Zillow Advice RSS: Question-Discussion-Guide,Mortgage,Reston- VA http://www.zillow.com/advice/Reston-VA/mortgage/question-discussion-guide/ Zillow Advice search results | Zillow Real Estate 203K Loan Questions http://www.zillow.com/advice-thread/203K-Loan-Questions/516340/ [Promotion and contact information removed by Zillow moderator. Please see our&nbsp;<a style="text-align: right;" rel="nofollow" title="Good Neighbor Policy" href="/howto/GoodNeighborPolicy.htm">Good Neighbor Policy</a>&nbsp;for information.]<br \><br \>0 replies Wed, 23 Oct 2013 03:20:00 GMT http://www.zillow.com/advice-thread/203K-Loan-Questions/516340/ 2013-10-23T03:20:00Z Is prepaying Mortgage Insurance tax deductible? http://www.zillow.com/advice-thread/Is-prepaying-Mortgage-Insurance-tax-deductible/512528/ I purchased a home and prepaid a point to eliminate mortgage insurance. The IRS sent me a bill saying that $0 was paid in mortgage insurance.&nbsp;&nbsp; Is this point tax deductible as mortgage insurance?<br \><br \>4 replies Mon, 23 Sep 2013 15:37:00 GMT http://www.zillow.com/advice-thread/Is-prepaying-Mortgage-Insurance-tax-deductible/512528/ 2013-09-23T15:37:00Z with combined credit scores of 600 and 609 between me and my fiance, is it possible to buy a home? http://www.zillow.com/advice-thread/with-combined-credit-scores-of-600-and-609-between-me-and-my-fiance-is-it-possible-to-buy-a-home/504905/ 4 replies Fri, 02 Aug 2013 16:20:00 GMT http://www.zillow.com/advice-thread/with-combined-credit-scores-of-600-and-609-between-me-and-my-fiance-is-it-possible-to-buy-a-home/504905/ 2013-08-02T16:20:00Z 80/20 loan need to refinance, but do not live in it, renting, moved out of state? Home in South Car. http://www.zillow.com/advice-thread/80-20-loan-need-to-refinance-but-do-not-live-in-it-renting-moved-out-of-state-Home-in-South-Car/492767/ My daughter purchased townhome in South Carolina while in law school. She had a room mate that helped to pay for it. &nbsp;She moved out of state for job, tried to sell it for a year, and finally has been renting it for 3 years. &nbsp;Evidently, in SC, her bank has told her that she has to pay off the 20% before she can refinance it. &nbsp; She did not realize that the 20% part is a balloon payment in 3 more years. She does not own a home anywhere else. Would a FHA loan be less restrictive on refinance? Is there a way?<br \><br \>1 reply Fri, 17 May 2013 12:27:00 GMT http://www.zillow.com/advice-thread/80-20-loan-need-to-refinance-but-do-not-live-in-it-renting-moved-out-of-state-Home-in-South-Car/492767/ 2013-05-17T12:27:00Z Second chance loan advice. http://www.zillow.com/advice-thread/Second-chance-loan-advice/484995/ Situation:&nbsp; To keep our jobs, we&nbsp;had to take&nbsp;a drastic cut in our pay.&nbsp;We lost our house.&nbsp; We used our entire life savings to stay afloat.&nbsp; Still ending up having to file bankruptcy, which was discharged in Feb 2012.&nbsp; <br/><br/>Fast-forward to now:&nbsp; We make a combined $200K+/year in income.&nbsp; We have $1000/mo in montly debt (2 cars and a handful of credit cards wth minimal balance).&nbsp; Credit scores are good (680 - 699).&nbsp; We have $180K in our 401K and savings.&nbsp; <br/><br/>Problem:&nbsp; Most of our income goes to Uncle Sam because we do not have any tax shelters. Even after claiming zero deductions,&nbsp;every year we end up paying $8k to $10k more to the IRS.&nbsp; <br/><br/>To resolve this issue, we need to purchase a home ASAP.&nbsp; Looking at purchasing a ~$620K house and put down 10%.&nbsp; It seems FHA is our best bet but under the current guidelines, we need to wait&nbsp;for two years after bankruptcy.