Zillow Advice RSS: Discussion,FHA and VA Loans,WA http://www.zillow.com/advice/WA/mortgage-fha-and-va-loans/discussion/ Zillow Advice search results | Zillow Real Estate Can my Parents Co-Sign on a loan with me? http://www.zillow.com/advice-thread/Can-my-Parents-Co-Sign-on-a-loan-with-me/349572/ I have a 623 median credit score.&nbsp; I am married, but my wife's credit is worse than mine.&nbsp; The only debt we have now is our car payments, as I used my bonuses to pay off almost all of our debt.&nbsp; I was employed with a software company for 3 years until last August, then was let go due to the economy.&nbsp; I began working in the same line of work again in January of this year, and am in much more stable company.&nbsp; My parents have decent credit (690-710) and are retired.&nbsp; I currently make 65K / year and am trying to qualify for an FHA loan.&nbsp; I am still working on rebuilding my wife's credit, but want to purchase before the end of summer, as we are looking at starting a family.&nbsp; <br/><br/>I live in WA state, and am looking to purchase a home in WA as well.&nbsp; I am hoping that I can get some answers as to what kind of loans I should be looking at ( I assumed FHA), what are the pro's and con's of having a parent co-sign?&nbsp; Is there a possibility to build a home (my parents would subdivide their 5 acre parcel)<br/><br/>I really am just looking for some advice, and to know what some of my options are.&nbsp; I am open to phone consults, in person consults, etc.&nbsp; I just want to be given some guidance from people that know a lot more about this than me.&nbsp; Thanks.<br \><br \>14 replies Wed, 12 May 2010 16:04:00 GMT http://www.zillow.com/advice-thread/Can-my-Parents-Co-Sign-on-a-loan-with-me/349572/ 2010-05-12T16:04:00Z FHA loan after a short sale http://www.zillow.com/advice-thread/FHA-loan-after-a-short-sale/414928/ We were living in Hillsboro, Oregon and my husband was laid off. He was offered and accepted a job in RIchland, Washington. We relocated to Richland and placed our home on the market. Due to the hit to&nbsp;the housing market in the Portland area our home ended being a short sale. The short sale of our home closed in August. We were able to keep our payments current through the entire process. Our credit before the short sale was high 700's to low 800's. After researching we are wondering if we would qualify for a FHA loan to purchase a home and if there is a time frame before we would qualify?<br \><br \>7 replies Fri, 09 Sep 2011 18:27:00 GMT http://www.zillow.com/advice-thread/FHA-loan-after-a-short-sale/414928/ 2011-09-09T18:27:00Z 1st Time Buyer & VA http://www.zillow.com/advice-thread/1st-Time-Buyer-VA/497725/ I will be getting out of the Army in a year after 6.5 years of service and I am interested in buying a house around Spokane, Washington. I am curious as to what is affordable for me so I can start my research. I will be applying for a VA loan and have a credit score of 635-670. What amount should I qualify for? What are my likely loan rates going to be? What is the smallest down payment possible? Ultimately I'd like to be around the $150k area for less than 4%. Is this unreasonable? Thanks in advance.<br \><br \>5 replies Tue, 18 Jun 2013 14:31:00 GMT http://www.zillow.com/advice-thread/1st-Time-Buyer-VA/497725/ 2013-06-18T14:31:00Z Should I do streamline refi FHA or traditional refi http://www.zillow.com/advice-thread/Should-I-do-streamline-refi-FHA-or-traditional-refi/458171/ Trying to understand my options. Background: bought home in july 2009 ( so I missed best time since I will still pmi) also my time frame I've seen the highest rates for streamline. House appraised for 265, we bought at 235. We put 25k down. Loan amount 210k. Just recently got our city tax appraised value 199k ugh. We have mortgage of 201k. Here is my question. With rates so low 3.60 etc, I would like for traditional refi. Maybe house appraises for 225k. I would get a decent rate. But I don't want to do appraisal, have it comeback at 200k and basically go with the much higher interest rate. Is it just a gamble to do appraisal ? Our current rate is 5.25% I've seen because our timeframe we would get a rate of 4.65. But then I always heard not really worth it if you don't drop at least a percentage point because closing costs etc. please help<br \><br \>7 replies Sat, 01 Sep 2012 03:57:00 GMT http://www.zillow.com/advice-thread/Should-I-do-streamline-refi-FHA-or-traditional-refi/458171/ 2012-09-01T03:57:00Z Pay rate premium to lender to cover FHA up-front MIP? http://www.zillow.com/advice-thread/Pay-rate-premium-to-lender-to-cover-FHA-up-front-MIP/356098/ The lender I'm working with on a refinance is offering an FHA loan with a lender credit to pay the up-front MIP in exchange for a 5/8 increase in the rate on the loan. We would still pay the monthly MIP. Any ideas on whether this is competitive?