZR-RDDKCNH? http://www.zillow.com/advice-thread/What-can-I-do-to-get-more-or-better-quotes-for-my-loan-request-ZR-RDDKCNH/498478/ HI. I am a self employed artist who currently owns a&nbsp; home in Austin Tx. I am wanting to move to Tn. next year and looking to get a mortgage on a home that would be a Lo-Doc with 50% down. I have excellent credit, have owned 4 homes and never had a bankruptcy. I am looking at a 10 or 15 year fixed. What are my options. Thanks Jennifer O'Day<br \><br \>0 replies Sat, 22 Jun 2013 14:55:00 GMT http://www.zillow.com/advice-thread/What-can-I-do-to-get-more-or-better-quotes-for-my-loan-request-ZR-RDDKCNH/498478/ 2013-06-22T14:55:00Z My husband and I have found a $65,000 home in which we would love to purchase. http://www.zillow.com/advice-thread/My-husband-and-I-have-found-a-65-000-home-in-which-we-would-love-to-purchase/494979/ Our credit score is really low, but we have mostly medical bills in which this past week we have paid a lot which may not reflect on our credit score yet. &nbsp;We have $10,000 to put down and are willing to pay $500.00 monthly in which we almost pay now in rent. &nbsp;We have not been late with rent in over 5 years and for the most all our accounts are up to date. &nbsp;We talked with a local bank and after looking at our credit scores they did not understand why they were so low, but as she stated that is not her line of expertise. &nbsp;Nevertheless, we really want this house - what can we do to get it before someone else lays claim - or what can we do to convince &nbsp;a lender that we are very reliable people. &nbsp; We both had some problems, I went through a divorce and had to go bankrupt but I am now on the right track and so is my super new wonderful husband. &nbsp;We are trying to start over and build a new life.<br \><br \>1 reply Sun, 02 Jun 2013 00:45:00 GMT http://www.zillow.com/advice-thread/My-husband-and-I-have-found-a-65-000-home-in-which-we-would-love-to-purchase/494979/ 2013-06-02T00:45:00Z Repair Escrow not being refunded http://www.zillow.com/advice-thread/Repair-Escrow-not-being-refunded/478586/ I purchased a HUD&nbsp;home with a repair escrow. 100 down FHA Loan.&nbsp;I paid&nbsp;$100,000 and the home appraised for $100,000. There was a $550 repair escrow which I had to bring to the closing. The work&nbsp;was completed and signed off by the appraiser. Now the bank&nbsp;that gave us the loan finally received the money from title co. and states that they will apply it to the loan's&nbsp;principle. I stated that I want the money back as in I brought it to the closing and also paid for the repairs out of my pocket. Is there anything I can do or say? <br/>Also they already sold the loan and I have already made payments. Thanks for the help.<br \><br \>1 reply Thu, 14 Feb 2013 11:58:00 GMT http://www.zillow.com/advice-thread/Repair-Escrow-not-being-refunded/478586/ 2013-02-14T11:58:00Z My wife and have been in a chapter 13 for the last 4 years all payments are current through a payrol http://www.zillow.com/advice-thread/My-wife-and-have-been-in-a-chapter-13-for-the-last-4-years-all-payments-are-current-through-a-payrol/473531/ 1 reply Tue, 08 Jan 2013 00:54:00 GMT http://www.zillow.com/advice-thread/My-wife-and-have-been-in-a-chapter-13-for-the-last-4-years-all-payments-are-current-through-a-payrol/473531/ 2013-01-08T00:54:00Z Pre-approval sent to underwriting. Can we get approved? http://www.zillow.com/advice-thread/Pre-approval-sent-to-underwriting-Can-we-get-approved/417148/ Our pre- approval application was sent to underwriting because 2 collection accts came up on my husband's report as "in dispute." We paid the accts and they are shown as paid, but it also says the acct is in dispute. What are our chances for being approved for an FHA loan? My husband's score is 608, great debt to income ratio, great employment hisotry, great income. Thanks!<br \><br \>4 replies Mon, 26 Sep 2011 19:49:00 GMT http://www.zillow.com/advice-thread/Pre-approval-sent-to-underwriting-Can-we-get-approved/417148/ 2011-09-26T19:49:00Z Question about monies received from selling a house http://www.zillow.com/advice-thread/Question-about-monies-received-from-selling-a-house/391616/ Let's say someone wants to buy a house and sell their current house.<br/><br/>&nbsp;If we buy a house before we sell our current house--do they consider the money from your 'going to sell soon house' as part of a down payment? Or is it not even considered b/c the house hasn't sold yet? <br/><br/><br \><br \>4 replies Mon, 21 Mar 2011 12:51:00 GMT http://www.zillow.com/advice-thread/Question-about-monies-received-from-selling-a-house/391616/ 2011-03-21T12:51:00Z can first time home buyers beable to get a HUD loan with a low score? http://www.zillow.com/advice-thread/can-first-time-home-buyers-beable-to-get-a-HUD-loan-with-a-low-score/379555/ 4 replies Tue, 04 Jan 2011 18:59:00 GMT http://www.zillow.com/advice-thread/can-first-time-home-buyers-beable-to-get-a-HUD-loan-with-a-low-score/379555/ 2011-01-04T18:59:00Z