Zillow Advice RSS: Question-Discussion-Guide,Mortgage,Fayetteville- NC http://www.zillow.com/advice/Fayetteville-NC/mortgage/question-discussion-guide/ Zillow Advice search results | Zillow Real Estate Question Regarding HELOC after Purchase of a F/C Property http://www.zillow.com/advice-thread/Question-Regarding-HELOC-after-Purchase-of-a-F-C-Property/546346/ I'm a military Veteran, I just been approved for 70% disability rating from VA. I'm receving back pay iao $15,000. I want to purchase cash for a $20,000.00 f/c property in Fayetteville, NC. The tax value of the property&nbsp; is around $50k. This will also be my first home purchase, I plan to live there for at least 5 years. If I own the house out right, would I be able to obtain a HELOC in 1-2 years, to purchase another property or vastly improve the property I wish to purchase. My credit isn't great under 600, but I will be recieving an extra $1312 from the VA per month. I also have 8 years of mortgage exp. Mainly as an underwriter,asset Manager, and (short sale/Loan Modifications/Deed In Lieu/Foreclosure)..<br/><br/>here is the property address below<br/><br/><div style="text-align: left;"><p>2064 Seneca Dr, Fayetteville, North Carolina 28301</p></div><br \><br \>1 reply Fri, 20 Jun 2014 13:13:00 GMT http://www.zillow.com/advice-thread/Question-Regarding-HELOC-after-Purchase-of-a-F-C-Property/546346/ 2014-06-20T13:13:00Z Using rental income to qualify for investment mortgage http://www.zillow.com/advice-thread/Using-rental-income-to-qualify-for-investment-mortgage/478639/ Okay I've heard and read several different and contradictory explanations on how and if rental income can be used in qualifying for a mortgage for an investment property. &nbsp;The two main explanations I've heard are A) &nbsp;75% can be used if existing leases are in place and have at least 12 months left before expiration B) &nbsp;No rental income can be used you have to qualify solely on personal income. &nbsp;I can give a hypothetical to base answers off of: &nbsp;If I have two years experience as a landlord and want to buy a triplex (my first venture outside of the single family/condo territory) priced at 130,000, the monthly revenue as its rented before purchase is $1500, and I put 25% down, how much more income do I need to show to qualify? Will current rents count or not? &nbsp;The property is located in Fayetteville, NC and will NOT be owner occupied. &nbsp;Thanks in advance because I would love to clarify this issue.<br \><br \>5 replies Thu, 14 Feb 2013 19:08:00 GMT http://www.zillow.com/advice-thread/Using-rental-income-to-qualify-for-investment-mortgage/478639/ 2013-02-14T19:08:00Z Can I get a VA Refinance for 15 yr fixed, as a Disabled Vet? http://www.zillow.com/advice-thread/Can-I-get-a-VA-Refinance-for-15-yr-fixed-as-a-Disabled-Vet/510318/ We had a Foreclosure of our previous primary residence on 8-15-2011 and a 680 Credit score as a result.&nbsp; Zillow shows home value at $509K and we owe $480K now.&nbsp;<br \><br \>8 replies Sat, 07 Sep 2013 00:12:00 GMT http://www.zillow.com/advice-thread/Can-I-get-a-VA-Refinance-for-15-yr-fixed-as-a-Disabled-Vet/510318/ 2013-09-07T00:12:00Z What is going on with VA Vendee Financing??? Is it ever coming back? http://www.zillow.com/advice-thread/What-is-going-on-with-VA-Vendee-Financing-Is-it-ever-coming-back/479876/ 2 replies Sat, 23 Feb 2013 07:48:00 GMT http://www.zillow.com/advice-thread/What-is-going-on-with-VA-Vendee-Financing-Is-it-ever-coming-back/479876/ 2013-02-23T07:48:00Z Rental income and a HEL http://www.zillow.com/advice-thread/Rental-income-and-a-HEL/478914/ Okay mortgage and loan experts, here's the question: &nbsp;I want to take a home equity loan out of my primary using rental income from 6 rental properties to qualify. &nbsp;My problem is that I've take quite a few one time deductions that will show virtually