Zillow Advice RSS: Question-Discussion-Guide,Mortgage,Boston- MA http://www.zillow.com/advice/Boston-MA/mortgage/question-discussion-guide/ Zillow Advice search results | Zillow Real Estate HELOC needed, exceeding the 43% limit on debt to income ratio http://www.zillow.com/advice-thread/HELOC-needed-exceeding-the-43-limit-on-debt-to-income-ratio/545237/ Hi,<br/><br/>My debt to income ratio is 36% currently and I am looking for a HELOC of $100k but the debt to income ratio goes above 43%. My LTV after the 100k HELOC will be 80% and my credit score is 800. Is there a way to qualify for a HELOC (or another kind of loan) where my LTV stays below 80% but debt to income ratio is higher than 43%?<br \><br \>5 replies Thu, 12 Jun 2014 15:54:00 GMT http://www.zillow.com/advice-thread/HELOC-needed-exceeding-the-43-limit-on-debt-to-income-ratio/545237/ 2014-06-12T15:54:00Z Buying a Home on Income Based Repayment http://www.zillow.com/advice-thread/Buying-a-Home-on-Income-Based-Repayment/527813/ My husband and I are looking to purchase our first home outside of Boston, MA, but our having trouble because of the repayment plan that we are on for our school loans. &nbsp;We are both doctors of chiropractic with high student loan debt, but no other debt and excellent credit. &nbsp;We run our own practice, and have been in business almost 3 years. &nbsp;The problem that we're running into is that traditional mortgage programs do not understand or care about the program that we are on for repayment of our school loans (Income Based Repayment), a program that makes repayment affordable as you gain income and grow a business. &nbsp;Rather than taking into account the low amount we actually pay, or the fact that we control our income, and therefore our payment is unlikely to increase in the near future, they look at the worst case scenario of a ten year payoff. &nbsp;This throws our DTI ratio so far off that a traditional bank would never consider lending to us.<br/><br/>Does anyone have experience with banks or programs that are willing to take the whole situation into account and work with applicants who are on Income Based Repayment for their school loans? &nbsp;We are looking at a house right now that would cost us less than our current rent, which we have been paying for over 3 years and can clearly afford.&nbsp;<br \><br \>8 replies Sun, 09 Feb 2014 19:12:00 GMT http://www.zillow.com/advice-thread/Buying-a-Home-on-Income-Based-Repayment/527813/ 2014-02-09T19:12:00Z Want to get loan on my property? http://www.zillow.com/advice-thread/Want-to-get-loan-on-my-property/542652/ <br/>tell please how can i i get as soon possible <br/><br/><br/><br/><em><strong><u>[Spam hyperlink removed by Zillow moderator, see our <a href="http://www.zillow.com/howto/GoodNeighborPolicy.htm">Good Neighbor Policy</a>]</u></strong></em><br \><br \>1 reply Tue, 27 May 2014 11:30:00 GMT http://www.zillow.com/advice-thread/Want-to-get-loan-on-my-property/542652/ 2014-05-27T11:30:00Z How much (%) down payment required on a O1/J1 visa? http://www.zillow.com/advice-thread/How-much-down-payment-required-on-a-O1-J1-visa/540292/ I am 6 months through a O1 visa while my fianc&eacute; is on a J1. We are looking to buy in the Boston area, but are unsure on the minimum down payments for non-US citizens. We bring a fair bit of savings and our combined income is ~140K Thanks in advance!<br \><br \>3 replies Mon, 12 May 2014 00:03:00 GMT http://www.zillow.com/advice-thread/How-much-down-payment-required-on-a-O1-J1-visa/540292/ 2014-05-12T00:03:00Z Commercial Mortgage on Vacant Commercial (5+ unit apartments) Property http://www.zillow.com/advice-thread/Commercial-Mortgage-on-Vacant-Commercial-5-unit-apartments-Property/540223/ I am trying to get a mortgage on a 5+ unit apartment complex property, around 400k purchase price. All units vacant. This property had code violations in the past and city had it under a receiver to bring the property back in order. <br/><br/>Spoke to several banks, but all of them saying its not possible.<br/><br/>Is there any kind of commercial mortgage or something that works for this kind of situation?<br/><br/><br \><br \>1 reply Sun, 11 May 2014 04:50:00 GMT http://www.zillow.com/advice-thread/Commercial-Mortgage-on-Vacant-Commercial-5-unit-apartments-Property/540223/ 2014-05-11T04:50:00Z Cash purchase before House Closing http://www.zillow.com/advice-thread/Cash-purchase-before-House-Closing/538999/ We have the clear to close, but the buyer requested a later closing so we are just waiting 2 more weeks. Now our car just kicked the bucket and we have cash to buy a new one. Cash reserves (not including the cash to close) would still look fine. We'd still have 6mo of mortgage payments on reserve. Would this botch the closing at the last minute?