Zillow Advice RSS: Question-Discussion-Guide,Mortgage,TN http://www.zillow.com/advice/TN/mortgage/question-discussion-guide/ Zillow Advice search results | Zillow Real Estate How soon can we purchase another home after Chapter 7 and foreclosure? http://www.zillow.com/advice-thread/How-soon-can-we-purchase-another-home-after-Chapter-7-and-foreclosure/604397/ Due to my husband's illness in 2012-2013 we ended up having to file chapter 7 bankruptcy in March 2014. It was discharged in July of 2014. Our home was included in the bankruptcy but the foreclosure date was not until June of 2015. My name was not on the FHA loan so I am clear on CAIVRS but we just found out that my husband's name is listed with a claim. We have re established credit and our scores are in the 600's. Are there any lenders that will not consider the CAIVRS on my husband since the home was included in the bankruptcy? We were hoping to be able to purchase another home via VA, FHA, or USDA in July of 2016. Will I have to take out a loan in my name only since he is on CAIVRS? Thank you for any advice you can give us.<br \><br \>6 replies Sat, 12 Sep 2015 16:02:00 GMT http://www.zillow.com/advice-thread/How-soon-can-we-purchase-another-home-after-Chapter-7-and-foreclosure/604397/ 2015-09-12T16:02:00Z Does Wells Fargo have program for sub 580 credit scores?T http://www.zillow.com/advice-thread/Does-Wells-Fargo-have-program-for-sub-580-credit-scores-T/388458/ <p>I have seen 2&nbsp;responses on Zillow where Wells Fargo has a program for credits scores below 580 and in 1 instance as low as 500.&nbsp; Does anyone have any info on this?</p><br \><br \>11 replies Fri, 25 Feb 2011 20:05:00 GMT http://www.zillow.com/advice-thread/Does-Wells-Fargo-have-program-for-sub-580-credit-scores-T/388458/ 2011-02-25T20:05:00Z can you get a home equity loan right after purchasing the house. http://www.zillow.com/advice-thread/can-you-get-a-home-equity-loan-right-after-purchasing-the-house/603054/ Could you get a home equity loan right after purchasing a house if the purchase price is way less than the appraised value<br \><br \>10 replies Wed, 02 Sep 2015 21:23:00 GMT http://www.zillow.com/advice-thread/can-you-get-a-home-equity-loan-right-after-purchasing-the-house/603054/ 2015-09-02T21:23:00Z my husband and i want to purchase a 1st home. our credif score is 558. http://www.zillow.com/advice-thread/my-husband-and-i-want-to-purchase-a-1st-home-our-credif-score-is-558/602318/ The price of the home is $40,000 and we have 10% down. Is this possible and what lenders would mostly likely help.<br \><br \>14 replies Fri, 28 Aug 2015 12:45:00 GMT http://www.zillow.com/advice-thread/my-husband-and-i-want-to-purchase-a-1st-home-our-credif-score-is-558/602318/ 2015-08-28T12:45:00Z 60/30/10 PIggyback Loans? http://www.zillow.com/advice-thread/60-30-10-PIggyback-Loans/598974/ I'm trying to understand how to get the best rates/lowest interest on this type of loan. We have a local person who says they can get us a 1st mortgage up to conforming limits (425k) and place the balance into a 2nd (home equity loan) less 10% down payment.&nbsp;<br/><br/>The house is a 700k house.&nbsp;<br/><br/>What would be the advantage of the 1st being capped at 425k vs a traditional 80/10/10? Paying lower rates on the 1st mortgage?<br \><br \>10 replies Thu, 06 Aug 2015 12:44:00 GMT http://www.zillow.com/advice-thread/60-30-10-PIggyback-Loans/598974/ 2015-08-06T12:44:00Z we have bad credit (550) and want to get a fha loan http://www.zillow.com/advice-thread/we-have-bad-credit-550-and-want-to-get-a-fha-loan/602425/ My husband and I want to buy our first home. We have poor credit ( in the 550 range) due to bad decisions when younger. Our DTI is 16% and we have 10% down payment for the house we want. Is this possible<br \><br \>10 replies Fri, 28 Aug 2015 23:45:00 GMT http://www.zillow.com/advice-thread/we-have-bad-credit-550-and-want-to-get-a-fha-loan/602425/ 2015-08-28T23:45:00Z Can you get a fha loan if you defaulted on students loans but they have been paid since the default. http://www.zillow.com/advice-thread/Can-you-get-a-fha-loan-if-you-defaulted-on-students-loans-but-they-have-been-paid-since-the-default/602545/ My husband defaulted on his student loans. They took our taxes and were paid with that. Could we still qualify for a FHA loan.<br \><br \>7 replies Sun, 30 Aug 2015 01:43:00 GMT http://www.zillow.com/advice-thread/Can-you-get-a-fha-loan-if-you-defaulted-on-students-loans-but-they-have-been-paid-since-the-default/602545/ 2015-08-30T01:43:00Z Conventional Loan http://www.zillow.com/advice-thread/Conventional-Loan/602484/ I qualified for a USDA loan. BUT the house I have fallen in love with is not in the area. My broker nor I can get in touch with my loan officer to talk to him.