Zillow Advice RSS: Question-Discussion-Guide,FHA and VA Loans,CO http://www.zillow.com/advice/CO/mortgage-fha-and-va-loans/question-discussion-guide/mortgage/?s=0 Zillow Advice search results | Zillow Real Estate FHA loan MI removal http://www.zillow.com/advice-thread/FHA-loan-MI-removal/525336/ <p>For homeowners whose FHA mortgage pre-dates June 3, 2013, MIP goes away when certain conditions are met :</p><p>&bull;30-year loan term : Annual MIP is automatically canceled once the loan reaches 78% loan-to-value and annual MIP has been paid for at least 60 months.<br/>&bull;15-year loan term : Annual MIP is automatically canceled once the loan reaches 78% loan-to-value. There is no requirement for MIP to be paid for at least 60 months</p><br \><br \>0 replies Tue, 21 Jan 2014 21:02:00 GMT http://www.zillow.com/advice-thread/FHA-loan-MI-removal/525336/ 2014-01-21T21:02:00Z Do any lenders currently do non-owner occupied FHA streamline refinance? http://www.zillow.com/advice-thread/Do-any-lenders-currently-do-non-owner-occupied-FHA-streamline-refinance/475362/ Yes as long as the existing mortgage on the home is FHA insured you will be able to do a FHA streamline even though it is currently a rental. We are just north of you in Fort Collins and I would be happy to assist you with this, just contact me by clicking on my name above if you'd like.<br \><br \>0 replies Tue, 22 Jan 2013 16:28:00 GMT http://www.zillow.com/advice-thread/Do-any-lenders-currently-do-non-owner-occupied-FHA-streamline-refinance/475362/ 2013-01-22T16:28:00Z can we get an FHA loan for a home in our NOW Price range even though we recvd our Pre-forclosure not http://www.zillow.com/advice-thread/can-we-get-an-FHA-loan-for-a-home-in-our-NOW-Price-range-even-though-we-recvd-our-Pre-forclosure-not/388177/ Unfortunately once you are late or in any matter default on a mortgage it makes you ineligible for home loan lending.&nbsp; Right now most loan programs require at least a 3 year wait after this has occurred.&nbsp; Make sure to keep all other credit accounts on your credit report paid on time and also make sure that your mortgage account on the credit report is reported accurately so that when the time comes you will not have any problems.<br \><br \>0 replies Wed, 23 Feb 2011 23:52:00 GMT http://www.zillow.com/advice-thread/can-we-get-an-FHA-loan-for-a-home-in-our-NOW-Price-range-even-though-we-recvd-our-Pre-forclosure-not/388177/ 2011-02-23T23:52:00Z Want an FHA Loan --- about a 676 credit score - I'm looking at close to 10% down on a 225K home http://www.zillow.com/advice-thread/Want-an-FHA-Loan-about-a-676-credit-score-I%27m-looking-at-close-to-10-down-on-a-225K-home/296381/ i would go conventional with that down payment better rates and less costs as no up front <a href="http://www.zillow.com/mortgage/help/Private-Mortgage-Insurance.htm">mortgage insurance</a> which is very costly will save you thousands of dollars...shop around<br \><br \>0 replies Thu, 12 Nov 2009 16:03:00 GMT http://www.zillow.com/advice-thread/Want-an-FHA-Loan-about-a-676-credit-score-I%27m-looking-at-close-to-10-down-on-a-225K-home/296381/ 2009-11-12T16:03:00Z FHA approval with high DTI http://www.zillow.com/advice-thread/FHA-approval-with-high-DTI/245077/ Every <a href="http://www.zillow.com/directory/lenders/">lender</a> has their own comfort levels in approving a loan. One thing to take into consideration is that when an underwriter is determining whether a <a href="http://www.zillow.com/fha-loan/">FHA loan</a> gets approve, they have what they call an FHA scorecard.&nbsp; Qualifying ratios are not the only thing they consider.&nbsp; LTV, credit scores, time on the job, reserves, to name a few,&nbsp; will come into play.<br/>As the others have stated, I would meet with a <a href="http://www.zillow.com/mortgage/">mortgage</a> consultant and have him/her run your scenario through an automated system.