Zillow Advice RSS: Question-Discussion-Guide,Mortgage,Lafayette- IN http://www.zillow.com/advice/Lafayette-IN/mortgage/question-discussion-guide/ Zillow Advice search results | Zillow Real Estate I am looking to buy a home in the next two to three months, but I am running into a couple questions http://www.zillow.com/advice-thread/I-am-looking-to-buy-a-home-in-the-next-two-to-three-months-but-I-am-running-into-a-couple-questions/542067/ I live in Indiana. &nbsp;Credit in the 640 range. &nbsp;Looking to but a house $45,000- 60,000<br/>&nbsp;<br/>&nbsp;1. &nbsp;I have an outstanding collections I just recently found out about from a university that I attended. &nbsp;The debt amount is $5600 (From 2010). It is a debt to the university, not a student loan or a federal debt. &nbsp;According to FHA website, if I setup a payment plan with the debtor and pay as agreed for three months, I would qualify for an FHA loan, is this true? &nbsp;If so, what banks are willing to do this? Are there any lenders that might be willing to work with me outside of an FHA loan?<br/><br/>2. &nbsp;I am currently a server, just finished college, I have a contract to start my new teaching job. &nbsp;The contract begins in July. &nbsp;My bank is requiring that I have at least a month of pay stubs and says the contract/ offer letter will not suffice. &nbsp;Are there any places that can work off of an offer letter?<br \><br \>2 replies Thu, 22 May 2014 19:21:00 GMT http://www.zillow.com/advice-thread/I-am-looking-to-buy-a-home-in-the-next-two-to-three-months-but-I-am-running-into-a-couple-questions/542067/ 2014-05-22T19:21:00Z Zero cost FHA streamline refinance possible? http://www.zillow.com/advice-thread/Zero-cost-FHA-streamline-refinance-possible/516427/ I'm looking to reduce my payment and take advantage of the lower interest rates. However, I do realize the MPI regulations may have increased since I purchased (April 2010).&nbsp;<br/><br/>Current Balance: $90,800<br/>Current Interest Rate: 5.125%<br/>Payment (Principle, Interest, MPI): $563.50<br/><br/>It doesn't make sense for me to bring closing costs to the table because I don't think the payment will be reduced by much at this point and it would take too long to cover those costs, which is why I'm looking for a zero-cost option.&nbsp;<br/><br/>What do you think? Is there something out there that could work for me or could anyone point me towards a calculator/tool that I could use to try and compute a new payment?&nbsp;<br/><br/>Thanks in advance.&nbsp;<br \><br \>9 replies Wed, 23 Oct 2013 19:37:00 GMT http://www.zillow.com/advice-thread/Zero-cost-FHA-streamline-refinance-possible/516427/ 2013-10-23T19:37:00Z Do you always have to have a down payment? How do you save $70000 for a 20% down payment? http://www.zillow.com/advice-thread/Do-you-always-have-to-have-a-down-payment-How-do-you-save-70000-for-a-20-down-payment/502067/ 9 replies Tue, 16 Jul 2013 00:10:00 GMT http://www.zillow.com/advice-thread/Do-you-always-have-to-have-a-down-payment-How-do-you-save-70000-for-a-20-down-payment/502067/ 2013-07-16T00:10:00Z can i get a loan? tax returns don't reflect all my tips http://www.zillow.com/advice-thread/can-i-get-a-loan-tax-returns-don%27t-reflect-all-my-tips/496106/ I know it's silly I haven't been claiming all my tipped income. My fico score is around 670 - my partner's is in the upper 500s. We were thinking of not putting her on the loan (she had a lot of medical bills). My tax returns reflect pretty low income but they are obviously inaccurate. My bank statements would reflect true income.<br/><br/>We've paid 800 a month in rent for the past 2 years. Our house before that we paid 1100 a month in rent for a year. I've been with my employer for over 2 years and make more than enough money to cover a mortgage. We are looking at buying a house in the 60,000 range - nothing fancy. I recently paid off my auto loan (parents co-signed but won't cosign for a house).<br/><br/>Is there any way to get approved with my tax statements not reflecting much income or am I pretty much out of luck for now?<br/><br/>I am finishing up a post-bacc program this fall and will begin full time employment in my field probably at the beginning of the year.<br \><br \>3 replies Sat, 08 Jun 2013 21:34:00 GMT http://www.zillow.com/advice-thread/can-i-get-a-loan-tax-returns-don%27t-reflect-all-my-tips/496106/ 2013-06-08T21:34:00Z