&nbsp; Is there another option?&nbsp; I would rather&nbsp;purchase now since the house prices are starting to climb&nbsp;and more importantly, avoid having to pay the IRS more money at tax time next year.&nbsp;<br \><br \>2 replies Wed, 27 Mar 2013 13:28:00 GMT http://www.zillow.com/advice-thread/Second-chance-loan-advice/484995/ 2013-03-27T13:28:00Z Can we get a loan for a new house with the current house under water http://www.zillow.com/advice-thread/Can-we-get-a-loan-for-a-new-house-with-the-current-house-under-water/471812/ <div>We are located in Northern VA and our current house (condo) is under water:<br/>loan amount $278,000; estimated value: $215,000<div>My husband is the only one on this loan. We are trying to take out a loan for a new house we plan to buy (loan amount $508,000, with a 20% downpayment for house price $635,000) under both of our names. We have excellent credit scores (both over 780) and the debt/income ratio is good. We&nbsp;have already found a tenant for the current house- we will shortly have a lease agreement signed and checks in hand. Can we at all get the second loan? Thanks in advance for your input and advice.&nbsp;<br/></div></div><br \><br \>5 replies Thu, 20 Dec 2012 16:05:00 GMT http://www.zillow.com/advice-thread/Can-we-get-a-loan-for-a-new-house-with-the-current-house-under-water/471812/ 2012-12-20T16:05:00Z Loaned money repaid, will it cause problems while getting approved http://www.zillow.com/advice-thread/Loaned-money-repaid-will-it-cause-problems-while-getting-approved/456730/ We had loaned 15,000 to a family member for education three months ago. Our loan was repaid back partially (10k) a couple of weeks ago. I know we might have tax implications and we are ready to deal with that later, but more importantly will it cause problems while getting approved for a mortgage? We are first time home buyers and planning to get into the market in 3-4 months. Our down payment will be around 40k including the 10k returned.<br \><br \>2 replies Wed, 22 Aug 2012 01:14:00 GMT http://www.zillow.com/advice-thread/Loaned-money-repaid-will-it-cause-problems-while-getting-approved/456730/ 2012-08-22T01:14:00Z Va home improvement loans? http://www.zillow.com/advice-thread/Va-home-improvement-loans/408440/ We're approved for a VA loan, but the house we're interested in needs work. We'd like to combine our purchase loan with a home improvement loan. These VA home improvement loans exist (per the VA), but we can't find a lender who handles them. USAA, Pen Fed and Navy Fed don't. Any suggestions?<br \><br \>6 replies Thu, 21 Jul 2011 21:36:00 GMT http://www.zillow.com/advice-thread/Va-home-improvement-loans/408440/ 2011-07-21T21:36:00Z Looking for a Mortgage http://www.zillow.com/advice-thread/Looking-for-a-Mortgage/374415/ <p>I am looking for jumbo FHA&nbsp;loan of about 580k..Can you please advice what could my options be to keep my monthly payments as low as possible other than putting a fat down payment ? Please pardon if i am being very naive here.If you can suggest some competitive lenders as well, that will be awesome.</p><br \><br \>15 replies Wed, 10 Nov 2010 04:20:00 GMT http://www.zillow.com/advice-thread/Looking-for-a-Mortgage/374415/ 2010-11-10T04:20:00Z Why is a house that was sold a year ago still being listed as for sale http://www.zillow.com/advice-thread/Why-is-a-house-that-was-sold-a-year-ago-still-being-listed-as-for-sale/372866/ Why is a house that was sold a year ago still being listed as for sale<br \><br \>2 replies Wed, 27 Oct 2010 18:59:00 GMT http://www.zillow.com/advice-thread/Why-is-a-house-that-was-sold-a-year-ago-still-being-listed-as-for-sale/372866/ 2010-10-27T18:59:00Z When will owners who are underwater in their mortgages, but not facing foreclosure, get assistance? http://www.zillow.com/advice-thread/When-will-owners-who-are-underwater-in-their-mortgages-but-not-facing-foreclosure-get-assistance/362983/ I'd like to refinance, but there aren't any programs available to refinance when one is current on payments and isn't close to foreclosure or can't afford the payments. Its such a croc!