Zillow Advice RSS: Question-Discussion-Guide,Mortgage,NJ http://www.zillow.com/advice/NJ/mortgage/question-discussion-guide/ Zillow Advice search results | Zillow Real Estate I need a FHA loan ASAP for $125,000, down payment$4,500, credit score 645,make $25,000yr,emailme thx http://www.zillow.com/advice-thread/I-need-a-FHA-loan-ASAP-for-125-000-down-payment-4-500-credit-score-645-make-25-000yr-emailme-thx/350068/ 8 replies Sun, 16 May 2010 14:00:00 GMT http://www.zillow.com/advice-thread/I-need-a-FHA-loan-ASAP-for-125-000-down-payment-4-500-credit-score-645-make-25-000yr-emailme-thx/350068/ 2010-05-16T14:00:00Z Purchase Price below appraised value - HELOC? http://www.zillow.com/advice-thread/Purchase-Price-below-appraised-value-HELOC/567827/ We are in the process of buying a home for significantly below appraised value. It is not a distressed sale. The home appraised for $2M and the purchase price is $1.5M.<br/>After paying 20% (300k) down we would have&nbsp; 800k (2M-1.2M) worth of Equity in the home. <br/><br/>Can we get a HELOC immediately after closing. If so, what CLTV is the norm in New Jersey?<br/><br/>thanks<br/><br \><br \>7 replies Tue, 25 Nov 2014 17:52:00 GMT http://www.zillow.com/advice-thread/Purchase-Price-below-appraised-value-HELOC/567827/ 2014-11-25T17:52:00Z Need to raise credit score fast - mortgage lender will do a rapid rescore. http://www.zillow.com/advice-thread/Need-to-raise-credit-score-fast-mortgage-lender-will-do-a-rapid-rescore/552339/ Score dropped due to just having to remove 3 very old dispute comments on long closed accounts. &nbsp;This came up at the late in the mortgage process. Only debt is 1 year old car lease w 27 mo term showing 62% of total balance remaining and Am Ex charge (not credit) card that I pay off every month - reported statement balances over last 4 months - 2500, 3500, 2500, 1500. &nbsp;Score took a dive when it went from 2500 to 3500 (not sure if that's why, as there were a 2 new mortgage inquiries as well), but score did not change much when it went from 2500 to 1500. &nbsp;I have a lot of available credit. &nbsp;I was advised to charge $10 on a card I haven't used in a while. &nbsp;Thoughts on that? &nbsp;Will it also help to pay down the car lease (shown as installment loan) to under 50%? Should I pay off AmEx completely? Middle score was at 768, then after removal of dispute comments and 2 new mortgage inquiries it dropped to 719 so every little bit will help. &nbsp;<br \><br \>10 replies Thu, 31 Jul 2014 01:57:00 GMT http://www.zillow.com/advice-thread/Need-to-raise-credit-score-fast-mortgage-lender-will-do-a-rapid-rescore/552339/ 2014-07-31T01:57:00Z What are other loan options other than a 203k that allow money for repairs? Not structural. http://www.zillow.com/advice-thread/What-are-other-loan-options-other-than-a-203k-that-allow-money-for-repairs-Not-structural/569214/ We are interested in a bank owned home which will only accept a conventional loan. The house needs mostly cosmetic work, some siding, appliances, and an A/C unit which was taken by previous owners. The house is in liveable condition and there is no structural damage. Thank You!<br \><br \>10 replies Wed, 10 Dec 2014 00:47:00 GMT http://www.zillow.com/advice-thread/What-are-other-loan-options-other-than-a-203k-that-allow-money-for-repairs-Not-structural/569214/ 2014-12-10T00:47:00Z How do I findout the value of my home? http://www.zillow.com/advice-thread/How-do-I-findout-the-value-of-my-home/569305/ 9 replies Thu, 11 Dec 2014 01:16:00 GMT http://www.zillow.com/advice-thread/How-do-I-findout-the-value-of-my-home/569305/ 2014-12-11T01:16:00Z WHat are the Minimum Credit Scores Required for FHA Loans http://www.zillow.com/advice-thread/WHat-are-the-Minimum-Credit-Scores-Required-for-FHA-Loans/444776/ Many clients want to know what is the minimum credit score they will need to qualify for FHA loans. The information out there can be confusing especially if it is out of date!<br/><div style="text-align: right;" class="answer_body">Information on FHA loan requirements that was gathered even two years ago is now out of date. Modifications to the rules for required credit score requirements have changed.To get maximum financing on typical new home purchases, applicants should have a credit score of 580 or better. Applicants with a credit score of 500 to 579 according the the FHA guidelines, are "limited to 90 percent LTV". That means you must put 10% down.&nbsp;<br/>Applicants who wish to qualify for 100% FHA loan financing with no down payment required the FHA 203(h), Mortgage Insurance for Disaster Victims home buyers will need a credit score of 500 or better.