&nbsp;<br \><br \>0 replies Sat, 13 Jun 2009 00:04:00 GMT http://www.zillow.com/advice-thread/FHA-approval-with-high-DTI/245077/ 2009-06-13T00:04:00Z I am getting close to start looking to buy. What i dont see on your web site is types of loans . http://www.zillow.com/advice-thread/I-am-getting-close-to-start-looking-to-buy-What-i-dont-see-on-your-web-site-is-types-of-loans/494763/ VA loans are a fantastic option, if you have the entitlement to get one. They are the only loan that still allows you to buy a house with nothing down... but also has a super-low interest rate and no monthly mortgage insurance.&nbsp; There is however an upfront funding fee, of 2.15% for using a VA loan.&nbsp; However, this funding fee gets rolled into your loan, and you DO NOT have to come to closing with it as cash.&nbsp; So for every $100,000 you borrow, your loan amount is actually $102,150 with a VA loan.&nbsp; The qualifying guidelines are fairly relaxed as well, and are very similar to an FHA loan... so credit scores in the 600's will usually cut it (as opposed to a conventional loan that really prefers scores in the 700's).<br/><br/>If you need a knowledgeable agent here in Colorado, give me a call!<br/>Good Luck!<br \><br \>0 replies Fri, 31 May 2013 14:01:00 GMT http://www.zillow.com/advice-thread/I-am-getting-close-to-start-looking-to-buy-What-i-dont-see-on-your-web-site-is-types-of-loans/494763/ 2013-05-31T14:01:00Z At what point in the loan process can a mortgage broker lock in the interest rate? http://www.zillow.com/advice-thread/At-what-point-in-the-loan-process-can-a-mortgage-broker-lock-in-the-interest-rate/499163/ Hello. I have a situation where a buyer's mortgage broker waited until 5 days before closing to lock in on an interest rate. The reason given was that they could not lock the rate until employment verification was completed. Ignoring the fact that the employment verification could have been done much sooner in the process, is the lack of employment verification a reason to not be able to lock in the rate? The buyer is obviously upset because now their rate is higher and I'm trying to decide if the broker was simply&nbsp;incompetent, slow, or what.<br \><br \>11 replies Wed, 26 Jun 2013 22:33:00 GMT http://www.zillow.com/advice-thread/At-what-point-in-the-loan-process-can-a-mortgage-broker-lock-in-the-interest-rate/499163/ 2013-06-26T22:33:00Z How can I get a lender to see I want to streamline my FHA? http://www.zillow.com/advice-thread/How-can-I-get-a-lender-to-see-I-want-to-streamline-my-FHA/350710/ Zillow removed the Notes to Lender option from the quote request several months ago.<br/><br/>Mortgages are all about clicking, sorting and choosing, human interactions would complicate the process.<br/><br \><br \>0 replies Mon, 24 May 2010 19:12:00 GMT http://www.zillow.com/advice-thread/How-can-I-get-a-lender-to-see-I-want-to-streamline-my-FHA/350710/ 2010-05-24T19:12:00Z Can you get a FHA in &lt;2 yrs after a short sale if you were late on some payments at the time of SS? http://www.zillow.com/advice-thread/Can-you-get-a-FHA-in-lt-2-yrs-after-a-short-sale-if-you-were-late-on-some-payments-at-the-time-of-SS/550786/ <p>No really great reason I suppose. My father had just passed away after I had been caring for him for the past year, and my husband got offered a better paying job in CO. After my dad died we moved to CO to accept the better paying job. We had an offer on our house in the first few weeks of our short sale but our mortgage company turned it down. Then they settled for an even smaller offer (which makes no sense at all), months and months later. We had bought our home in 2005 at the height of market and then it just depreciated from there even though it was a nice home.