&nbsp;<br/>So would I qualify for a conventional loan?<br/>I cannot put down 20% on it and I have read the minimum credit score requirement that lets you put less than 20% is 700. (I only could do 5%)&nbsp;<br/>&nbsp;I have a middle FICO score of 698!!!&nbsp;<br/>Do you think I could still qualify since I am only -2?<br \><br \>6 replies Sat, 29 Aug 2015 15:37:00 GMT http://www.zillow.com/advice-thread/Conventional-Loan/602484/ 2015-08-29T15:37:00Z Should we refinance? 15 to 30 year http://www.zillow.com/advice-thread/Should-we-refinance-15-to-30-year/600425/ We currently have a 15 yr mortgage, we refinance about 3, maybe 4 years ago. The rate is 3%. &nbsp;<br/>We want to sell because we are strapped for cash, our house payment and utilities are high and our bills are high.<br/>Plus we dont need the space anymore. And we need something more energy efficient.<br/>&nbsp;<br/>Should we refi back to a 30yr if we can reduce our payment by 3 or 4 hundred dollars a month? &nbsp;We currently owe about $128,000 on the house. &nbsp;Estimate worth, about 240k<br/><br/>We then could put the house on the market to sell, have a lesser payment while the house is trying to sell, reducing the financial strain.<br/><br/>Our credit has been dented because of some medical bills and a credit card bill that we inquired do to loss of a job.<br/>Our goal is to get out of debt, which is about 10k, and still have enough money to put down on a smaller house on a 15yr mortgage. &nbsp;I am almost 50 years old.&nbsp;<br/><br/>Thanks for your thoughts!<br/>&nbsp;<br \><br \>7 replies Sun, 16 Aug 2015 05:44:00 GMT http://www.zillow.com/advice-thread/Should-we-refinance-15-to-30-year/600425/ 2015-08-16T05:44:00Z IBR Student Loans and FHA Loans http://www.zillow.com/advice-thread/IBR-Student-Loans-and-FHA-Loans/475932/ <p>I am going to begin looking for homes here in the near future. I would like to use an FHA loan to do so (or a similar low-down payment product).&nbsp;I have a question about the underwriting process and the debt to income calculation.<br/><br/>I have a good&nbsp;income (I'm an attorney), but a&nbsp;high&nbsp;amount of federal student loan debt. If I used the standard 10 year repayment plan for my student loans I would not qualify for a mortgage due to the debt to income ratio. However, I am using the IBR program, where my loan payments are considerably lower,&nbsp;leaving me plenty of room in the debt to income test. This is not a deferment or forbearance, it's a federally mandated repayment plan.<br/><br/>There is,&nbsp;however, a feature of the IBR plan that worries me for my debt to income calculation. The IBR loan repayment schedule is recalculated annually,&nbsp;so my payment schedule at the time of recalculation shows twelve small payments over&nbsp; followed by several years of large (standard)&nbsp;payments. At the end of the twelve month cycle the program recalculates for the next year, showing the same thing. This occurs every year--but the amount I owe never goes up unless I make more money.<br/><br/>I have heard that people applying for FHA loans under similar circumstances as me often are rejected because the underwriters assume that the person's student loan payments will increase an exorbitant amount somewhere within a year of underwriting. That increase will never happen, it merely looks like it on paper, but keeps people from getting&nbsp; an FHA loan. So, how do I avoid this happening to me? (please assume that paying off all my student loans is not financially advantageous at the moment).<br/><br/>Also, if you're a lender in the Nashville area that has dealt with this before and gotten people approved, please identify yourself because I (and some friends) will be looking to do business with you.</p><br \><br \>17 replies Sat, 26 Jan 2013 03:18:00 GMT http://www.zillow.com/advice-thread/IBR-Student-Loans-and-FHA-Loans/475932/ 2013-01-26T03:18:00Z Seeking non-traditional lender http://www.zillow.com/advice-thread/Seeking-non-traditional-lender/599458/ Seeking non-traditional lender for primary residence priced at $129,900 over an approximate 10-year period payback with interest. Combined income of 100k annually but unable to secure traditional financing for several years. Can provide proof of long term timely rent payment. Thank you.