Zillow Advice RSS: Question-Discussion-Guide,Mortgage,PA http://www.zillow.com/advice/PA/mortgage/question-discussion-guide/ Zillow Advice search results | Zillow Real Estate We are thinking of rebuilding our house. Are mortgage is paid off. What are the first steps ? http://www.zillow.com/advice-thread/We-are-thinking-of-rebuilding-our-house-Are-mortgage-is-paid-off-What-are-the-first-steps/602319/ We have not chosen a builder yet.&nbsp;<br \><br \>2 replies Fri, 28 Aug 2015 13:00:00 GMT http://www.zillow.com/advice-thread/We-are-thinking-of-rebuilding-our-house-Are-mortgage-is-paid-off-What-are-the-first-steps/602319/ 2015-08-28T13:00:00Z If someone else pays off my debt.... http://www.zillow.com/advice-thread/If-someone-else-pays-off-my-debt/601383/ I share a credit card with my partner. I'm currently in the middle of an offer down on a home supposed to close in a month or so, the loan is just in my name since my partner has school loans etc. she has enough money in her account to pay off our joint credit card... My question is if she pays it off will that put a red flag on my account somehow? The only reason I can think of this is if my credit score goes up significantly from a large payment on a credit card. We have saved over 2000 in our piggy bank and recently deposited it into her account so it wouldn't put any red flags on my account used for the loan... So we want to pay off this credit card, should we wait? I have been preapproved and am in the process of filling out all the paperwork and they've already questioned two "large" deposits on my account.<br \><br \>4 replies Fri, 21 Aug 2015 23:14:00 GMT http://www.zillow.com/advice-thread/If-someone-else-pays-off-my-debt/601383/ 2015-08-21T23:14:00Z Mortgage http://www.zillow.com/advice-thread/Mortgage/600414/ Cash or 2nd morgage? Is it expensiqve to take asecond mortgage or do i just get a line of credit to buy vacaation home?my home is worth a couple hundred thousand and almost paid off i want to buy a small mountain home what to do?<br \><br \>3 replies Sun, 16 Aug 2015 03:11:00 GMT http://www.zillow.com/advice-thread/Mortgage/600414/ 2015-08-16T03:11:00Z 2015 Income based repayment and mortgage approval http://www.zillow.com/advice-thread/2015-Income-based-repayment-and-mortgage-approval/601139/ I'm having difficulty finding updated information on current guidelines on IBR student loan plans and mortgages.&nbsp;&nbsp; My husband and I would like to buy a house (we are not 1st time homeowners). We have excellent credit and enough saved to put down 20% for a 350K mortgage.&nbsp; However, I have graduate student loans over 300K&nbsp; (I know).&nbsp; I have a steady income in government work, and my husband has owned his own business for the last 20 years. I am currently enrolled in an IBR program that makes my student loan payment about $400 per month. Without it, my student loan payment would be $3200 per month. Because I work in public service, I am planning to apply for PSLF in 10 years, and have the remaining balance forgiven. <br/><br/>It seems that we are unable to qualify for a conventional mortgage because (from what I can determine) &nbsp;Fannie Mae guidelines state that with IBR repayment is re-adjusted every year based on current income, and so underwriters are forced to use the greater of either 1% of the loan or the monthly payment ($3200 v. $400) when calculating the debt to income ratio. Is this correct? Some posters on here have stated that their banks/underwriters "understand" how IBR works and so they are able to "work with" these borrowers? Trust me, based on my government salary, it is not possible for me to exit IBR.&nbsp; But it's sort of inconceivable to me (inconceivable!) that we can't qualify for a mortgage because of guidelines from one Federal Agency about another Federal program.&nbsp; Actually, since I work for the Federal gov,t maybe that's not so inconceivable.&nbsp; Any advice or direction would be sincerely appreciated.<br \><br \>2 replies Thu, 20 Aug 2015 15:27:00 GMT http://www.zillow.com/advice-thread/2015-Income-based-repayment-and-mortgage-approval/601139/ 2015-08-20T15:27:00Z Are Mortgages For Investment Properties Evaluated Differently? http://www.zillow.com/advice-thread/Are-Mortgages-For-Investment-Properties-Evaluated-Differently/600890/ I purchased a home last year as my primary residence. &nbsp;I had no debt, an 800+ credit score, put 20% down, and my DTI was good.