<br \><br \>3 replies Thu, 01 Jul 2010 19:42:00 GMT http://www.zillow.com/advice-thread/Pay-rate-premium-to-lender-to-cover-FHA-up-front-MIP/356098/ 2010-07-01T19:42:00Z Property tax on FHA Loan http://www.zillow.com/advice-thread/Property-tax-on-FHA-Loan/355455/ I'm trying to refinance. Is it required on FHA loans that&nbsp;county/property tax be included, or can do I have an option of not tacking it to the loan and paying them myself?&nbsp;<br \><br \>4 replies Sun, 27 Jun 2010 17:59:00 GMT http://www.zillow.com/advice-thread/Property-tax-on-FHA-Loan/355455/ 2010-06-27T17:59:00Z Closing/Escrow & Title Insurance on FHA Loans http://www.zillow.com/advice-thread/Closing-Escrow-Title-Insurance-on-FHA-Loans/355456/ <p>Thinking about refinancing my condo. What is the average, or the actual, amount should be on what I have to pay for Escrow and Title Insurance? Right now, I have been quoted for total of $1373 ($460 for Escrow and $913). Is that reasonable?&nbsp;</p><br \><br \>3 replies Sun, 27 Jun 2010 18:03:00 GMT http://www.zillow.com/advice-thread/Closing-Escrow-Title-Insurance-on-FHA-Loans/355456/ 2010-06-27T18:03:00Z refi using FHA, does GFE look good? http://www.zillow.com/advice-thread/refi-using-FHA-does-GFE-look-good/242125/ I have a 1st <a href="http://www.zillow.com/mortgage/">mortgage</a> of $422k at 6.375% and a 2nd mortgage of $105k @ 8.3%. So we owe $527k and our house is worth about $540k. The house is located in Seattle, WA, 98199. I want to <a href="http://www.zillow.com/refinance/">refinance</a> to take advantage of lower rates. I got a GFE but I have no idea if it is any good. Can you guys give your advice? Here it is:<br/>http://n4te.com/temp/gfe.pdf<br/>The GFE was done 5/26 so I don't know if we can actually get this rate. Does everything else look in line?<br \><br \>14 replies Wed, 03 Jun 2009 07:09:00 GMT http://www.zillow.com/advice-thread/refi-using-FHA-does-GFE-look-good/242125/ 2009-06-03T07:09:00Z New FHA Guidelines http://www.zillow.com/advice-thread/New-FHA-Guidelines/330608/ How do you think the new&nbsp;FHA Guidelines affect <a href="http://www.zillow.com/fha-loan/">FHA</a> Lending?<br \><br \>11 replies Thu, 04 Mar 2010 03:46:00 GMT http://www.zillow.com/advice-thread/New-FHA-Guidelines/330608/ 2010-03-04T03:46:00Z FHA First time home buyer with student loans - can I purchase? http://www.zillow.com/advice-thread/FHA-First-time-home-buyer-with-student-loans-can-I-purchase/319145/ I'm a recent college grad. I am really motivated to take advantage of a down market, the $8000 first time home buyers credit, and ultimately have a potentially profitable 5 year investment.<br/><br/>However, the caveat is I have sizeable student loans in repayment. If I understand FHA requirements correctly, this is my scenario:<br/><br/>Monthly gross income: $3750<br/>Monthly debts: $900 ($650 in private student loans, $250 federal)<br/>Excellent credit<br/><br/>So my current monthly DTI ratio is about 24%... which leaves only 19% of the maximum 43% left? So I can only afford a mortgage less than $712/mo? Anyone in the Seattle area knows that leaves very few options, even looking at condos.<br/><br/>I don't want to (morbidly) think that I can't afford a home because I went to college... In fact, as a catch-22, I wanted to use the (hopeful) profit in reselling to cut down my student loans...<br/><br/>What should I do? Do I have options?&nbsp;<br \><br \>14 replies Wed, 27 Jan 2010 22:30:00 GMT http://www.zillow.com/advice-thread/FHA-First-time-home-buyer-with-student-loans-can-I-purchase/319145/ 2010-01-27T22:30:00Z Is FHA my best option? http://www.zillow.com/advice-thread/Is-FHA-my-best-option/312468/ I have good credit (FICO 780+) but do not have a down payment. I read that you can put your <a href="http://www.zillow.com/learnmore/what-zillow-offers-buyers.htm">first time home buyer</a> credit toward the down payment with an <a href="http://www.zillow.com/fha-loan/">FHA loan</a>. I'm looking at spending ~$170k. With FHA&nbsp;I would have an MIP.<br/><br/>My other option is an 80/20 (or 100% financing... if that even exists anymore). With an 80/20 I would be paying more in interest (2 loans), and with 100% I would have PMI.<br/><br/>What's the best choice for me?