Zillow Advice RSS: Question-Discussion-Guide,Mortgage,Raleigh- NC http://www.zillow.com/advice/Raleigh-NC/mortgage/question-discussion-guide/ Zillow Advice search results | Zillow Real Estate How long do you have to wait after a short sale for either a conventional loan or a FHA loan? http://www.zillow.com/advice-thread/How-long-do-you-have-to-wait-after-a-short-sale-for-either-a-conventional-loan-or-a-FHA-loan/516432/ 32 replies Wed, 23 Oct 2013 20:24:00 GMT http://www.zillow.com/advice-thread/How-long-do-you-have-to-wait-after-a-short-sale-for-either-a-conventional-loan-or-a-FHA-loan/516432/ 2013-10-23T20:24:00Z Bringing Unfortunate Foreclosure into 2nd Marriage - Help http://www.zillow.com/advice-thread/Bringing-Unfortunate-Foreclosure-into-2nd-Marriage-Help/584488/ <p>Hi,</p><p>I divorced a few years ago and in the process my ex defaulted on the mortgage for the property that she was entitled.&nbsp; So, I have a foreclosure hit on my credit record until 2020.&nbsp;</p><p>I have since recently remarried.&nbsp; My current wife and I are looking to buy.&nbsp; She would be a first time homeowner and makes around $55,000/year.&nbsp; I make $86,000/year.&nbsp; We are looking at houses in the $240,000 price range and have around $14,000 saved for down payment and closing.&nbsp; We have been renting for the past 3.5 years and despite the foreclosure blemish, our credit scores aren't horrible (mid 600s).</p><p>What are our options?</p><br \><br \>7 replies Mon, 27 Apr 2015 14:43:00 GMT http://www.zillow.com/advice-thread/Bringing-Unfortunate-Foreclosure-into-2nd-Marriage-Help/584488/ 2015-04-27T14:43:00Z Non-warrantable condo in North Carolina http://www.zillow.com/advice-thread/Non-warrantable-condo-in-North-Carolina/580404/ I own four condos (Raleigh, NC) in the same building with eight units total. &nbsp;These condos are non-warrantable because almost every other unit is investor owned. But no units are owned by the developer. I currently have 75 LTV commercial financing of 5.25%, 7-year balloon with a local bank. Does someone know of a lender offering a better rate for these units? Thanks!<br \><br \>4 replies Thu, 26 Mar 2015 15:47:00 GMT http://www.zillow.com/advice-thread/Non-warrantable-condo-in-North-Carolina/580404/ 2015-03-26T15:47:00Z How is the rental market in Kinston NC ? http://www.zillow.com/advice-thread/How-is-the-rental-market-in-Kinston-NC/582185/ 1 reply Thu, 09 Apr 2015 13:16:00 GMT http://www.zillow.com/advice-thread/How-is-the-rental-market-in-Kinston-NC/582185/ 2015-04-09T13:16:00Z Can my spouse buy our new home without me with FHA? http://www.zillow.com/advice-thread/Can-my-spouse-buy-our-new-home-without-me-with-FHA/577911/ <p>If I have an FHA loan, can my husband get one for a different house? &nbsp;He's not on the mortgage or deed. Hoping to rent out the townhouse I own and purchase into a single family home to move into.<br/></p><br \><br \>13 replies Fri, 06 Mar 2015 03:15:00 GMT http://www.zillow.com/advice-thread/Can-my-spouse-buy-our-new-home-without-me-with-FHA/577911/ 2015-03-06T03:15:00Z Alt-Doc loan in NC http://www.zillow.com/advice-thread/Alt-Doc-loan-in-NC/577852/ Looking for an alt-doc loan for a single family home. Have been self employed since 2007. Anybody offer these in North Carolina?<br/><br/>THX<br \><br \>1 reply Thu, 05 Mar 2015 18:05:00 GMT http://www.zillow.com/advice-thread/Alt-Doc-loan-in-NC/577852/ 2015-03-05T18:05:00Z Mortgage preapproval 1099 Workers http://www.zillow.com/advice-thread/Mortgage-preapproval-1099-Workers/535908/ I have worked 1099 and W2 for the past 7 years. Some of the times it's either W2 for the first 6 months of the year and 1099 for the rest of the year. This is usually dependent on the contract. Some contracts, companies pay only in W2 so I have no choice but to work W2 with the company but most companies choose 1099s. I have filed my taxes every year with both 1099s and W2s. I am working with a lender that is telling me I need a 2 year 1099 that shows I worked 1099 completely each of the 2 years which i think is ridiculous since most of the time I either work 1099 better half of the year and W2 for&nbsp; in the same year.