<br \><br \>2 replies Mon, 10 Aug 2015 00:18:00 GMT http://www.zillow.com/advice-thread/Seeking-non-traditional-lender/599458/ 2015-08-10T00:18:00Z Help with getting a loan! http://www.zillow.com/advice-thread/Help-with-getting-a-loan/598415/ I have been self employed for about 7 years. About 3 years ago, I had some issues in a business where my income dropped from $13,000/month to $2,000 overnight. Because of that I had numerous collections and a foreclosure. In the last 1.5 years, I have rebuilt things back up in a new and different business. I've made about $75,000 so far this year and expect to end the year at $125,000-150,000+ . Last year me and my wife were around 77,000/year. Two of my credit scores are 618 and 616. My wife is 609 and 681(but she is not working as of last month). Those are what we see on creditkarmadotcom. I can provide proof of income. We want to buy a house that is listed at $64,900, a small simple house. It is listed at a low price due to approximately $5,000 in termite damage. It sold in 2007 for 108,000. It needs a little TLC besides the termite damage. That will of course need to be repaired. We have horded cash in savings due to the unpredictable nature of commissions in my business and also because we always want to fulfill future obligations from now on. We will have $15,000 in savings after you deduct our tax savings. With tax savings about $22,000. We have not made any payments on the collections in my name. We have been waiting to make payments/settlements in one time cash offers.&nbsp; I was thinking of hitting up small credit unions and offering $6500(10%) plus closing costs down. Then I'd pay a 10 year loan of around $650-750/month. I am willing to have a higher interest rate if needed. I am factoring in my notes a 5 or 6% rate. The foreclosure, even though it happened more than 3 years ago, it is only showing up as 2 years and 6 months old on my credit report, so that rules out FHA as far as I know. I could do 20% down, but really don't want to. What loan or place should I go to? Any recommendations would be greatly appreciated!<br \><br \>3 replies Mon, 03 Aug 2015 02:47:00 GMT http://www.zillow.com/advice-thread/Help-with-getting-a-loan/598415/ 2015-08-03T02:47:00Z ARM http://www.zillow.com/advice-thread/ARM/597929/ I want to refinance to an ARM mortgage. I know, what?&nbsp; Well I will be in my current home for only 5-7 years and would like to take advantage of the very low ARM rates until then.&nbsp;What lender has the best rate?&nbsp; I'm talking 3% or so. Less if there is a really good deal.&nbsp;<br \><br \>3 replies Thu, 30 Jul 2015 17:12:00 GMT http://www.zillow.com/advice-thread/ARM/597929/ 2015-07-30T17:12:00Z Need help with rural development loan. http://www.zillow.com/advice-thread/Need-help-with-rural-development-loan/596731/ I am 58 yrs.old and on disability income.$733.a month. I can't afford normal rental prices and section 8 is and has been closed for some time in my area. I applied for a rural development loan and they said I had no credit score on my report. Only some past due medical bills. He suggested that I get some kind of credit and pay on it for 6 months to get my credit score on there. Is this common? And if I do this should I qualify for a loan in 6 months? Please help. I need a place to live.<br \><br \>3 replies Wed, 22 Jul 2015 06:45:00 GMT http://www.zillow.com/advice-thread/Need-help-with-rural-development-loan/596731/ 2015-07-22T06:45:00Z Are the any lenders that will refinance an "underwater loan" not backed by Fannie Mae or Freddie Mac http://www.zillow.com/advice-thread/Are-the-any-lenders-that-will-refinance-an-underwater-loan-not-backed-by-Fannie-Mae-or-Freddie-Mac/530934/ My current mortgage is with a local bank. &nbsp;We our loan&nbsp; is around 138k&nbsp; and are told it's worth about 135k. We have good credit and have never been late with a payment, but the bank won't budge off their 6.2 interest rate and will not discuss a refi. Anyone with any suggestions?<br \><br \>5 replies Tue, 04 Mar 2014 21:28:00 GMT http://www.zillow.com/advice-thread/Are-the-any-lenders-that-will-refinance-an-underwater-loan-not-backed-by-Fannie-Mae-or-Freddie-Mac/530934/ 2014-03-04T21:28:00Z First Home Purchase FHA during Chapter 13 http://www.zillow.com/advice-thread/First-Home-Purchase-FHA-during-Chapter-13/372290/ I am looking to purchase my first home.I am in Chapter 13 and have 7 more months to go.I have been regular in my payments and never been late on any payments&nbsp;and my credit score is 630 ,679,699.I had to file for bankruptcy under extentuating circumstances like job loss and recession.I have a good amount saved and was looking for new houses in Mt Juliet.200k to be precise.I was wondering do I have good chance of getting a FHA loan??Any experts??