<br \><br \>13 replies Thu, 07 Jan 2010 03:00:00 GMT http://www.zillow.com/advice-thread/Is-FHA-my-best-option/312468/ 2010-01-07T03:00:00Z Ineligible Repair List for FHA 203k Loan http://www.zillow.com/advice-thread/Ineligible-Repair-List-for-FHA-203k-Loan/280385/ Examples of ineligible improvements (this list is not all-inclusive):<br/><br/>1. Mold abatement or Termite Active Infestation repairs (tenting, etc)<br/>2. Connection to Public Water or Sewer<br/>3. Adding or repairing a driveway or sidewalk<br/>4. Subfloors<br/>5. Replacing posts in crawl spaces or adding vapor barrier<br/>6. Landscaping or similar site amenities<br/>7. Pool repair or construction<br/>8. Repair of structural damage<br/>9. New construction including room additions<br/>10. Major rehabilitation or remodeling such as the relocation of load bearing walls<br/>11. Any repair or improvement that will require more than 6 months to complete or will displace the <a href="http://www.zillow.com/mortgage-glossary/Borrower/">borrower</a> for more than 30 days<br/>12. Work that will not begin within 30 days of closing<br/>13. Rehab activities that will require more than 2 draws<br/>14. Repairs that require detailed drawings or architectural exhibits<br/><br/>[content removed by moderator for being self-promotional]<br/><br/><br \><br \>3 replies Sat, 19 Sep 2009 21:22:00 GMT http://www.zillow.com/advice-thread/Ineligible-Repair-List-for-FHA-203k-Loan/280385/ 2009-09-19T21:22:00Z FHA Offers on Forclosure Properties http://www.zillow.com/advice-thread/FHA-Offers-on-Forclosure-Properties/286137/ Listing Agents - Tell me about your experiences closing <a href="http://www.zillow.com/homes/for_sale/fore_lt/">foreclosures</a> with <a href="http://www.zillow.com/fha-loan/">FHA</a> offers.&nbsp;&nbsp;There was a buyer question about this topic.&nbsp; The responses are mixed.&nbsp; I have closed them for my buyers, how many listing agents&nbsp;are open to&nbsp;recommending FHA offers to the banks?&nbsp; How many banks will do repairs if they are willing to receive an FHA offer?<br \><br \>2 replies Wed, 07 Oct 2009 15:40:00 GMT http://www.zillow.com/advice-thread/FHA-Offers-on-Forclosure-Properties/286137/ 2009-10-07T15:40:00Z Eligible Repair List for FHA 203k Loan http://www.zillow.com/advice-thread/Eligible-Repair-List-for-FHA-203k-Loan/280384/ Quick Reference for Streamline 203k<br/><br/>Examples of eligible improvements (this list is not all-inclusive):<br/><br/>1. Repair/Replacement of roofs, gutters, and downspouts<br/>2. Repair/Replacement/Upgrade of existing heating, ventilation, and air conditioning systems<br/>3. Repair/Replacement of plumbing and electrical systems &ndash; Installation of new plumbing fixtures is acceptable<br/>4. Repair/Replacement of flooring &ndash; subflooring is not included, finish only<br/>5. Minor remodeling that does not involve structural repairs, such as bathrooms and kitchens including permanently installed appliances, (such as built-in range and/or oven, range hood, microwave, or dishwasher) &ndash; New free standing range, refrigerator, washer and dryer, trash compactor and other appurtenances (Used appliances are not eligible)<br/>6. Exterior and interior painting<br/>7. Weatherization, including storm windows and doors, insulation, and weather-stripping Energy conservation improvements (such as new double pane windows, steel insulated exterior doors, insulation, solar domestic hot water systems, or caulking and weather-stripping)<br/>8. Improvements for accessibility for persons with disabilities (such as remodeling kitchens and baths for wheelchair access, lowering kitchen cabinets, or installing wider doors or exterior ramps)<br/>9. Lead-base paint stabilization or abatement of lead-based paint hazards<br/>10. Repair/Replacement/Addition of exterior decks, patios, porches<br/>11. Basement finishing and remodeling that does not involve structural repairs.<br/>12. Basement waterproofing<br/>13. Replacement of windows and doors and exterior wall residing<br/>14. Well &amp; septic replacement<br/><br/><br/>[content removed by moderator for being self-promotional]<br \><br \>3 replies Sat, 19 Sep 2009 21:19:00 GMT http://www.zillow.com/advice-thread/Eligible-Repair-List-for-FHA-203k-Loan/280384/ 2009-09-19T21:19:00Z FHA Appraisal http://www.zillow.com/advice-thread/FHA-Appraisal/251846/ We just had our offer accepted on a brand new townhouse, but because the development is new, no appraisal has been done. In addition, we are going <a href="http://www.zillow.com/fha-loan/">FHA</a> and it has yet to be FHA approved. Our closing is&nbsp;contingent upon FHA approval, but is there any way of telling how long this will take? <br/>It should pass FHA inspection due to the fact that it's brand new.. And I believe it's built green. Are there any or many things that can delay this process? Thanks!<br \><br \>4 replies Wed, 01 Jul 2009 18:54:00 GMT http://www.zillow.com/advice-thread/FHA-Appraisal/251846/ 2009-07-01T18:54:00Z