&nbsp; Are there lenders out there that will factor in both 1099s and the W2s since i used both when filing my tax returns.&nbsp; When I work 1099 my income is between $45/hr -$70/hr depending on the contract . If I work W2 my income is $31-$40/hr and the other part is paid as Per diem&nbsp; which is between $125-$200 a day depending on the city that company sends me. That is extra money i get on top of my pay when I work W2. Usually 1099 is always an all inclusive rate.&nbsp; Currently I have been working on a contract with this new company since September 2013 on a 1099 basis and my income here is $60/hr as a Performance engineer. There has not been a dull moment for the past 7 years where there is no work unless I choose to take a break which I have taken few breaks to vacation. <br/>I put an offer to purchase a home that my brother has been renting for over 3 years for $100,000.00 which the bank offered to sell. This I believe is way less than what i can afford to pay for looking at my income and I am having difficulty with lending process with my 1099s and W2. Are there any lenders out there that can work with my situation? I can show proof of all 1099s, W2s and also can show proof of all direct deposits matching the same income for the past 2 years&nbsp; with no issues.<br/>If there are please contact me as soon as possible.<br/><br/><br/>&nbsp;<br \><br \>8 replies Thu, 10 Apr 2014 15:19:00 GMT http://www.zillow.com/advice-thread/Mortgage-preapproval-1099-Workers/535908/ 2014-04-10T15:19:00Z Mortgage preapproval 1099 Workers http://www.zillow.com/advice-thread/Mortgage-preapproval-1099-Workers/535908/ I have worked 1099 and W2 for the past 7 years. Some of the times it's either W2 for the first 6 months of the year and 1099 for the rest of the year. This is usually dependent on the contract. Some contracts, companies pay only in W2 so I have no choice but to work W2 with the company but most companies choose 1099s. I have filed my taxes every year with both 1099s and W2s. I am working with a lender that is telling me I need a 2 year 1099 that shows I worked 1099 completely each of the 2 years which i think is ridiculous since most of the time I either work 1099 better half of the year and W2 for&nbsp; in the same year.&nbsp; Are there lenders out there that will factor in both 1099s and the W2s since i used both when filing my tax returns.&nbsp; When I work 1099 my income is between $45/hr -$70/hr depending on the contract . If I work W2 my income is $31-$40/hr and the other part is paid as Per diem&nbsp; which is between $125-$200 a day depending on the city that company sends me. That is extra money i get on top of my pay when I work W2. Usually 1099 is always an all inclusive rate.&nbsp; Currently I have been working on a contract with this new company since September 2013 on a 1099 basis and my income here is $60/hr as a Performance engineer. There has not been a dull moment for the past 7 years where there is no work unless I choose to take a break which I have taken few breaks to vacation. <br/>I put an offer to purchase a home that my brother has been renting for over 3 years for $100,000.00 which the bank offered to sell. This I believe is way less than what i can afford to pay for looking at my income and I am having difficulty with lending process with my 1099s and W2. Are there any lenders out there that can work with my situation? I can show proof of all 1099s, W2s and also can show proof of all direct deposits matching the same income for the past 2 years&nbsp; with no issues.<br/>If there are please contact me as soon as possible.