a zero net on my tax return. &nbsp;Will a bank or CU simply look at schedule E and thats the end or will they realize that certain deductions (new AC, Lawyer fees, etc, etc,) were not indicative of usual yearly expenses and revert back to the 75% rule (ie 75% or rental income counts as qualifying income) &nbsp;Thanks in advance<br \><br \>0 replies Sat, 16 Feb 2013 22:43:00 GMT http://www.zillow.com/advice-thread/Rental-income-and-a-HEL/478914/ 2013-02-16T22:43:00Z (North Carolina) divorced 5 years; loan still in mine and ex-husbands name i am currently trying to http://www.zillow.com/advice-thread/North-Carolina-divorced-5-years-loan-still-in-mine-and-ex-husbands-name-i-am-currently-trying-to/476009/ 3 replies Sat, 26 Jan 2013 21:46:00 GMT http://www.zillow.com/advice-thread/North-Carolina-divorced-5-years-loan-still-in-mine-and-ex-husbands-name-i-am-currently-trying-to/476009/ 2013-01-26T21:46:00Z Home Equity Line vs. 203k Loans http://www.zillow.com/advice-thread/Home-Equity-Line-vs-203k-Loans/444075/ We may have an opportunity to purchase a home in the coming few months. We recently toured the home and discovered that while it generally appears in good condition (e.g., new roof, newer mechanicals), we feel it is also in need of some renovations to make it suitable for us, primarily replacing the carpets and flooring. <br/><br/>We would also like to make a few additional improvements (e.g., painting, opening up a wall, updating kitchen, etc.), after closing and prior to moving in, aproximately an additional $20K - $25K, above the agreed upon sales price of the property. <br/><br/>Assuming we were able to agree to purchase the home for $180K, is it possible to get financing for these funds, and if yes, what is the best way to finance an additional $20K in improvements?&nbsp;We expect to make a 3.5% down-payment that we will borrow from relatives and have been pre-qualified upto $275K.&nbsp;The home will be our primary residence though we own another home in another state that we currently rent. We would prefer a 30 year mortgage and ask to have the seller pay closing costs, finance them or pay them using proceeds from relatives.<br/><br/>Thank you for your assistance!<br/><br/><br/><br/><br/><br \><br \>1 reply Thu, 24 May 2012 02:11:00 GMT http://www.zillow.com/advice-thread/Home-Equity-Line-vs-203k-Loans/444075/ 2012-05-24T02:11:00Z Have 15 yr 4.5% VA fixed. Need to lower payments.. http://www.zillow.com/advice-thread/Have-15-yr-4-5-VA-fixed-Need-to-lower-payments/415625/ Would a 3% VA 3/1 ARM with annual cap of 1% and lifetime cap of 5% be better/worse than a 4.25% fixed 25 yr loan to lower monthly payments? Plan on staying in home. Thanks..<br \><br \>2 replies Wed, 14 Sep 2011 21:38:00 GMT http://www.zillow.com/advice-thread/Have-15-yr-4-5-VA-fixed-Need-to-lower-payments/415625/ 2011-09-14T21:38:00Z Can I get cash out on refinance my current house to purchase a second house? http://www.zillow.com/advice-thread/Can-I-get-cash-out-on-refinance-my-current-house-to-purchase-a-second-house/401477/ I am currently trying to sell my current home to buy another, but am considering a refinance with cashout to use the cash on a down payment for the purchase of another home. I would turn the first home into a rental. Is this possible? What do I need to be aware of in regards to equity in the homes. On the second home, the house was appraised at 100K over offer price and wondering how soon I can refinance to use equity in home for upfit.<br \><br \>4 replies Thu, 02 Jun 2011 00:27:00 GMT http://www.zillow.com/advice-thread/Can-I-get-cash-out-on-refinance-my-current-house-to-purchase-a-second-house/401477/ 2011-06-02T00:27:00Z When can we qualify for a FHA loan? http://www.zillow.com/advice-thread/When-can-we-qualify-for-a-FHA-loan/366767/ My husband and I filed bankkruptcy and it was discharged in July 2010. When&nbsp; can we qualify for a FHA loan?