<br \><br \>4 replies Fri, 02 May 2014 20:10:00 GMT http://www.zillow.com/advice-thread/Cash-purchase-before-House-Closing/538999/ 2014-05-02T20:10:00Z Alternative to FHA Loans after Chapter 13? http://www.zillow.com/advice-thread/Alternative-to-FHA-Loans-after-Chapter-13/526149/ I'm expecting a chapter 13 discharge this summer and I know that the FHA loan is a possibility shortly after (or even during the ch 13) but I was wondering if there is an FHA alternative to avoid the super high mortgage insurance premiums that come along with an FHA loan?&nbsp;<br/><br/>I would be putting down between 10-15 percent and would love to not have to pay MI for the life of the loan as now required under FHA.&nbsp;<br/><br/>Some specifics:&nbsp;<br/>Chapter 13, all payments to trustee and mortgage paid on time<br/>fico of 660-700<br/>160k income<br/>same job for years<br/>225 in retirement/savings<br/>few open credit cards (with minimal balances)<br/><br/>Ideally I'll be buying a house in Massachusetts priced around 400-500k. The FHA estimator shows a rate around 4.5% with MI of around 450/month. Would there be such thing as a "not too sub-prime lender" that would maybe have a slightly higher rate but not as gouging of MI? Using the online calcs something with a 5% rate and less of MI might be a better payment but I didnt know if it would be possible to qualify. Everything I've ready says conventional financing is possible after 2 years from discharge date (FHA is possible during - after 1 year of making payments).&nbsp;<br/><br/>Thanks<br \><br \>7 replies Mon, 27 Jan 2014 22:08:00 GMT http://www.zillow.com/advice-thread/Alternative-to-FHA-Loans-after-Chapter-13/526149/ 2014-01-27T22:08:00Z Cash only financing options http://www.zillow.com/advice-thread/Cash-only-financing-options/534003/ I'm interested in a house which is cash only. I could come up with the cash but it would bind more of my liquid capital than I like and I would have to sell shares which I would like to hold at the moment for tax reasons. Also, buying in cash would remove advantages like the tax deductions for mortgage payments which I want to make use of.<br/><br/>What are my options here?<br/><br/>A home equity loan is not fully tax deductible (up to 100k from what I read). I'd be ok with the 100k but for some reason they also have a substantially higher interest rate (30y fixed differs by ~1%), so no.<br/><br/>It seems to be possible to get a purchase mortgage even after the purchase if prepared carefully in advance with certain lenders. However, the house needs fixes. I would have to apply the fixes before I get the appraisal which would cost time and money. Time is critical because from what I read from the IRS the mortgage has to be finalized 90 days after the purchase in order to qualify. Money is critical because the fixes cost money and thus even more of my capital than the purchase price would be bound for this time.<br/><br/>I also read about 203k rehab loan. What are the advantages/disdvantages of<br/>this option? Do they have the same tax status?&nbsp;&nbsp;&nbsp;<br/><br \><br \>7 replies Thu, 27 Mar 2014 13:22:00 GMT http://www.zillow.com/advice-thread/Cash-only-financing-options/534003/ 2014-03-27T13:22:00Z Refinance two mortgages on rental property http://www.zillow.com/advice-thread/Refinance-two-mortgages-on-rental-property/529854/ We want to refinance our mortgages but we are not sure since is rental property. We bought as primary residence and after 10 years we moved and rented the property. We would like to refinance to lower our monthly payment and rates but we have a second mortgage as well. Our first loan we owne $188k (18 years left on mortgage) and the 2nd we own $47k with about 25 years to pay off. We want to refinance both loans to get a better rate. The first was taken at 5.2% and the second 6.89%. The house market value is only $241k. Is it possible to refinance to 30 year without needing to pay the 2nd loan off?<br \><br \>4 replies Tue, 25 Feb 2014 02:08:00 GMT http://www.zillow.com/advice-thread/Refinance-two-mortgages-on-rental-property/529854/ 2014-02-25T02:08:00Z Is it possible to get a mortgage with (very) low income but high asset availability? http://www.zillow.com/advice-thread/Is-it-possible-to-get-a-mortgage-with-very-low-income-but-high-asset-availability/529228/ Hi there,<br/><br/>Because I am currently a full-time grad student, my income (based on a service-based stipend for teaching intro college classes) is pretty rock bottom. But I do have quite a bit of money in assets that can be used for a solid down payment (at least 20%) and towards monthly mortgage payments, I have excellent credit and have zero debt. <br/><br/>While I could potentially pay cash for a first home, I don't want to liquidate all of that and would rather leave what isn't needed for a down payment invested. But I'm running into the problem that on paper, my DTI is too high to get approved for a mortgage. Are there any ways to get around this issue so that the assets that I do have can be considered and not just my low annual income?