<br/><br/><br/>&nbsp;<br \><br \>8 replies Thu, 10 Apr 2014 15:19:00 GMT http://www.zillow.com/advice-thread/Mortgage-preapproval-1099-Workers/535908/ 2014-04-10T15:19:00Z Home Equity Loan and Buying a 2nd Home http://www.zillow.com/advice-thread/Home-Equity-Loan-and-Buying-a-2nd-Home/573489/ I need some help and hoping this is the best place to get an answer. &nbsp;I'll be meeting with a Mortgage Loan Officer in the next couple weeks as well, but want to be as prepared as possible beforehand. &nbsp;I own a townhouse and have approximately $47k left on the mortgage. &nbsp;The townhouse is valued at approximately $90k. &nbsp;My husband and I want to buy another home and rent our townhouse out. &nbsp;First, we really want to get some home projects done which include the following:<br/> 1.&nbsp;Repiping all our plumbing<br/>&nbsp; 2. Patching and repainting of ceiling drywall<br/> 3. Adding a small deck<br/> 4. Replacing the carpet downstairs with bamboo flooring<br/><br/>Our estimate for doing all of the above is approximately $7,000. &nbsp;My question is, would a home equity loan be appropriate for the above projects? &nbsp;Also, we want to buy a new home by the end of this year. &nbsp;Is it appropriate to take a home equity loan right before buying a new home? &nbsp;Can you take multiple home equity loans out? &nbsp;We have a lot of equity in our home and I know that there is a way to purchase a 2nd home using equity in your current home, but I don't want take out a home equity loan now and then be in a bad position in the future. &nbsp;Any advice would be helpful!!<br \><br \>3 replies Mon, 26 Jan 2015 17:06:00 GMT http://www.zillow.com/advice-thread/Home-Equity-Loan-and-Buying-a-2nd-Home/573489/ 2015-01-26T17:06:00Z Home Equity Loan and Buying a 2nd Home http://www.zillow.com/advice-thread/Home-Equity-Loan-and-Buying-a-2nd-Home/573489/ I need some help and hoping this is the best place to get an answer. &nbsp;I'll be meeting with a Mortgage Loan Officer in the next couple weeks as well, but want to be as prepared as possible beforehand. &nbsp;I own a townhouse and have approximately $47k left on the mortgage. &nbsp;The townhouse is valued at approximately $90k. &nbsp;My husband and I want to buy another home and rent our townhouse out. &nbsp;First, we really want to get some home projects done which include the following:<br/> 1.&nbsp;Repiping all our plumbing<br/>&nbsp; 2. Patching and repainting of ceiling drywall<br/> 3. Adding a small deck<br/> 4. Replacing the carpet downstairs with bamboo flooring<br/><br/>Our estimate for doing all of the above is approximately $7,000. &nbsp;My question is, would a home equity loan be appropriate for the above projects? &nbsp;Also, we want to buy a new home by the end of this year. &nbsp;Is it appropriate to take a home equity loan right before buying a new home? &nbsp;Can you take multiple home equity loans out? &nbsp;We have a lot of equity in our home and I know that there is a way to purchase a 2nd home using equity in your current home, but I don't want take out a home equity loan now and then be in a bad position in the future. &nbsp;Any advice would be helpful!!<br \><br \>3 replies Mon, 26 Jan 2015 17:06:00 GMT http://www.zillow.com/advice-thread/Home-Equity-Loan-and-Buying-a-2nd-Home/573489/ 2015-01-26T17:06:00Z 80-15-5 Loan? http://www.zillow.com/advice-thread/80-15-5-Loan/572134/ Second time home buyer and looking to purchase a home in Raleigh NC for $540k as my family's primary residence (moving from Northern VA). &nbsp;My details:<br/><br/>Credit Score: 722<br/>Debt/Income Ratio: 22<br/>Income: 150k for 2013, higher for 2014<br/><br/>I've been preapproved for first loan for 417k, but need a second mortgage to cover the difference (96k). &nbsp;Does anyone here offer a product like this? &nbsp;Having trouble finding a mortgage company who will offer this.<br \><br \>2 replies Tue, 13 Jan 2015 22:25:00 GMT http://www.zillow.com/advice-thread/80-15-5-Loan/572134/ 2015-01-13T22:25:00Z Does anyone have a list of lenders with lower middle scores? http://www.zillow.com/advice-thread/Does-anyone-have-a-list-of-lenders-with-lower-middle-scores/567197/ I have a score of 612, I know FHA will do a loan with that score but you have to find the lenders that will.