<br \><br \>8 replies Fri, 20 Aug 2010 13:17:00 GMT http://www.zillow.com/advice-thread/When-will-owners-who-are-underwater-in-their-mortgages-but-not-facing-foreclosure-get-assistance/362983/ 2010-08-20T13:17:00Z My husband's credit rate is low at about 611 and mine is 677. Can we buy a property? http://www.zillow.com/advice-thread/My-husband%27s-credit-rate-is-low-at-about-611-and-mine-is-677-Can-we-buy-a-property/354224/ Our income is steady and good. We make about 200000. We are thinking of selling our current property because the mortgage is too high and we have revolving debt of $65000 our bank refused to consolidate. Our current property has been estimated for&nbsp; $895000 and we're thinking of downsizing. Can we buy a property with a high debt to income ratio and not so good credit score? We have not defaulted anywhere. What can we buy in terms of prices? Or should we rent for a while?<br \><br \>7 replies Thu, 17 Jun 2010 09:38:00 GMT http://www.zillow.com/advice-thread/My-husband%27s-credit-rate-is-low-at-about-611-and-mine-is-677-Can-we-buy-a-property/354224/ 2010-06-17T09:38:00Z Low income senior wants refinance mortgage of second condo she owns. Can she do it ? http://www.zillow.com/advice-thread/Low-income-senior-wants-refinance-mortgage-of-second-condo-she-owns-Can-she-do-it/337503/ Waiting for 2 years to sell one or both condos she owns.&nbsp; Losing lots of $$$ on the second property, with an interest-only <a href="http://www.zillow.com/mortgage/">mortgage</a>. Tried to modify EMC <a href="http://www.zillow.com/mortgage/">loan</a>, but was not approved.<br \><br \>0 replies Thu, 25 Mar 2010 16:12:00 GMT http://www.zillow.com/advice-thread/Low-income-senior-wants-refinance-mortgage-of-second-condo-she-owns-Can-she-do-it/337503/ 2010-03-25T16:12:00Z Loan officer and real estate advice... http://www.zillow.com/advice-thread/Loan-officer-and-real-estate-advice/300637/ I'm thinking of making an offer on a bank owned property. The listing agent says I must be pre-qualified by his <a href="http://www.zillow.com/directory/lenders/">lender</a>. When I called the <a href="http://www.zillow.com/mortgage/">loan</a> officer I asked him if he were going to reveal the upper end of of what I'm qualified for to the bank. He said "yes!" I'm not comfortable with this at all. When I gave him the information needed for the pre-qual letter I told him that I only wanted to offer a&nbsp;certain amount. Now he is telling me that he knows there is a cash offer and that if I want to win the deal I should offer what he says. I don't think he's also a <a href="http://www.zillow.com/directory/real-estate-agents/">real estate agent</a>, but how does he know about a cash offer on the property?<br/><br/>&nbsp;&nbsp;<br \><br \>68 replies Sun, 22 Nov 2009 16:38:00 GMT http://www.zillow.com/advice-thread/Loan-officer-and-real-estate-advice/300637/ 2009-11-22T16:38:00Z Is there a lender who is giving a six month rate lock? http://www.zillow.com/advice-thread/Is-there-a-lender-who-is-giving-a-six-month-rate-lock/251693/ 5 replies Wed, 01 Jul 2009 05:54:00 GMT http://www.zillow.com/advice-thread/Is-there-a-lender-who-is-giving-a-six-month-rate-lock/251693/ 2009-07-01T05:54:00Z