Zillow Advice RSS: Question-Discussion-Guide,Mortgage,WY http://www.zillow.com/advice/WY/mortgage/question-discussion-guide/ Zillow Advice search results | Zillow Real Estate Refinancing a rental home owned by a revocable trust http://www.zillow.com/advice-thread/Refinancing-a-rental-home-owned-by-a-revocable-trust/562160/ my two children are the beneficiaries of a revocable trust left by their deceased mother. They have renters living in the house. They have chosen to leave the house titled to the trust until such time as they are ready to sell the house. Can they refinance the existing mortgage under these circumstances? &nbsp;We have not notified the mortgage company of the death of their mother, and the mortgage is still in her name. Should we give them formal notice, and if we do, can they declare the loan immediately payable or raise the rates, or anything else that would be costly to my children?<br \><br \>5 replies Wed, 08 Oct 2014 15:49:00 GMT http://www.zillow.com/advice-thread/Refinancing-a-rental-home-owned-by-a-revocable-trust/562160/ 2014-10-08T15:49:00Z First Time Home Buyers in Cheyenne Wyoming. How much more cash do we need? http://www.zillow.com/advice-thread/First-Time-Home-Buyers-in-Cheyenne-Wyoming-How-much-more-cash-do-we-need/504121/ First Time Home Buyers in Cheyenne Wyoming. My wife and I each have credit scores between 780 and 800. The houses we are interested in range from $275k to $325k. We have a 5% down payment saved ($20k). We make $8600/month between the two of us before taxes. Our debt to income ratio is 12%. Two questions: 1) Will we be likely to get a loan for around $300k with our income and only a 5% down payment and 2) If so, how much more cash will we need to save for closing costs, appraisals, inspections, etc... We hope to buy something next Spring, so it would be very helpful to know how much more cash we need to save first. Thank you!<br \><br \>4 replies Mon, 29 Jul 2013 05:05:00 GMT http://www.zillow.com/advice-thread/First-Time-Home-Buyers-in-Cheyenne-Wyoming-How-much-more-cash-do-we-need/504121/ 2013-07-29T05:05:00Z Fha low credit score construction loan http://www.zillow.com/advice-thread/Fha-low-credit-score-construction-loan/538181/ Hello, we are looking for a lender who is licensed in wyoming that can do an fha or va construction loan on modular and land. Credit scores are low 500s but not real sure why. Great mortgage payment history and great income.<br \><br \>3 replies Sun, 27 Apr 2014 03:32:00 GMT http://www.zillow.com/advice-thread/Fha-low-credit-score-construction-loan/538181/ 2014-04-27T03:32:00Z Living now in CA. but planning on moving to Cody, WY. http://www.zillow.com/advice-thread/Living-now-in-CA-but-planning-on-moving-to-Cody-WY/534564/ I am retired, wife is still working. My SS income is about $23,500 a year, with a credit score of 680-699. Wife is making about $83k a year, credit score is about the same, a chapter 7 bk discharged 4 years ago. I have a VA COE, and can put down $25k down if needed. Can we be approved now to purchase a house in Cody and move later next year or we have to move to Cody first. We are thinking of buying a $200-$250k house. Can we be approved to do the same in California now? Please advice.<br/>&nbsp;<br \><br \>5 replies Mon, 31 Mar 2014 19:16:00 GMT http://www.zillow.com/advice-thread/Living-now-in-CA-but-planning-on-moving-to-Cody-WY/534564/ 2014-03-31T19:16:00Z Can I qualify for a mortgage if coming to work in US on a L1B visa? http://www.zillow.com/advice-thread/Can-I-qualify-for-a-mortgage-if-coming-to-work-in-US-on-a-L1B-visa/532229/ 5 replies Thu, 13 Mar 2014 20:23:00 GMT http://www.zillow.com/advice-thread/Can-I-qualify-for-a-mortgage-if-coming-to-work-in-US-on-a-L1B-visa/532229/ 2014-03-13T20:23:00Z House on 5 acres with a mobile home, can't find lender http://www.zillow.com/advice-thread/House-on-5-acres-with-a-mobile-home-can%27t-find-lender/523437/ I have a very nice custom built house on 5 acres with a very clean mobile home near by. The buyers are occupying the house and the mobile home is rented. The buyers can put better than 20% down and have excellent credit. They were pre-approved and things were moving nicely until the lender noticed the mobile home,then turned down the loan application. There must be someone who would provide a reasonable mortgage under these circumstances. Any suggestions would be helpful. Thank you<br \><br \>3 replies Mon, 06 Jan 2014 02:09:00 GMT http://www.zillow.com/advice-thread/House-on-5-acres-with-a-mobile-home-can%27t-find-lender/523437/ 2014-01-06T02:09:00Z THERE HAS TO BE A COMPANY THAT CAN HELP US! http://www.zillow.com/advice-thread/THERE-HAS-TO-BE-A-COMPANY-THAT-CAN-HELP-US/522145/ Vet with coe, just received the title to my truck. 