<br/><br/>We depleted our savings trying to pay for both houses (the old house, and a rental in CO) until we could no longer afford both.<br/><br/>VA wanted $57,000 paid back to them.<br/><br/>I feel like we are stuck in the waiting game now. We have lived in CO for less than 2 years now and had to move twice because the landlords keep wanting to sell the rental homes we are in.</p><br \><br \>0 replies Tue, 22 Jul 2014 19:25:00 GMT http://www.zillow.com/advice-thread/Can-you-get-a-FHA-in-lt-2-yrs-after-a-short-sale-if-you-were-late-on-some-payments-at-the-time-of-SS/550786/ 2014-07-22T19:25:00Z Qualify for FHA? Down payment assistance http://www.zillow.com/advice-thread/Qualify-for-FHA-Down-payment-assistance/484171/ If you are going to go with a down payment assistance program, be sure to look into getting a Mortgage Credit Certificate (MCC) as well.&nbsp; CHFA (as mentioned in earlier posts) is a great resource for down payment assistance.&nbsp; In addition to providing the down payment assistance, they also offer the MCC which would allow you to get a dollar-for-dollar tax credit on 20% of your annual mortgage interest.&nbsp; That can be thousands in savings per year!<br \><br \>0 replies Sun, 07 Apr 2013 14:21:00 GMT http://www.zillow.com/advice-thread/Qualify-for-FHA-Down-payment-assistance/484171/ 2013-04-07T14:21:00Z If I am planning to take a FHA mortgage, can I order an appraisal in advance? http://www.zillow.com/advice-thread/If-I-am-planning-to-take-a-FHA-mortgage-can-I-order-an-appraisal-in-advance/305248/ I am buying a house in the spring via private sale (house will not be listed for sale).&nbsp; I will almost certainly take a <a href="http://www.zillow.com/fha-loan/">FHA</a> loan, and I am shopping around among lenders.&nbsp; I want to order an appraisal in advance so I can ensure the sale amount the seller and I agreed upon is sufficiently in line with the appraised value (e.g., if the sale amount is higher than FHA appraised value, I probably couldn't get the <a href="http://www.zillow.com/fha-loan/">FHA loan</a> for the amount I need).&nbsp; I would be concerned that a lender/UW would reject my appraisal or say they need to order their own appraisal.&nbsp; Any thoughts from the experts?<br/><br/>Also wondering how much a FHA appraisal costs in Denver.&nbsp;<br \><br \>13 replies Wed, 09 Dec 2009 16:03:00 GMT http://www.zillow.com/advice-thread/If-I-am-planning-to-take-a-FHA-mortgage-can-I-order-an-appraisal-in-advance/305248/ 2009-12-09T16:03:00Z FHA Loan immediately after Chapter 13 Discharge http://www.zillow.com/advice-thread/FHA-Loan-immediately-after-Chapter-13-Discharge/565215/ You may find some luck with a portfolio lender that keeps the loan in house and doesn't sell the mortgage after origination. Since portfolio lenders get to decide whether or not they want the loan in their "portfolio" of loans and do not intend to sell the mortgage on the secondary market, the guidelines will be up to the discretion of the loan officer, company and underwriter. If you're looking for an FHA loan specifically then the answer is no. This is a federal guideline so there's really no way around it unless you're not getting an FHA mortgage. The specific guideline for FHA in regards to chapter 13 bankruptcy is 1 year past the discharge date with satisfactory payment history, and borrower must also obtain permission from the court to be allowed to enter into a mortgage obligation.<br \><br \>0 replies Mon, 03 Nov 2014 04:19:00 GMT http://www.zillow.com/advice-thread/FHA-Loan-immediately-after-Chapter-13-Discharge/565215/ 2014-11-03T04:19:00Z If I qualify for a homepath home what happens if I found a perfect home thats close to my kids schoo http://www.zillow.com/advice-thread/If-I-qualify-for-a-homepath-home-what-happens-if-I-found-a-perfect-home-thats-close-to-my-kids-schoo/552815/ I would love the opportunity to chat with you about this as our company does specialize in Homepath and Homepath Rennovation loans.