<br \><br \>4 replies Sat, 18 Sep 2010 01:51:00 GMT http://www.zillow.com/advice-thread/When-can-we-qualify-for-a-FHA-loan/366767/ 2010-09-18T01:51:00Z 45 acres and mobile home http://www.zillow.com/advice-thread/45-acres-and-mobile-home/353370/ I am looking for a lender in the fayetteville/parkton, N.C. area for 45 acres and mobile home. VA approved.<br/><br \><br \>1 reply Thu, 10 Jun 2010 04:00:00 GMT http://www.zillow.com/advice-thread/45-acres-and-mobile-home/353370/ 2010-06-10T04:00:00Z Help refinancing rental properties http://www.zillow.com/advice-thread/Help-refinancing-rental-properties/320022/ Please Help!! I am in need of help refinancing 3 rental properties ASAP.&nbsp; Due to divorce I had until Dec 09' to have my ex-husbands name removed off the <a href="http://www.zillow.com/mortgage/">mortgage</a> loans.&nbsp; The catch is I have a total of 12 properties, 9 of the properties I had his named removed, Banks and <a href="http://www.zillow.com/directory/lenders/">mortgage companies</a> won't help because they say I have&nbsp;too many <a href="http://www.zillow.com/mortgage/">mortgages</a> and under Freddie Mac/Fannie Mae laws 4/10 they are unable to offer any assistance.&nbsp;Quit Claims are done, money in the bank for closing, credit score is excellent&nbsp; but can't refinance.&nbsp; Help!!&nbsp; I really don't want to sell these last three homes.&nbsp; We are not talking about alot of money for all three the loan amount can be combined into one for 150K.<br \><br \>1 reply Sat, 30 Jan 2010 08:01:00 GMT http://www.zillow.com/advice-thread/Help-refinancing-rental-properties/320022/ 2010-01-30T08:01:00Z Equity line available for home purchased 1 month ago? http://www.zillow.com/advice-thread/Equity-line-available-for-home-purchased-1-month-ago/270025/ We purchased a home a month ago at a GREAT deal for $130,000 (VA <a href="http://www.zillow.com/mortgage/">loan</a> at 5.375%).&nbsp; Appraisal shows value of home is $150,000.&nbsp; Have some things we'd like to do to the home, but understand from our bank that we need to have been in the home for one year before being elligible for a equity loan or LOC.&nbsp; <br/>1.&nbsp; Are there credible institutions that would allow for such a loan?<br/>2.&nbsp; What sort of <a href="http://www.zillow.com/Mortgage_Rates/">interest rates</a> should we expect (excellent credit - Fayetteville, NC)?<br/>3.&nbsp; What sort of closing costs should we expect and can we use the appraisal from the <a href="http://www.zillow.com/mortgage/">mortgage</a> to acquire such a loan?<br/>Many Thanks!<br/>Kim<br \><br \>3 replies Thu, 20 Aug 2009 09:17:00 GMT http://www.zillow.com/advice-thread/Equity-line-available-for-home-purchased-1-month-ago/270025/ 2009-08-20T09:17:00Z Is there hope for people with bad credit to own a home? http://www.zillow.com/advice-thread/Is-there-hope-for-people-with-bad-credit-to-own-a-home/191263/ We almost lost our old house but managed to sell it before foreclosure.&nbsp; We had a severe snowball of debt.&nbsp; We are trying now to improve our credit but it seems impossible.&nbsp; We pay our rent on time as well as local bills, but are still working on past debts.&nbsp; We are VA elligible.&nbsp; Is there any hope?<br \><br \>12 replies Thu, 22 Jan 2009 17:39:00 GMT http://www.zillow.com/advice-thread/Is-there-hope-for-people-with-bad-credit-to-own-a-home/191263/ 2009-01-22T17:39:00Z Loan done between the buyer and the seller done on the same day as the closing is that illegal http://www.zillow.com/advice-thread/Loan-done-between-the-buyer-and-the-seller-done-on-the-same-day-as-the-closing-is-that-illegal/251540/ 2 replies Tue, 30 Jun 2009 22:11:00 GMT http://www.zillow.com/advice-thread/Loan-done-between-the-buyer-and-the-seller-done-on-the-same-day-as-the-closing-is-that-illegal/251540/ 2009-06-30T22:11:00Z