<br \><br \>11 replies Fri, 22 Oct 2010 18:05:00 GMT http://www.zillow.com/advice-thread/First-Home-Purchase-FHA-during-Chapter-13/372290/ 2010-10-22T18:05:00Z Peer Mortgage Lending? http://www.zillow.com/advice-thread/Peer-Mortgage-Lending/594839/ I hope someone can help me. I will never be able to get a traditional mortgage again because I have 2 bankruptcies (ch. 7 &amp; 13) on my credit report as well as collections and missed payments afterward. However, we are a high income household (100k plus) and do not want to be stuck as forever renters. Are there any peer agencies that lend to people with terrible credit with a 20% downpayment? As of right now I think that would be the only way I could ever own a home again other than saving all cash for years. I have heard of Privlo but I think they only lend to people with a single credit blemish like a foreclosure. I've also thought of auction, but not sure how you obtain a loan for the balance after downpayment. Thanks for any help in advance.<br \><br \>3 replies Thu, 09 Jul 2015 17:26:00 GMT http://www.zillow.com/advice-thread/Peer-Mortgage-Lending/594839/ 2015-07-09T17:26:00Z Spotty job history, can I still get underwritten? http://www.zillow.com/advice-thread/Spotty-job-history-can-I-still-get-underwritten/593249/ 26 years old, graduated from college in May 2013. My first job out of college was as a marketing project manager at a small start-up that ran out of money and dissolved a year later. Made $50k that year. After 3 months of job searching, I took a job as a contractor at a large corporation at $18/ hr. Tried to get a mortgage while there, but couldn't get underwritten as I was a contractor and the banks didn't care the contract was indefinite. After working there for 6 months, I quit to start a business because I realized I would not be able to get a mortgage there anyways. The business did not take off so I now have another 6 month chunk out of my resume. One month ago I took a job doing renewal sales at $30k base + commission. I have saved about $40k for a down payment and furniture. Credit score of 807. How long until I could even consider trying to purchase again? Also, my dad said he would be willing to co-sign, but my mom is wanting to buy a new house in a few years. Their current house is paid off with no liens. How would this affect their potential future home purchase? Rent around here is $1200 for a crappy 1 bedroom + utilities, so a mortgage would be cheaper anyways.<br \><br \>6 replies Sat, 27 Jun 2015 20:35:00 GMT http://www.zillow.com/advice-thread/Spotty-job-history-can-I-still-get-underwritten/593249/ 2015-06-27T20:35:00Z VA Loan collection http://www.zillow.com/advice-thread/VA-Loan-collection/592213/ <p>VA Loan collection acct</p><div class="zsg-content-item comment-body rich-content clearfix ">What is the credit criteria for the VA regarding open collection accounts and late payments?<br/><br/>I have two paid collections, and one open collection that has a payment arrangement and a 2k balance.<br/><br/>My car note reported late 7 months ago.<br/><br/>I also have a judgment that will be paid in full in a week.<br/><br/>My health declined and I was unable to work from 2012-2014 and I was only getting 1500 from the VA loan. I am now, 100% from the VA. Since getting the increase, I have been working hard to pay everything off and to catch everything up. Will this stop me from getting approved for a VA loan? My credit score is at a 600 right now. I have been researching and the only thing I found was the VA doesn't want a negative to report within the last 12 months. Will my car note stop me since it has only been 7 months?<br/><br/>Thanks in advance.</div><br \><br \>5 replies Sun, 21 Jun 2015 01:20:00 GMT http://www.zillow.com/advice-thread/VA-Loan-collection/592213/ 2015-06-21T01:20:00Z Low Down Payment Construction loan http://www.zillow.com/advice-thread/Low-Down-Payment-Construction-loan/591609/ Anyone know where I can get a low down payment construction loan in the Chattanooga, Tn area?&nbsp; Everyone wants 20% down.&nbsp; Farm credit said they could do 15% but I just can't swing $45,000.&nbsp; I have excellent credit and no debt since I just sold my house.&nbsp;<br \><br \>2 replies Tue, 16 Jun 2015 23:38:00 GMT http://www.zillow.com/advice-thread/Low-Down-Payment-Construction-loan/591609/ 2015-06-16T23:38:00Z