Zillow Advice RSS: Question-Discussion-Guide,Mortgage,NV http://www.zillow.com/advice/NV/mortgage/question-discussion-guide/ Zillow Advice search results | Zillow Real Estate Mortgage Insurance http://www.zillow.com/advice-thread/Mortgage-Insurance/551886/ I bought a home a year ago, and I would like to know if I should shop around on mortgage insurance and I would like to know if I could change it in order to lower my monthly payments. Can you provide me information of some mortgage insurance brokers. Thank You<br \><br \>4 replies Mon, 28 Jul 2014 22:42:00 GMT http://www.zillow.com/advice-thread/Mortgage-Insurance/551886/ 2014-07-28T22:42:00Z Home loan for credit score around 600 http://www.zillow.com/advice-thread/Home-loan-for-credit-score-around-600/550839/ we are looking to buy a mobile home set on a foundation and are looking for a loan in Reno Nevada that we can get with a credit score of 600. can anyone help us find a good place to go&gt;<br \><br \>4 replies Wed, 23 Jul 2014 02:44:00 GMT http://www.zillow.com/advice-thread/Home-loan-for-credit-score-around-600/550839/ 2014-07-23T02:44:00Z Mortgage Loan with bad credit. http://www.zillow.com/advice-thread/Mortgage-Loan-with-bad-credit/547864/ Can I get a loan with bad credit but good income?<br \><br \>6 replies Mon, 30 Jun 2014 16:36:00 GMT http://www.zillow.com/advice-thread/Mortgage-Loan-with-bad-credit/547864/ 2014-06-30T16:36:00Z How do I get a reverse mortgage on a home? http://www.zillow.com/advice-thread/How-do-I-get-a-reverse-mortgage-on-a-home/523413/ I have enough money to pay all cash for a home 90K.A reverse mortgage interests me.I am 62 and don't want all of my money tied up in the property.<br \><br \>3 replies Sun, 05 Jan 2014 23:12:00 GMT http://www.zillow.com/advice-thread/How-do-I-get-a-reverse-mortgage-on-a-home/523413/ 2014-01-05T23:12:00Z I am looking to refinance our mfg. home in Nevada, but don't what know lenders will do that. http://www.zillow.com/advice-thread/I-am-looking-to-refinance-our-mfg-home-in-Nevada-but-don%27t-what-know-lenders-will-do-that/550652/ We've been in our home about 15 yrs, @7.75% with a&nbsp;30 yr. loan. Is it even worth refinancing at this point? Any help steering us to a lender/s would be appreciated.&nbsp;<br \><br \>4 replies Mon, 21 Jul 2014 23:04:00 GMT http://www.zillow.com/advice-thread/I-am-looking-to-refinance-our-mfg-home-in-Nevada-but-don%27t-what-know-lenders-will-do-that/550652/ 2014-07-21T23:04:00Z Waiting period after short sale increased? http://www.zillow.com/advice-thread/Waiting-period-after-short-sale-increased/550075/ Is it true that the waiting period after a short sale has increased to 4 yrs? What if you are under contract prior to August 16th?<br \><br \>3 replies Thu, 17 Jul 2014 20:06:00 GMT http://www.zillow.com/advice-thread/Waiting-period-after-short-sale-increased/550075/ 2014-07-17T20:06:00Z Alt. Financing Options not using credit pull on income spouse? http://www.zillow.com/advice-thread/Alt-Financing-Options-not-using-credit-pull-on-income-spouse/549690/ Wife has good credit 740+, no negatives, but no income. I have income, but can't use my credit and don't want my name on the loan. I was considering having her do an MCM loan (Fannie Mae) on a 3-4 unit property using actual or projected rental income + boarder income (from me, another 1/2 a unit rent basically) to get under the 45% DTI ratio (we have no other debt payments so back end ratio is basically rental income relative to the mortgage). We can put 20% down to avoid PMI and decrease risk to the lender (although MCM calls for only 5% down on owner-occupied).<br/><br/>However, I think it's unlikely that this is going to work for a conventional/MCM mortgage as it requires manual underwriting and too many variables off of a "typical" mortgage app, all the banks I talked to are lazy and they don't want to look at it. Some bank private portfolios I heard offer 5-5.5% or similar rate loans, while most private lenders online seem to be 7-9% (but offer additional documentation flexibility).<br/><br/>Units in this area cost about 40-60k each and cash flow gross 800-1000/mo. If 1-2 units don't cash flow (vacancy or non-payment/squatter) then my income covers the gap, if THAT fails (job loss?) our school refunds can cover it, if all of that fails then the 20%+ equity basically eliminates most of the lender's risk in foreclosure anyway. In this situation, where there seems minimal risk to the lender, how can I obtain a rate under 6% without them pulling my credit or my guaranteeing the loan? I can pull my own actual credit reports data (all 3) if it makes them feel better and I can document my own income as supporting documents.