&nbsp; Does anyone have a list of lenders that will? I have lenders say "oh yes, we can do that" and they pull my credit to lower my score more and then tell me what I can do to improve my credit. That is not what I'm asking.&nbsp; I have to move and do not want to rent. I know HOW to improve my score, there just isn't time. Any lender that services the State of North Carolina.<br \><br \>3 replies Wed, 19 Nov 2014 14:03:00 GMT http://www.zillow.com/advice-thread/Does-anyone-have-a-list-of-lenders-with-lower-middle-scores/567197/ 2014-11-19T14:03:00Z What is initial premium Hazard insurance? Big cost added to closing costs? http://www.zillow.com/advice-thread/What-is-initial-premium-Hazard-insurance-Big-cost-added-to-closing-costs/566268/ I am in the process of obtaining a mortgage and comparing lenders.&nbsp; What exactly is "initial premium hazard insurance?"&nbsp; I've heard of lenders requiring hazard insurance for the first year?&nbsp; Or is that permanent?&nbsp; When can I pick my own homeowners insurance (since I can get a great rate from the company where I have my auto insurance).&nbsp;&nbsp; The "initial premium hazard insurance" is very expensive that they listed!&nbsp; The other lender didn't list initial hazard insurance, or maybe they just didn't tell me.<br \><br \>5 replies Tue, 11 Nov 2014 22:48:00 GMT http://www.zillow.com/advice-thread/What-is-initial-premium-Hazard-insurance-Big-cost-added-to-closing-costs/566268/ 2014-11-11T22:48:00Z Can real estate agent can become mortgage loan originator? http://www.zillow.com/advice-thread/Can-real-estate-agent-can-become-mortgage-loan-originator/512752/ Hello,<br/><br/>I am real estate agent and I have cleared my exam for becoming mortgage loan originator. I am trying to contact various mortgage firms ( lenders and brokers ) but I get response stating that I have to surrender my either of the license to &nbsp;perform other activity. Say for becoming loan originator, it becomes contradiction to Dodd - Frank Act.<br/>I tried to get response from CPFB but no luck. Can anyone help me?<br \><br \>8 replies Tue, 24 Sep 2013 21:50:00 GMT http://www.zillow.com/advice-thread/Can-real-estate-agent-can-become-mortgage-loan-originator/512752/ 2013-09-24T21:50:00Z Can I obtain a first time home buyer loan, or a house loan if I am a contracted employee? http://www.zillow.com/advice-thread/Can-I-obtain-a-first-time-home-buyer-loan-or-a-house-loan-if-I-am-a-contracted-employee/557537/ I have good credit, and have always had a steady income. Unfortunately, I am a contracted employee as well as a full time student. I have talked to brokers in the&nbsp;past and they've said I would qualify for 125 - 135k, after running my credit. However, they always say their company won't allow them to give me a loan because I'm a contract employee. If I am receiving a w-2 for my taxes each year, wouldn't that make me a 'real employee'?<br \><br \>8 replies Tue, 02 Sep 2014 03:09:00 GMT http://www.zillow.com/advice-thread/Can-I-obtain-a-first-time-home-buyer-loan-or-a-house-loan-if-I-am-a-contracted-employee/557537/ 2014-09-02T03:09:00Z Can we qualify for a USDA mortgage after short sale without waiting 3 years? http://www.zillow.com/advice-thread/Can-we-qualify-for-a-USDA-mortgage-after-short-sale-without-waiting-3-years/559773/ I recently read that <strong>it is possible</strong> to qualify for an <strong>USDA loan</strong> after a short sale without waiting 3 years/36 months. Is this the case in <strong>Wake County, North Carolina</strong>? <br/><br/>We sold our previous home via short sale in December 2012 due to being unemployed. He was unemployed from March 2012 until September 2013. The short sale was reported on our credit reports as <em><strong>"Settled - less than full balance"</strong></em>.