<br/><br/>Recently I came a cross a 5 unit property that I would like to make an offer on. &nbsp;However, my financial status is considerably different than it was last year. &nbsp;I now have a mortgage and an auto loan. &nbsp;I still have an 800+ credit score and I have the ability to put 20% down. Unfortunately, my DTI would be too high for most lenders to qualify me for this new mortgage on the investment property. &nbsp;<br/><br/>My question is this: Do lenders consider the properties potential rent when factoring DTI? &nbsp;I would need to maintain at least 60% occupancy in order to cover the mortgage, interest, taxes, and insurance.<br \><br \>3 replies Wed, 19 Aug 2015 04:28:00 GMT http://www.zillow.com/advice-thread/Are-Mortgages-For-Investment-Properties-Evaluated-Differently/600890/ 2015-08-19T04:28:00Z Can you get a mortgage for under $50,000? http://www.zillow.com/advice-thread/Can-you-get-a-mortgage-for-under-50-000/367757/ 21 replies Sun, 26 Sep 2010 00:58:00 GMT http://www.zillow.com/advice-thread/Can-you-get-a-mortgage-for-under-50-000/367757/ 2010-09-26T00:58:00Z Looking for Lenders in PA who offer 80-10-10 Mortgage plan? http://www.zillow.com/advice-thread/Looking-for-Lenders-in-PA-who-offer-80-10-10-Mortgage-plan/600607/ Hi,&nbsp;<br/><br/>I live in eastern PA and just signed an agreement for a new home. &nbsp;I need to know any lenders in PA who offer the&nbsp;80-10-10 Mortgage plan. &nbsp; I'm looking to eliminate the PMI to reduce my monthly payment.&nbsp;<br/><br/>Thanks in advance,<br \><br \>3 replies Mon, 17 Aug 2015 17:10:00 GMT http://www.zillow.com/advice-thread/Looking-for-Lenders-in-PA-who-offer-80-10-10-Mortgage-plan/600607/ 2015-08-17T17:10:00Z How do I remove someone from a mortgage and deed. http://www.zillow.com/advice-thread/How-do-I-remove-someone-from-a-mortgage-and-deed/199960/ <p>when my mom bought the house it was under 3 people. My sister, mom, and step brother. My stepbrother doesn't want anything to do with the house and wants to get off the <a href="http://www.zillow.com/mortgage/">mortgage</a> and deed. How can I do this?</p><br \><br \>15 replies Mon, 16 Feb 2009 18:40:00 GMT http://www.zillow.com/advice-thread/How-do-I-remove-someone-from-a-mortgage-and-deed/199960/ 2009-02-16T18:40:00Z My mortgage broker is charging us 1% origination fee and additonal processing fee too?? http://www.zillow.com/advice-thread/My-mortgage-broker-is-charging-us-1-origination-fee-and-additonal-processing-fee-too/600205/ 1% ORIGINATION fee was discussed but on GFE we have addtional appraisal fee, processing fee and administrative fee listed too which I assumed would be part of the origination fee. Please advise.<br \><br \>3 replies Fri, 14 Aug 2015 14:48:00 GMT http://www.zillow.com/advice-thread/My-mortgage-broker-is-charging-us-1-origination-fee-and-additonal-processing-fee-too/600205/ 2015-08-14T14:48:00Z Would we qualify for a USDA loan? http://www.zillow.com/advice-thread/Would-we-qualify-for-a-USDA-loan/599723/ I just wrote another post about this, but I believe it was deleted somehow. My boyfriend and I are currently looking to buy a house in the Coatesville, PA area. I'll add some details about our income/debt history. I just graduated from college in May. I have been employed full time since June in a field outside of my college degree. Before my current job, I had an internship in a field related to my current job for about 6 months. Prior to that I was a 1099 worker for my parents' business. My boyfriend graduated in 2013. He started working full time in March 2013. He changed jobs in July 2014 and has recently gotten a new job in July 2015. All in similar fields. We have a combined $60,000 in student loans. My boyfriend has a small personal loan for about $4,000. We pay $700 combined on our student loans and $200 toward the personal loan. Our combined income is $3,600 and we both have credit scores in the mid to low 700s. Given our debt and employment histories, would we qualify for a USDA loan? We're also considering FHA, but I would prefer USDA.