<br \><br \>0 replies Tue, 15 Jul 2014 01:41:00 GMT http://www.zillow.com/advice-thread/Alt-Financing-Options-not-using-credit-pull-on-income-spouse/549690/ 2014-07-15T01:41:00Z Lender taking back lender credits? http://www.zillow.com/advice-thread/Lender-taking-back-lender-credits/548599/ We are closing on a home on July 25, it's a USDA loan and with the guarantee fee the total loan is $216,734. Initially, my lender (from my credit union) was trying to get us to roll the closing costs into the loan but doing so would cause us to have a 5% interest rate. Our credit score is in the 700s so I know we could get a lower rate. When I told my lender I was shopping loans he told me he could get us 3.75% with a lender credit that would pay all my closing costs, at the time our offer had not been accepted on the house so he said I couldn't lock it in. Now that our offer has been accepted he is saying that that rate is paying less of a lenders credit, every time I talk to him the credit is paying less and less and he says it fluctuates based on the market, so we are having to come out of pocket more and more for closing costs. He said if we want more credit we could go up to 4% interest but we really don't want to do that. Are lenders allowed to take back credits they have promised just because I couldn't lock it in? Also he told us we shouldn't lock it in until the appraisal was done and that just happened yesterday. So, I guess my question is does this sound legit and do lender's credits fluctuate with the market?<br/><br/>Thanks so much for the help!<br \><br \>5 replies Sun, 06 Jul 2014 16:36:00 GMT http://www.zillow.com/advice-thread/Lender-taking-back-lender-credits/548599/ 2014-07-06T16:36:00Z need a mortgage broker that works with self employed to refi with 720 fico score http://www.zillow.com/advice-thread/need-a-mortgage-broker-that-works-with-self-employed-to-refi-with-720-fico-score/546797/ 7 replies Mon, 23 Jun 2014 19:54:00 GMT http://www.zillow.com/advice-thread/need-a-mortgage-broker-that-works-with-self-employed-to-refi-with-720-fico-score/546797/ 2014-06-23T19:54:00Z Approval http://www.zillow.com/advice-thread/Approval/546842/ I just pulled my credit scores (myfico.com) and they are 665/650/660 and my wife scored 625/615/628. We have decent income ($225000/annually), and have current va loans. I would like to use VA &amp; FHA to get a home around $500000-600000.<br \><br \>4 replies Tue, 24 Jun 2014 01:27:00 GMT http://www.zillow.com/advice-thread/Approval/546842/ 2014-06-24T01:27:00Z Big down payment and bad credit. http://www.zillow.com/advice-thread/Big-down-payment-and-bad-credit/545865/ My credit score is 562 and I'm trying to buy $160,000 house with $80,000 down payment.<br/><br/>I'll most likely move within 3 years or pay off the rest with cash about 3 years later.<br/><br/>I talked to the loan officer and she provided me with fha loan, 4.125% with pmi for 5 years.&nbsp;<br/><br/>Is this a good mortgage for me or is there a better option out there?<br/><br/>Thank you.&nbsp;<br \><br \>3 replies Tue, 17 Jun 2014 15:08:00 GMT http://www.zillow.com/advice-thread/Big-down-payment-and-bad-credit/545865/ 2014-06-17T15:08:00Z VA loan with bad credit and spouse loan modification http://www.zillow.com/advice-thread/VA-loan-with-bad-credit-and-spouse-loan-modification/524305/ Can I get a VA loan with my spouse having a loan modification? &nbsp;I have done alot of research and have talked to a couple companies about VA loans...but I seem to get different answers. &nbsp;I am a disabled veteran trying to get a VA loan. &nbsp;I did make mistakes in the past which resulted in a foreclosure and many other bad accounts ect that ruined my credit. &nbsp;Today its around 600....and I know the minimum score for a VA loan is 620. &nbsp;The good part is that my foreclosure and other bad credit is due to come off in the next couple months since it has been 7yrs which hopefully should take my score up to 620. &nbsp;The problem I have been running into is my spouse. &nbsp;I was just recently married and my spouse has not so good credit as well. before we got married, she also did a loan modification on the home that she has. &nbsp;During the process, she was told to not make payments, to show that there is a hardship. &nbsp;So now she has all these late payments on her credit which killed her score. &nbsp;I was told that we have to wait 2yrs because of the loan modification and that I cant get a VA loan by myself since I am in a community state. &nbsp;I dont think I would want my spouse on the loan since she has another property which would put us at a higher DTI and cant use her income since most of it comes from tips. &nbsp; Seems like I cant get a break anywhere. &nbsp;Any help would be great. &nbsp;<br \><br \>7 