&nbsp;<br/><br/>I really appreciate any advice anyone can provide.<br/><br/>C<br \><br \>4 replies Thu, 20 Feb 2014 19:49:00 GMT http://www.zillow.com/advice-thread/Is-it-possible-to-get-a-mortgage-with-very-low-income-but-high-asset-availability/529228/ 2014-02-20T19:49:00Z Looking to try new part of the country http://www.zillow.com/advice-thread/Looking-to-try-new-part-of-the-country/528621/ My wife and I live on the East Coast and are getting tired of the long winters and constant shoveling of snow. We own out house, with a mortgage of ~$610K, with the house recently appraised by a local realtor for $1.295M<br/><br/>We have been looking to move south for years and think we're at the place now where we can rent our house (probably for $3500/mont) and rent something in our new town. We could keep our existing house and have someone else pay the mortgage for 20-years and then sell to cover retirement.<br/><br/>My questions is - if we like the new town down south after one year, can we purchase another home and put down &nbsp;less than 20%. Can we tap the equity we have in our current home in the north, or use some of the rent as income against our debt to income ratio?<br/><br/>Any insight of web content which covers this would be appreciated.<br/><br/>Thanks<br/><br/>Mac<br/><br \><br \>8 replies Sun, 16 Feb 2014 01:47:00 GMT http://www.zillow.com/advice-thread/Looking-to-try-new-part-of-the-country/528621/ 2014-02-16T01:47:00Z Minimum Property Reqs http://www.zillow.com/advice-thread/Minimum-Property-Reqs/478928/ What are the minimum property requirements for an FHA loan on a HUD house? &nbsp;We are close to closing on a house that is deemed HUD-Insured but has a split in a pipe that is just going to an outside spigot, nowhere else. &nbsp;So all the faucets, all the toilets, the entire inside has no pipe issues. &nbsp;The heat and electricity has been on all winter; and everything was winterized except apparently this spigot line. &nbsp;It is less than a $5 fix however per HUD, they sell "as-is" and will not make any repairs, and the buyer is un-authorized to touch the place until after closing. &nbsp;<br/><br/>Is this small little, irrelevant kink going to throw a wrench in the whole thing? &nbsp;I'm hoping their will be some type of exception made for something so small when it doesn't affect the livability of the house since you can turn that entire line off with a valve and not affect anything else. &nbsp;Just looking for your opinion/knowledge around this.<br \><br \>3 replies Sun, 17 Feb 2013 01:37:00 GMT http://www.zillow.com/advice-thread/Minimum-Property-Reqs/478928/ 2013-02-17T01:37:00Z How to obtain a mortgage before the start of a new job. http://www.zillow.com/advice-thread/How-to-obtain-a-mortgage-before-the-start-of-a-new-job/496409/ Hi~<br/><br/>I need help in getting a 30 year fixed mortgage of 420K before my new job starts. I will be putting 20% down. Currently, i earn 35k but will be starting a new job in September 10th with 115k. I have already taken a sign up bonus of 15K from the new employee, so there is no doubt that i will be starting the new job in september.<br/>Everyone i've talked to so far say i won't be able to close until my new job starts, but is there any chance for a closing around the end of july / early august? Any contacts i could talk to?<br/><br/>Thanks!!<br \><br \>11 replies Mon, 10 Jun 2013 20:14:00 GMT http://www.zillow.com/advice-thread/How-to-obtain-a-mortgage-before-the-start-of-a-new-job/496409/ 2013-06-10T20:14:00Z FHA Loan after Chapter 13 - any bank recommendations? http://www.zillow.com/advice-thread/FHA-Loan-after-Chapter-13-any-bank-recommendations/525953/ I'll be completing my ch 13 after five long years of on time payments to the trustee and my current mortgage bank. I'd like to start the process of selling my current home and searching for a new home this summer when I anticipate my discharge papers but I don't want to sell unless I was certain I could get a new loan.&nbsp;<br/><br/>I've spoken with three local FHA banks and all of them have said they don't do manual underwriting. Can anyone tell me a bank that they've used and they've been successful in getting an FHA loan after or even during a chapter 13? The guidelines seem to allow for an FHA after one year of on time payments to the trustee with the trustee's permission - I've now made almost five years worth of payments (on time).