&nbsp;<br/><br/>To get specific information on different types of FHA Loans available go to:&nbsp;<br/><br/><a rel="nofollow" href="http://portal.hud.gov/hudportal/HUD?src=/program_offices/housing/fhahistory">http://portal.hud.gov/hudportal/HUD?src=/program_offices/hou&hellip;</a>&nbsp;<br/></div><br \><br \>44 replies Wed, 30 May 2012 12:35:00 GMT http://www.zillow.com/advice-thread/WHat-are-the-Minimum-Credit-Scores-Required-for-FHA-Loans/444776/ 2012-05-30T12:35:00Z FHA Loan - How to keep house in divorce http://www.zillow.com/advice-thread/FHA-Loan-How-to-keep-house-in-divorce/567314/ To preface my question: I have already spoken with both mortgage servicer and a HUD-approved counselor. &nbsp;Both seem to give me wishy-washy answers and no clear reason for the options they are recommending. &nbsp;I would like some more direct advice without having to spend application fees in excess of $500 to be declined. &nbsp;<br/><br/>I am currently going through a divorce which is not yet finalized. &nbsp;Wife and I own a townhome w/ FHA mortgage which is under water. &nbsp;We streamline refinanced in 3/2012 to 3.75%. &nbsp;My goal is to takeover the mortgage in my name only. &nbsp;As I understand it, I can have a loan assumption, loan modification or refinance, or some combination thereof. &nbsp;The FHA counselor went through my numbers and suggested streamline refinance again. &nbsp;My concern with that is that I'm pretty sure it would raise my monthly payments since rate will likely be a little higher and PMI will be higher and non-terminable. &nbsp;Mortgage servicer led me to believe I should apply for an assumption, but they won't give me any firm answer on whether it is likely to be approved. &nbsp;I can afford the current payments, but if they are strict about DTI ratios, then that is questionable. &nbsp;What is the best route for me to take in this scenario? &nbsp;Can I have any certainty before making a final decision? &nbsp;Would a loan modification either before or after assumption be possible/suggested?<br \><br \>3 replies Thu, 20 Nov 2014 15:59:00 GMT http://www.zillow.com/advice-thread/FHA-Loan-How-to-keep-house-in-divorce/567314/ 2014-11-20T15:59:00Z I have bad credit but my house is paid in full. Can I get an equity loan? http://www.zillow.com/advice-thread/I-have-bad-credit-but-my-house-is-paid-in-full-Can-I-get-an-equity-loan/422383/ 13 replies Thu, 10 Nov 2011 17:14:00 GMT http://www.zillow.com/advice-thread/I-have-bad-credit-but-my-house-is-paid-in-full-Can-I-get-an-equity-loan/422383/ 2011-11-10T17:14:00Z I have bad credit but my house is paid in full. Can I get an equity loan? http://www.zillow.com/advice-thread/I-have-bad-credit-but-my-house-is-paid-in-full-Can-I-get-an-equity-loan/422383/ 13 replies Thu, 10 Nov 2011 17:14:00 GMT http://www.zillow.com/advice-thread/I-have-bad-credit-but-my-house-is-paid-in-full-Can-I-get-an-equity-loan/422383/ 2011-11-10T17:14:00Z Purchase Price below appraised value - HELOC? http://www.zillow.com/advice-thread/Purchase-Price-below-appraised-value-HELOC/567827/ We are in the process of buying a home for significantly below appraised value. It is not a distressed sale. The home appraised for $2M and the purchase price is $1.5M.<br/>After paying 20% (300k) down we would have&nbsp; 800k (2M-1.2M) worth of Equity in the home. <br/><br/>Can we get a HELOC immediately after closing. If so, what CLTV is the norm in New Jersey?<br/><br/>thanks<br/><br \><br \>6 replies Tue, 25 Nov 2014 17:52:00 GMT http://www.zillow.com/advice-thread/Purchase-Price-below-appraised-value-HELOC/567827/ 2014-11-25T17:52:00Z FHA Loan - How to keep house in divorce http://www.zillow.com/advice-thread/FHA-Loan-How-to-keep-house-in-divorce/567314/ To preface my question: I have already spoken with both mortgage servicer and a HUD-approved counselor. &nbsp;Both seem to give me wishy-washy answers and no clear reason for the options they are recommending. &nbsp;I would like some more direct advice without having to spend application fees in excess of $500 to be declined. &nbsp;<br/><br/>I am currently going through a divorce which is not yet finalized. &nbsp;Wife and I own a townhome w/ FHA mortgage which is under water. &nbsp;We streamline refinanced in 3/2012 to 3.75%. &nbsp;My goal is to takeover the mortgage in my name only. &nbsp;As I understand it, I can have a loan assumption, loan modification or refinance, or some combination thereof. &nbsp;The FHA counselor went through my numbers and suggested streamline refinance again. &nbsp;My concern with that is that I'm pretty sure it would raise my monthly payments since rate will likely be a little higher and PMI will be higher and non-terminable. &nbsp;Mortgage servicer led me to believe I should apply for an assumption, but they won't give me any firm answer on whether it is likely to be approved. &nbsp;I can afford the current payments, but if they are strict about DTI ratios, then that is questionable. &nbsp;What is the best route for me to take in this scenario? &nbsp;Can I have any certainty before making a final decision? &nbsp;Would a loan modification either before or after assumption be possible/suggested?