replies Mon, 13 Jan 2014 17:44:00 GMT http://www.zillow.com/advice-thread/VA-loan-with-bad-credit-and-spouse-loan-modification/524305/ 2014-01-13T17:44:00Z can i get an fha loan with median fico of 623? http://www.zillow.com/advice-thread/can-i-get-an-fha-loan-with-median-fico-of-623/541366/ My fico scores are 598,623 and 635. Can I get an fha loan with those scores? I make around 2200 per month and am looking to get into something no more than 125,000. Trying to keep payments at 900/month at most. I have no debt besides 300/month student loans and 400 car payment that the ex wife pays and has receipts showing she makes all the payments. Also, I was told if I do 5% down I get a better rate than 3.5%? Any truth to that? So is this somewhat possible or would I just be waisting a lenders/Realtors time?<br \><br \>10 replies Sun, 18 May 2014 21:47:00 GMT http://www.zillow.com/advice-thread/can-i-get-an-fha-loan-with-median-fico-of-623/541366/ 2014-05-18T21:47:00Z First time Refinance http://www.zillow.com/advice-thread/First-time-Refinance/540838/ Hi sorry I am new to this and I was wondering if there's a way to refinance and take out 80% of the equity? Here's the information on my house zilliow and bank of America estimate that my house is in the$269,000-$298,000. Bank of America estimate it about $280,000. My current mortgage is $172,000. I have excellent credit and my loan is through Homepath. Is there any way that I can get $70,000 from my equity ? I went to Chase and they said I was only able to get $35,000. Any information will help Thank You<br \><br \>6 replies Thu, 15 May 2014 05:05:00 GMT http://www.zillow.com/advice-thread/First-time-Refinance/540838/ 2014-05-15T05:05:00Z Can a buyer purchase an REO sold as is property that is missing all appliances, with an FHA loan? http://www.zillow.com/advice-thread/Can-a-buyer-purchase-an-REO-sold-as-is-property-that-is-missing-all-appliances-with-an-FHA-loan/539681/ 8 replies Wed, 07 May 2014 15:32:00 GMT http://www.zillow.com/advice-thread/Can-a-buyer-purchase-an-REO-sold-as-is-property-that-is-missing-all-appliances-with-an-FHA-loan/539681/ 2014-05-07T15:32:00Z Does VA have a title seasoning requirement on a cash out refi? http://www.zillow.com/advice-thread/Does-VA-have-a-title-seasoning-requirement-on-a-cash-out-refi/538668/ I did a short sale 2 years ago. At the time I was able to get into another property via my Mother.The mortgage is in her name only. I went onto title in August of 2013. I would like to get the loan in my name only and pull a little cash out to do some improvements. My LTV is about 65% all other compensating factors are solid as well. My question is will VA allow me to do a cash out refi being on title for only 8 months?<br \><br \>8 replies Wed, 30 Apr 2014 14:17:00 GMT http://www.zillow.com/advice-thread/Does-VA-have-a-title-seasoning-requirement-on-a-cash-out-refi/538668/ 2014-04-30T14:17:00Z interest rates http://www.zillow.com/advice-thread/interest-rates/539753/ are you guys high? &nbsp;30 year fixed with an APR of 4.049% and a 15 year fixed at 3.048% -- geez...clearly, the CFPB doesn't ever look at your site. &nbsp;Rates haven't been anywhere NEAR that low in 12 months. &nbsp;This sets buyers up for a HUGE disappointment and a totally unrealistic notion of how much home for which they'll qualify. &nbsp;Really frustrating to have over 28 years as a mortgage lender and to still have to compete with blatant misrepresentations such as this. &nbsp;Tell the truth (or try updating more than once a year)<br \><br \>9 replies Wed, 07 May 2014 21:11:00 GMT http://www.zillow.com/advice-thread/interest-rates/539753/ 2014-05-07T21:11:00Z USDA Loan Basics http://www.zillow.com/advice-thread/USDA-Loan-Basics/538382/ What is the bare minimum to qualify for a USDA loan? &nbsp;For the purpose of the example using a 200,000 loan. &nbsp;How much $ up front, minimum credit score, cash reserves, etc? &nbsp;Any major deal breakers on a loan not making it through underwriting?&nbsp;<br \><br \>5 replies Mon, 28 Apr 2014 18:18:00 GMT http://www.zillow.com/advice-thread/USDA-Loan-Basics/538382/ 2014-04-28T18:18:00Z Is it possible to buy a home with 10% down. http://www.zillow.com/advice-thread/Is-it-possible-to-buy-a-home-with-10-down/500281/ 6 replies Thu, 04 Jul 2013 07:12:00 GMT http://www.zillow.com/advice-thread/Is-it-possible-to-buy-a-home-with-10-down/500281/ 2013-07-04T07:12:00Z I am in chap 13 bankruptcy, how difficult is it to refinanace? http://www.zillow.com/advice-thread/I-am-in-chap-13-bankruptcy-how-difficult-is-it-to-refinanace/533815/ 6 replies Wed, 26 Mar 2014 02:00:00 GMT http://www.zillow.com/advice-thread/I-am-in-chap-13-bankruptcy-how-difficult-is-it-to-refinanace/533815/ 2014-03-26T02:00:00Z