3 vehicles paid w/o missing or late payment. No current revolving credit. 1 collection working on, child support behind maybe $200, but paying extra to get caught back up. My middle score is 628, wifes is 632 last we checked. 2 judgements that say "satisfied" although not sure what that means. Tired of hearing "we can't help. Already paying nearly $1000/mo in rent the last 5 yrs. Please there has to be a company out there that can help us. Thanks, brian in wyoming<br \><br \>12 replies Fri, 20 Dec 2013 20:27:00 GMT http://www.zillow.com/advice-thread/THERE-HAS-TO-BE-A-COMPANY-THAT-CAN-HELP-US/522145/ 2013-12-20T20:27:00Z I've been looking to do an FHA streamline refinance http://www.zillow.com/advice-thread/I%27ve-been-looking-to-do-an-FHA-streamline-refinance/515507/ I've been looking into doing an FHA streamline refinance off and on for awhile, but keep hitting roadblocks, mainly in regards to my credit scores. &nbsp;Everyone tells me they are too low, even though FHA advertises as low as 580, and mine is higher than that.<br/><br/>I have an FHA loan originated in 2005 at 6.25% in Wyoming.<br/><br/>Do I have any options?<br \><br \>4 replies Wed, 16 Oct 2013 15:53:00 GMT http://www.zillow.com/advice-thread/I%27ve-been-looking-to-do-an-FHA-streamline-refinance/515507/ 2013-10-16T15:53:00Z VA allows 25% of home used for business? http://www.zillow.com/advice-thread/VA-allows-25-of-home-used-for-business/481267/ <p>We want to take advantage of our VA benefits and refi through VA.&nbsp; However I operate a daycare out of our home and our tax adviser has us writing off 100% of our square footage,&nbsp;just&nbsp;for the numbers of hours the daycare is open(40% of the total hours in a year) because I let the kids go throughout the home, and we use the three bathrooms, closets, halls, steps, all bedrooms for naps,&nbsp;even laundry room for cleaning their bibs and bedding, etc.<br/>The problem is that I have read that the VA has a maximum fo 25% of the home that can be the business.&nbsp;<br/>My questions is:&nbsp; Does the VA mean that up to 25% can be used <em><u>ONLY</u></em> for the business?&nbsp; If so that would be good&nbsp;because we don't have even 1% of the home set aside for ONLY&nbsp;the daycare.&nbsp; We live in all spaces, 100% of it, about 60% of the time.<br/>Any clarification on this requirement would be appreciated.<br/>Thanks!<br/>PS&nbsp; what is the max. LTV and CLTV for conventional refi around 185K with 730 fico.</p><br \><br \>0 replies Mon, 04 Mar 2013 19:59:00 GMT http://www.zillow.com/advice-thread/VA-allows-25-of-home-used-for-business/481267/ 2013-03-04T19:59:00Z Refinancing for Harp loan in Wyoming - self employed. http://www.zillow.com/advice-thread/Refinancing-for-Harp-loan-in-Wyoming-self-employed/477506/ I am having a tough time refinancing our homes( loan amount $400,000.00)&nbsp;in Jackson, WY. We have great credit, on time payments,and enough savings for two years of payments. We have been turned down for harp due to the lack of&nbsp;income on our tax returns - self employed.&nbsp;I read if you have enough savings for one year of payments - you qualify for the Harp loan. So far - no luck.&nbsp;Can anyone help&nbsp;refi in Wyoming?&nbsp;<br \><br \>3 replies Wed, 06 Feb 2013 15:59:00 GMT http://www.zillow.com/advice-thread/Refinancing-for-Harp-loan-in-Wyoming-self-employed/477506/ 2013-02-06T15:59:00Z Lender changed terms 36 hours before closing, HUD and GFE don't match. Anything I can do? http://www.zillow.com/advice-thread/Lender-changed-terms-36-hours-before-closing-HUD-and-GFE-don%27t-match-Anything-I-can-do/472680/ My lender contacted me 36 hours prior to closing to say that there was an issue with the mortgage underwriting process on a condo I wanted to purchase. The interest rate offered on the GFE and locked in was 3.75% and I had paid $262 in points on a $196K loan. When they contacted me they said that due to infomration received about the HOA having delinquent payers the loan was 'unwarrantable'. The HOA had a very solvent reserve and the delinquent owners were on a payment schedule to make up the loss. THe bank said that they would make an exception and move forward with the loan at 3.75% but the new points amount would be an additional $1,700. My mortgage banker was on vacation and had left my account with an assistant who was unable to answer my questions. When I received the HUD-1 14 hours prior to closing the numbers shown&nbsp;for the&nbsp;GFE do not match the only GFE I had received for Orgination Charges. I was unable to resolve the difference with my lender prior to closing and did not want to lose the condo so I closed anyway. Is there anything I can do to protest the $1,700 after the fact?