<br \><br \>1 reply Thu, 20 Nov 2014 15:59:00 GMT http://www.zillow.com/advice-thread/FHA-Loan-How-to-keep-house-in-divorce/567314/ 2014-11-20T15:59:00Z Need to raise credit score fast - mortgage lender will do a rapid rescore. http://www.zillow.com/advice-thread/Need-to-raise-credit-score-fast-mortgage-lender-will-do-a-rapid-rescore/552339/ Score dropped due to just having to remove 3 very old dispute comments on long closed accounts. &nbsp;This came up at the late in the mortgage process. Only debt is 1 year old car lease w 27 mo term showing 62% of total balance remaining and Am Ex charge (not credit) card that I pay off every month - reported statement balances over last 4 months - 2500, 3500, 2500, 1500. &nbsp;Score took a dive when it went from 2500 to 3500 (not sure if that's why, as there were a 2 new mortgage inquiries as well), but score did not change much when it went from 2500 to 1500. &nbsp;I have a lot of available credit. &nbsp;I was advised to charge $10 on a card I haven't used in a while. &nbsp;Thoughts on that? &nbsp;Will it also help to pay down the car lease (shown as installment loan) to under 50%? Should I pay off AmEx completely? Middle score was at 768, then after removal of dispute comments and 2 new mortgage inquiries it dropped to 719 so every little bit will help. &nbsp;<br \><br \>9 replies Thu, 31 Jul 2014 01:57:00 GMT http://www.zillow.com/advice-thread/Need-to-raise-credit-score-fast-mortgage-lender-will-do-a-rapid-rescore/552339/ 2014-07-31T01:57:00Z WHat are the Minimum Credit Scores Required for FHA Loans http://www.zillow.com/advice-thread/WHat-are-the-Minimum-Credit-Scores-Required-for-FHA-Loans/444776/ Many clients want to know what is the minimum credit score they will need to qualify for FHA loans. The information out there can be confusing especially if it is out of date!<br/><div style="text-align: right;" class="answer_body">Information on FHA loan requirements that was gathered even two years ago is now out of date. Modifications to the rules for required credit score requirements have changed.To get maximum financing on typical new home purchases, applicants should have a credit score of 580 or better. Applicants with a credit score of 500 to 579 according the the FHA guidelines, are "limited to 90 percent LTV". That means you must put 10% down.&nbsp;<br/>Applicants who wish to qualify for 100% FHA loan financing with no down payment required the FHA 203(h), Mortgage Insurance for Disaster Victims home buyers will need a credit score of 500 or better.&nbsp;<br/><br/>To get specific information on different types of FHA Loans available go to:&nbsp;<br/><br/><a rel="nofollow" href="http://portal.hud.gov/hudportal/HUD?src=/program_offices/housing/fhahistory">http://portal.hud.gov/hudportal/HUD?src=/program_offices/hou&hellip;</a>&nbsp;<br/></div><br \><br \>41 replies Wed, 30 May 2012 12:35:00 GMT http://www.zillow.com/advice-thread/WHat-are-the-Minimum-Credit-Scores-Required-for-FHA-Loans/444776/ 2012-05-30T12:35:00Z what is your openion about Northstar Funding lender? http://www.zillow.com/advice-thread/what-is-your-openion-about-Northstar-Funding-lender/566697/ 3 replies Sat, 15 Nov 2014 02:39:00 GMT http://www.zillow.com/advice-thread/what-is-your-openion-about-Northstar-Funding-lender/566697/ 2014-11-15T02:39:00Z what is your openion about Northstar Funding lender? http://www.zillow.com/advice-thread/what-is-your-openion-about-Northstar-Funding-lender/566697/ 3 replies Sat, 15 Nov 2014 02:39:00 GMT http://www.zillow.com/advice-thread/what-is-your-openion-about-Northstar-Funding-lender/566697/ 2014-11-15T02:39:00Z Any luck with Hudson City Savings Bank Loan Mod? http://www.zillow.com/advice-thread/Any-luck-with-Hudson-City-Savings-Bank-Loan-Mod/449360/ Hi All,<br/>We have our mortgage held by Hudson City Savings Bank in NJ. The principal balance is 480k. I noticed that the Zestimate had climbed to 575k and hence thought I stood a chance for a refi. The "professional" appraisal came in at 400k. <br/><br/>We are struggling with a 5.25% mortgage rate and are desperately trying to get our payments lowered. Hudson City has not picked up the phone or answered an email in about 12 months. Goes without saying that I'll never take a loan from them ever again.