<br/> <br/>Her FICO scores are 666 TransUnion, 644 Equifax, and 644 Experian. His FICO scores are 605 TransUnion, 585 Equifax and 659 Experian. <br/><br/>Salaries: Her: $48,000 His: $36,000.<br/><br/><!--[if gte mso 9]><xml> <o:OfficeDocumentSettings> <o:AllowPNG/> </o:OfficeDocumentSettings></xml><![endif]--> <p class="MsoNormal">We are currently renting a house for $1349 per month. We have a perfect rental history and have not had any late payments on any bills for the past year.</p><!--[if gte mso 9]><xml> <m:mathPr> <m:mathFont m:val="Cambria Math"/> <m:brkBin m:val="before"/> <m:brkBinSub m:val="&#45;-"/> <m:smallFrac m:val="off"/> <m:dispDef/> <m:lMargin m:val="0"/> <m:rMargin m:val="0"/> <m:defJc m:val="centerGroup"/> <m:wrapIndent m:val="1440"/> <m:intLim m:val="subSup"/> <m:naryLim m:val="undOvr"/> </m:mathPr></w:WordDocument></xml><![endif]--><!--[if gte mso 9]><xml> </xml><![endif]--><!--[if gte mso 10]><style> /* Style Definitions */ table.MsoNormalTable {mso-style-name:"Table Normal"; mso-style-parent:""; font-size:10.0pt; font-family:"Calibri","sans-serif";}</style><![endif]--><br \><br \>5 replies Thu, 18 Sep 2014 17:02:00 GMT http://www.zillow.com/advice-thread/Can-we-qualify-for-a-USDA-mortgage-after-short-sale-without-waiting-3-years/559773/ 2014-09-18T17:02:00Z How long do you have to wait after a short sale for either a conventional loan or a FHA loan? http://www.zillow.com/advice-thread/How-long-do-you-have-to-wait-after-a-short-sale-for-either-a-conventional-loan-or-a-FHA-loan/516432/ 30 replies Wed, 23 Oct 2013 20:24:00 GMT http://www.zillow.com/advice-thread/How-long-do-you-have-to-wait-after-a-short-sale-for-either-a-conventional-loan-or-a-FHA-loan/516432/ 2013-10-23T20:24:00Z FHA Loan after Investment Property Short Sale http://www.zillow.com/advice-thread/FHA-Loan-after-Investment-Property-Short-Sale/550551/ Investment Property Short Sale in May 2012 while single and unemployed in Virginia.<br/>Now married living in North Carolina - how can I get a loan for my primary residence?<br/><br/>Any advice would be appreciated.<br \><br \>6 replies Mon, 21 Jul 2014 14:09:00 GMT http://www.zillow.com/advice-thread/FHA-Loan-after-Investment-Property-Short-Sale/550551/ 2014-07-21T14:09:00Z I have both a foreclosure and and bankruptcy. Can I get a FHA loan latter this year? http://www.zillow.com/advice-thread/I-have-both-a-foreclosure-and-and-bankruptcy-Can-I-get-a-FHA-loan-latter-this-year/542546/ Foreclosure Deed Transfer Date:&nbsp; 10/14/2010<br/>Bankruptcy Discharge Date: 02/09/2012 <br/>Trans Union FICO:&nbsp; 671 (not true FICO score).<br/><br/>I am looking to get a loan and understand given the above, that I will only be able to get a FHA loan.&nbsp; Is that true?&nbsp; If not, please provide the other options.<br/><br/>Also, how much would out of pocket closing cost be for a 140,000 purchase price.<br/><br/>&nbsp;<br/><br \><br \>5 replies Mon, 26 May 2014 15:16:00 GMT http://www.zillow.com/advice-thread/I-have-both-a-foreclosure-and-and-bankruptcy-Can-I-get-a-FHA-loan-latter-this-year/542546/ 2014-05-26T15:16:00Z Zillow's information is not based on any credible information, Zillow is a fraud! http://www.zillow.com/advice-thread/Zillow%27s-information-is-not-based-on-any-credible-information-Zillow-is-a-fraud/459511/ <p style="text-align: right;">Banks are using Zillow as a quick and easy way to deny people loans! The information they have in their data base is not based on facts but rather opinions of people who make decisions on having 20% of the information. Zillow is a complete fraud and if you want to correct their data that is faulty, you can't because there is no way to contact a human being... check out the zillow site and find a person or a customer service person who is willing to correct faulty information. Nancy Weitzman</p><br \><br \>9 replies Tue, 11 Sep 2012 19:22:00 GMT http://www.zillow.com/advice-thread/Zillow%27s-information-is-not-based-on-any-credible-information-Zillow-is-a-fraud/459511/ 2012-09-11T19:22:00Z