<br \><br \>8 replies Tue, 11 Aug 2015 13:36:00 GMT http://www.zillow.com/advice-thread/Would-we-qualify-for-a-USDA-loan/599723/ 2015-08-11T13:36:00Z Any lenders still doing 580 FHA in PA? http://www.zillow.com/advice-thread/Any-lenders-still-doing-580-FHA-in-PA/247913/ My <a href="http://www.zillow.com/mortgage/">loan</a> request id is: ZR-KZCFTQG<br/>Our combined median is around 590<br/><br/>Thanks<br \><br \>6 replies Sat, 20 Jun 2009 17:14:00 GMT http://www.zillow.com/advice-thread/Any-lenders-still-doing-580-FHA-in-PA/247913/ 2009-06-20T17:14:00Z How to get someone off Deed and Mortgage http://www.zillow.com/advice-thread/How-to-get-someone-off-Deed-and-Mortgage/510232/ My girlfriend bought her house in 2006 with her ex boyfriend. He paid half the mortgage from 2006 - 2008 and then moved out and she stayed and paid everything in FULL from her bank account. She now wants to get him removed, how does she do it and what is he entitled too?<br \><br \>16 replies Fri, 06 Sep 2013 15:35:00 GMT http://www.zillow.com/advice-thread/How-to-get-someone-off-Deed-and-Mortgage/510232/ 2013-09-06T15:35:00Z Can I Purchase A House Having a SSI Income? http://www.zillow.com/advice-thread/Can-I-Purchase-A-House-Having-a-SSI-Income/514578/ <div>I was interested in possible buying a home but was unsure if I could because of my permanent disability income ($730). I was thinking it would have to be through FHA. I recently had a pre-purchase counseling session and was told by the credit counselor that I could in fact purchase a house because of my credit score (724) but I would need to work on my back-end DTI. Also, that I should go for a conventional loan because the monthly payments would be cheaper opposed to an FHA.<div><br/>Now that all was great, or so I thought until I started calling lenders from the PHFA site. The 3 lenders I spoke with told me that my income was too low for a mortgage. Now I'm confused and disappointed. I worked hard to get my credit score up. Was researching and came across, "Home Possible Mortgages" through Freddie Mac. I was wondering if I qualified for that program or any others someone may know of?<br/></div></div><br \><br \>11 replies Tue, 08 Oct 2013 17:04:00 GMT http://www.zillow.com/advice-thread/Can-I-Purchase-A-House-Having-a-SSI-Income/514578/ 2013-10-08T17:04:00Z I need some advice regarding gifting and down payment for a house. http://www.zillow.com/advice-thread/I-need-some-advice-regarding-gifting-and-down-payment-for-a-house/598158/ I need some advice regarding gifting a down payment for a house. My fiance is gifting me part of the down payment. However, I am a US citizen and he is a Peruvian citizen. How would he send this to me from Peru so that there is a paper trail without paying the outrageous fees of the banks there? Also, it needs to be converted from soles to dollars. The account he is sending it from is his business account, not personal. (I do know the tax laws for this situation.) Any help would be greatly appreciated.<br \><br \>5 replies Fri, 31 Jul 2015 23:26:00 GMT http://www.zillow.com/advice-thread/I-need-some-advice-regarding-gifting-and-down-payment-for-a-house/598158/ 2015-07-31T23:26:00Z minimum credit score needed to buy a home in Pennsylvania? http://www.zillow.com/advice-thread/minimum-credit-score-needed-to-buy-a-home-in-Pennsylvania/598292/ 5 replies Sat, 01 Aug 2015 23:29:00 GMT http://www.zillow.com/advice-thread/minimum-credit-score-needed-to-buy-a-home-in-Pennsylvania/598292/ 2015-08-01T23:29:00Z Refinancing and renting http://www.zillow.com/advice-thread/Refinancing-and-renting/597806/ My fiance and I are currently trying to relocate as she is looking for employment. &nbsp;The loan on our house is &nbsp;PHFA loan in PA. &nbsp;In the agreement it states we cannot rent it out. &nbsp;Hence why we are trying to sell it. &nbsp;We are having a tough time selling it and really thought about renting it. &nbsp;We would, obviously, need to refinance to another load type to do this. &nbsp;But would that even been allowed? &nbsp;We're looking for advice on how to handle our situation. &nbsp;There are no jobs in this area and we really need to get out.