<br/><br/>We have now submitted our file to Hudson City via NACA. <br/>Has anyone had any luck with these guys? <br/>Any other suggestions?<br/><br/>thanks in advance<br \><br \>49 replies Mon, 02 Jul 2012 18:00:00 GMT http://www.zillow.com/advice-thread/Any-luck-with-Hudson-City-Savings-Bank-Loan-Mod/449360/ 2012-07-02T18:00:00Z Any luck with Hudson City Savings Bank Loan Mod? http://www.zillow.com/advice-thread/Any-luck-with-Hudson-City-Savings-Bank-Loan-Mod/449360/ Hi All,<br/>We have our mortgage held by Hudson City Savings Bank in NJ. The principal balance is 480k. I noticed that the Zestimate had climbed to 575k and hence thought I stood a chance for a refi. The "professional" appraisal came in at 400k. <br/><br/>We are struggling with a 5.25% mortgage rate and are desperately trying to get our payments lowered. Hudson City has not picked up the phone or answered an email in about 12 months. Goes without saying that I'll never take a loan from them ever again.<br/><br/>We have now submitted our file to Hudson City via NACA. <br/>Has anyone had any luck with these guys? <br/>Any other suggestions?<br/><br/>thanks in advance<br \><br \>49 replies Mon, 02 Jul 2012 18:00:00 GMT http://www.zillow.com/advice-thread/Any-luck-with-Hudson-City-Savings-Bank-Loan-Mod/449360/ 2012-07-02T18:00:00Z Will a construction loan cover the cost to buy the land? http://www.zillow.com/advice-thread/Will-a-construction-loan-cover-the-cost-to-buy-the-land/401872/ My husband and I are looking to buy a piece of land and then build on it.&nbsp; We dont have the money necessary to buy the land outright.&nbsp; So, my question is, can we get a construction loan that covers buying the land as well??&nbsp; If not, does anyone have any ideas as to how this could be done?? Thanks for any help.<br \><br \>5 replies Sat, 04 Jun 2011 22:45:00 GMT http://www.zillow.com/advice-thread/Will-a-construction-loan-cover-the-cost-to-buy-the-land/401872/ 2011-06-04T22:45:00Z Moving out of state! Can I get a second mortgage on a new home? http://www.zillow.com/advice-thread/Moving-out-of-state-Can-I-get-a-second-mortgage-on-a-new-home/564374/ In 2007, my sister and I put both of our names on a mortgage loan for my father since his credit was bad.&nbsp; He has been 100% financially responsible on those payments since it was signed.&nbsp; There is a 75,000 balance left and the home is worth around $300,000.&nbsp; My dilemma is that I will be moving out of state from NJ to PA in June of 2015 and I am seriously worried that this current loan will affect my chances of getting another one.&nbsp; Can I get a second mortgage on a new home?&nbsp; Or will this ruin my chances?&nbsp; I will add that my credit is in the low 700's and I have had stable income for the past couple of years.&nbsp; Any type of advice will truly help!&nbsp; Thanks!<br \><br \>9 replies Sun, 26 Oct 2014 21:51:00 GMT http://www.zillow.com/advice-thread/Moving-out-of-state-Can-I-get-a-second-mortgage-on-a-new-home/564374/ 2014-10-26T21:51:00Z Buying a new home; should I let my new mortgage company know that I sold my old home? http://www.zillow.com/advice-thread/Buying-a-new-home-should-I-let-my-new-mortgage-company-know-that-I-sold-my-old-home/562333/ I currently own two homes; one vacation home with a monthly mortgage payment of $1200, and the home I live in with a monthly mortgage payment of $1650. &nbsp;My husband and I just bought a new home, which will cost us about $2800 a month. &nbsp;We filled out mortgage applications, indicating that we planned on renting our current primary residence, since it has dropped in value, and we didn't think it would sell. &nbsp;However, I decided to try to put it on the market, and quickly found a buyer! &nbsp;The sale of my primary home will cover the remainder of my mortgage, so that debt will be eliminated. &nbsp;Should I let my mortgage company for the new home know that I have sold my current home, or will this cause more of a hassle? &nbsp;On the other hand, will I have a more attractive debt to income ratio if I let them know it is sold? &nbsp;<br \><br \>12 replies Thu, 09 Oct 2014 23:15:00 GMT http://www.zillow.com/advice-thread/Buying-a-new-home-should-I-let-my-new-mortgage-company-know-that-I-sold-my-old-home/562333/ 2014-10-09T23:15:00Z