&nbsp;<br/><br/>Some other relevant info:&nbsp;<br/>Current fico is a low of 660 to a high of 699<br/>Income is around 160k<br/>would put 10-20 percent down<br/>purchase of a single family<br/>kept home and student loans outside of the chapter 13 and paid all on time<br/><br/>Thanks<br/><br/><br \><br \>7 replies Sun, 26 Jan 2014 14:33:00 GMT http://www.zillow.com/advice-thread/FHA-Loan-after-Chapter-13-any-bank-recommendations/525953/ 2014-01-26T14:33:00Z Any way I can convert my primary residence into a rental and qualify for new primary residence mort? http://www.zillow.com/advice-thread/Any-way-I-can-convert-my-primary-residence-into-a-rental-and-qualify-for-new-primary-residence-mort/446651/ I currently own and live in a small condo unit in Boston. I have about 23% equity at this point. I bought in 2009 and I am approaching the 3 year requirement from the $8000 tax rebate. I want to purchase a larger unit as I have quickly outgrown this one. I want to keep this unit as a rental as it is centrally located to colleges / great rental opportunities. Is there any way to qualify for a new mortgage without factoring the old unit in to my front end ratio? (assuming there is a signed lease, etc).<br/><br/><br/><br/><br \><br \>4 replies Wed, 13 Jun 2012 05:13:00 GMT http://www.zillow.com/advice-thread/Any-way-I-can-convert-my-primary-residence-into-a-rental-and-qualify-for-new-primary-residence-mort/446651/ 2012-06-13T05:13:00Z How much down payment is needed for a 203k loan? http://www.zillow.com/advice-thread/How-much-down-payment-is-needed-for-a-203k-loan/464504/ 13 replies Wed, 17 Oct 2012 15:17:00 GMT http://www.zillow.com/advice-thread/How-much-down-payment-is-needed-for-a-203k-loan/464504/ 2012-10-17T15:17:00Z Can lender increase Single Premium PMI on GFE? http://www.zillow.com/advice-thread/Can-lender-increase-Single-Premium-PMI-on-GFE/522151/ Hi,<br/><br/>My lender recently reached out to say that they "misquoted" the single premium mortgage insurance on my GFE. This was listed in box 3, Required Service that We Select. Are they allowed to do that? It went up by 41%! It really feels like a bait and switch to me, but they are claiming this is a valid "change in circumstance" seeing as they incorrectly calculated/estimated it initially. Wondering I have any options here.<br/><br/>This is prior to closing, and they issued a redisclosure. Nothing else has changed.<br/><br/>Thanks!<br/><br/>Brett<br \><br \>15 replies Fri, 20 Dec 2013 21:56:00 GMT http://www.zillow.com/advice-thread/Can-lender-increase-Single-Premium-PMI-on-GFE/522151/ 2013-12-20T21:56:00Z Construction Loan Questions http://www.zillow.com/advice-thread/Construction-Loan-Questions/520504/ My wife and I are thinking about building a house. We're estimating that it would cost us about $750,000 to buy a piece of land in Eastern MA and build the house. About $200k for the land and $500k for the house. We have good credit and at least 20% to put down between savings and the equity in our condo. I have some questions though...<br/><br/>1) Is there a construction loan that can pay for the land and the house?<br/>2) Should we consider buying the land now and building when we're ready? Is that an easier thing to do?<br/><br/>Thanks in advance!<br \><br \>10 replies Sun, 01 Dec 2013 18:49:00 GMT http://www.zillow.com/advice-thread/Construction-Loan-Questions/520504/ 2013-12-01T18:49:00Z Best options for mortgages with low downpayment http://www.zillow.com/advice-thread/Best-options-for-mortgages-with-low-downpayment/494884/ I am first time home buyer in Boston.&nbsp; I have the ability to put down 5% but no more than 5%.&nbsp; Fico is 709.&nbsp;&nbsp; my mortgage broker indicates a FHA loan will require a PMI at a rate of 1.35%.&nbsp;&nbsp;&nbsp; Are there FHA loans w/ less than 1.35% ?&nbsp;&nbsp; Does a Fannie Mae loan with 5% down require PMI?&nbsp; Ultimately, I'm looking for ways to avoid or reduce the PMI<br \><br \>11 replies Sat, 01 Jun 2013 08:16:00 GMT http://www.zillow.com/advice-thread/Best-options-for-mortgages-with-low-downpayment/494884/ 2013-06-01T08:16:00Z I am a foreign investor looking for a morgage in the Boston, MA area. Where can i get that plz? http://www.zillow.com/advice-thread/I-am-a-foreign-investor-looking-for-a-morgage-in-the-Boston-MA-area-Where-can-i-get-that-plz/481863/ I recently heard that there are mortgages available for foreign investors. But are such morgages available in the Boston, MA area?<br \><br \>3 replies Fri, 08 Mar 2013 06:53:00 GMT http://www.zillow.com/advice-thread/I-am-a-foreign-investor-looking-for-a-morgage-in-the-Boston-MA-area-Where-can-i-get-that-plz/481863/ 2013-03-08T06:53:00Z