<br \><br \>3 replies Wed, 29 Jul 2015 20:12:00 GMT http://www.zillow.com/advice-thread/Refinancing-and-renting/597806/ 2015-07-29T20:12:00Z Mortgage Broker/Lender that knows BK/Foreclosure timelines and mortgage programs (Pennsylvania) http://www.zillow.com/advice-thread/Mortgage-Broker-Lender-that-knows-BK-Foreclosure-timelines-and-mortgage-programs-Pennsylvania/597747/ I'm looking for a knowledgeable broker/lender that has dealt with foreclosures where the mortgage was included in the bankruptcy in PA. &nbsp;BK was in '09, mortgage was included but house not foreclosed until '10. &nbsp;I know I'm within FHA guidelines but want to know about conventional as I believe Fannie Mae changed guidelines last July. Finding someone reputable and knowledgeable has been a HUGE challenge.<br/><br/>Thanks.<br \><br \>3 replies Wed, 29 Jul 2015 12:38:00 GMT http://www.zillow.com/advice-thread/Mortgage-Broker-Lender-that-knows-BK-Foreclosure-timelines-and-mortgage-programs-Pennsylvania/597747/ 2015-07-29T12:38:00Z Military Veteran with Bad Credit Seeking Home http://www.zillow.com/advice-thread/Military-Veteran-with-Bad-Credit-Seeking-Home/597214/ We are 23 years retired military and we have tried everything to get a home but our credit score is below 600 due to my husband's constant deployments, family separations, and moving around every two-three years. Plus, we even had a tax lien out on us that has been forgiven due to a state mistake and we have letters of apology and forgiveness from the state to prove it, but it is still there on the credit report after two years. We have tried every possible way to get it removed, but we are not credit experts and we don't have the money for credit repair companies. Are there any mortgage companies that work with VA and credit scores between 500-600?? I have seen other posts from different states where lenders have proven track records of working with Veterans with bad credit and successfully helping them, but we need a local lender. Please assist. After all this time serving, Veterans and their families should be the first to be able to enjoy the American Dream and we can't while others reap the benefits.<br \><br \>5 replies Sat, 25 Jul 2015 12:56:00 GMT http://www.zillow.com/advice-thread/Military-Veteran-with-Bad-Credit-Seeking-Home/597214/ 2015-07-25T12:56:00Z Lenders/Realtors who work best w/ First Time Owners w/ Bad Credit http://www.zillow.com/advice-thread/Lenders-Realtors-who-work-best-w-First-Time-Owners-w-Bad-Credit/444708/ <p>My husband and I have been working really hard to own our first home, but we have bad credit due to things in the past :-(&nbsp; What lender would work with us and how can I find a realtor that is good with working with first time home owners</p><br \><br \>10 replies Tue, 29 May 2012 20:31:00 GMT http://www.zillow.com/advice-thread/Lenders-Realtors-who-work-best-w-First-Time-Owners-w-Bad-Credit/444708/ 2012-05-29T20:31:00Z Investment Property Mortgage Qualification - Cash-out Refi http://www.zillow.com/advice-thread/Investment-Property-Mortgage-Qualification-Cash-out-Refi/596542/ OK so I need some help...<br/><br/>Here is my situation:<br/>Income<br/>110/yr<br/>Assets<br/>90K in 401k<br/>4k in savings<br/>125K Primary Res Value<br/>Liabilities<br/>965 Primary Res Mortgage (includes T&amp;I) 1st Lien for 88K<br/>56 Primary Res Mortgage 2nd Lien for 5K<br/>600 Auto Lease<br/>220 Auto Loan<br/>0 Credit Card Debt<br/>Credit <br/>700+&nbsp; Had some issues 6+ years ago but all paid off.&nbsp; Never late on mtge or auto.<br/><br/><br/>I want to buy an investment property for 10-20k foreclosure, invest up to 30K worth of repairs and refurbishments.&nbsp; I will utilize my 401k for a short term loan for the purchase and repairs.&nbsp;&nbsp; <br/><br/>The home will appraise for 80K+<br/><br/>My questions are:<br/>1.&nbsp; Can I do a cashout refi on the investment property for the purchase price+repair costs to pay my 401k loan off?<br/>2.&nbsp; Will my credit issues I resolved 6+ years ago come back to haunt me?<br \><br \>3 replies Tue, 21 Jul 2015 03:53:00 GMT http://www.zillow.com/advice-thread/Investment-Property-Mortgage-Qualification-Cash-out-Refi/596542/ 2015-07-21T03:53:00Z