<br \><br \>1 reply Mon, 31 Dec 2012 18:26:00 GMT http://www.zillow.com/advice-thread/Lender-changed-terms-36-hours-before-closing-HUD-and-GFE-don%27t-match-Anything-I-can-do/472680/ 2012-12-31T18:26:00Z What can I do to get more (or better) quotes for my loan request ZR-JTJCQJC http://www.zillow.com/advice-thread/What-can-I-do-to-get-more-or-better-quotes-for-my-loan-request-ZR-JTJCQJC/438260/ We're buying our current home with VA financing. We' re looking at a lot nearby for 25K. We have NO idea where/who/how to get financing for this. Our credit is ' good ', and we've been pre-approved for 200K for a home loan, but have decided to go with the lot instead. We're set up with our lender for a home loan, but for a loan less than 50K, no???? I won't be able to talk to the lenders until after the week-end, but I'd like to know what our options are?<br \><br \>2 replies Sun, 08 Apr 2012 01:34:00 GMT http://www.zillow.com/advice-thread/What-can-I-do-to-get-more-or-better-quotes-for-my-loan-request-ZR-JTJCQJC/438260/ 2012-04-08T01:34:00Z Loan Modification of a Former Investment Property with B of A http://www.zillow.com/advice-thread/Loan-Modification-of-a-Former-Investment-Property-with-B-of-A/372967/ I own two properties one purchased in 2005 as a primary residence and one in 2007 as a rental property with 2 units that would eventually become my primary residence. &nbsp;The 2007 property has a $490,000 interest only mortgage at 7.5% and is well underwater. &nbsp;The 2005 property has a $130,000 mortgage which&nbsp;thankfully reset down in March and is now at Libor +&nbsp;at 2.35% for the next year.<br/><br/>Over the past few years both my income as a small business consultant and the rental income decreased dramatically. &nbsp;Earlier this year, a vacancy in one of the rental units and the prospect of earning more by renting the 2005 property prompted me to move into the 2007 property as an owner occupied unit.<br/><br/>This helped somewhat, but I have only been able to stay current by draining my saving and borrowing from family. This past month I was able to secure a full-time job as well as some side contract work, but my payment is still about 50% of my gross income (including rents.) &nbsp;Without other changes, reducing the interest rate to 4.3% would make interest payment, taxes and HOA 31% of my gross income<br/><br/>I have requested and received a HAMP packet from BofA, but am wondering if the fact that the property was originally an investment property will disqualify me from the federal program or if there are any other potential pitfalls people see.<br/><br/>Thanks for your input!<br \><br \>5 replies Thu, 28 Oct 2010 16:58:00 GMT http://www.zillow.com/advice-thread/Loan-Modification-of-a-Former-Investment-Property-with-B-of-A/372967/ 2010-10-28T16:58:00Z estimated closing costs on 5%, FHA, 245000 with 3.5% down in 82009. Are there lender fees in additio http://www.zillow.com/advice-thread/estimated-closing-costs-on-5-FHA-245000-with-3-5-down-in-82009-Are-there-lender-fees-in-additio/292650/ 6 replies Thu, 29 Oct 2009 21:04:00 GMT http://www.zillow.com/advice-thread/estimated-closing-costs-on-5-FHA-245000-with-3-5-down-in-82009-Are-there-lender-fees-in-additio/292650/ 2009-10-29T21:04:00Z 90 Day lock on Intrest Rates... http://www.zillow.com/advice-thread/90-Day-lock-on-Intrest-Rates/259661/ We just opened a new construction account with our local bank.&nbsp; I've been told that we can lock in a fixed rate once we are within 90 days of transfering over to a fixed mortgage.&nbsp; My question is Once we are within that 90 day period can we tell the bank to lock us in if it gets to a target rate?&nbsp; I'd like to set a target of a <a href="http://www.zillow.com/30_Year_Fixed_Mortgage_Rates/">30 year mortgage</a> at 4.5%.&nbsp; Is there some sort of computer system that a bank would have that would automaticaly lock that rate once (and if) it hits our target 4.5%?<br \><br \>3 replies Thu, 23 Jul 2009 15:06:00 GMT http://www.zillow.com/advice-thread/90-Day-lock-on-Intrest-Rates/259661/ 2009-07-23T15:06:00Z What should I do if I get an appraisal on my home that I believe is significantly below the market. http://www.zillow.com/advice-thread/What-should-I-do-if-I-get-an-appraisal-on-my-home-that-I-believe-is-significantly-below-the-market/245696/ I bought this home two months ago for 400,000 and it was recently appraised for 310,000. The house is 5,500 sq. ft built 2007. Comparable houses are currently on the market for 400,000s with much less sq. footage.<br \><br \>3 replies Sun, 14 Jun 2009 00:28:00 GMT http://www.zillow.com/advice-thread/What-should-I-do-if-I-get-an-appraisal-on-my-home-that-I-believe-is-significantly-below-the-market/245696/ 2009-06-14T00:28:00Z