&nbsp; They are great loans and they dont have monthly mortgage insurance and can be bought with minimal money down.&nbsp; Let me know if I can help in any way.&nbsp; Thanks and have a great day!<br \><br \>0 replies Mon, 04 Aug 2014 15:29:00 GMT http://www.zillow.com/advice-thread/If-I-qualify-for-a-homepath-home-what-happens-if-I-found-a-perfect-home-thats-close-to-my-kids-schoo/552815/ 2014-08-04T15:29:00Z In Colorado, is a rate Lock-in tied to a given property or Borrower? http://www.zillow.com/advice-thread/In-Colorado-is-a-rate-Lock-in-tied-to-a-given-property-or-Borrower/251623/ I have been in the <a href="http://www.zillow.com/mortgage/">mortgage</a> business for almost 30 years.<br/>Locks have always been based on the property for every company and investor I have ever&nbsp;worked with, if the property fell through due to the property not appraising for the sale price on an <a href="http://www.zillow.com/fha-loan/">FHA</a> and the sellers not being willing to budge, you are back at the market. So when the broker told your that the <a href="http://www.zillow.com/mortgage-glossary/Lock-In/">lock-in</a> is specific to the property in my option they were correct.&nbsp;<br \><br \>0 replies Fri, 11 Sep 2009 05:50:00 GMT http://www.zillow.com/advice-thread/In-Colorado-is-a-rate-Lock-in-tied-to-a-given-property-or-Borrower/251623/ 2009-09-11T05:50:00Z VA loan after short sale question? Any advice appreciated. http://www.zillow.com/advice-thread/VA-loan-after-short-sale-question-Any-advice-appreciated/525794/ Yes, there is still a two year waiting period that is required after the short sale. So you should be able to obtain a mortgage again on July 2015. That gives you a good amount of time to rebuild your finances. The minimum credit score needed would probably be around 580, but you should aim for 620 just to be safe. A down payment is not necessary for a VA loan but it would help to have reserves in your bank accounts. My overall suggestion would be to build up your credit and savings.&nbsp;If you have any further questions or if you would like a loan, feel free to contact me.<br/><br/>Good Luck!<br \><br \>0 replies Mon, 27 Jan 2014 23:39:00 GMT http://www.zillow.com/advice-thread/VA-loan-after-short-sale-question-Any-advice-appreciated/525794/ 2014-01-27T23:39:00Z Can my wife Qualify for a FHA loan by herself? http://www.zillow.com/advice-thread/Can-my-wife-Qualify-for-a-FHA-loan-by-herself/326355/ She may qualify for one <a href="http://www.zillow.com/fha-loan/">FHA mortgage</a>, if she intends to live there.<br \><br \>0 replies Fri, 19 Feb 2010 21:46:00 GMT http://www.zillow.com/advice-thread/Can-my-wife-Qualify-for-a-FHA-loan-by-herself/326355/ 2010-02-19T21:46:00Z FHA 95% CASH OUT?? http://www.zillow.com/advice-thread/FHA-95-CASH-OUT/212193/ I got it closed, finally, in August, by First American <a href="http://www.zillow.com/mortgage/">Mortgage</a> Trust. I can't believe it. Thanks to all of you for your help.<br \><br \>0 replies Fri, 11 Sep 2009 11:18:00 GMT http://www.zillow.com/advice-thread/FHA-95-CASH-OUT/212193/ 2009-09-11T11:18:00Z FHA Mortgage Insurance http://www.zillow.com/advice-thread/FHA-Mortgage-Insurance/484565/ I have an FHA refinance in February 2011 at 4.25%. &nbsp;The Mortgage <br/>Premium &nbsp;goes for 5 years till Feb 2016. I will have at least an LTV of 78% or more based on the growth rate of the home. &nbsp;Can I simply request another FHA appraisal to cancel the insurance?<br/><br/>Or this the next&nbsp;scenario&nbsp;the truth<br/><br/>Based off the purchase price in 2011 I will owe $5000 to get the LTV down to 78% to cancel the mortgage&nbsp;insurance&nbsp;premium.<br/><br/>Thanks,<br/><br/>&nbsp;<br \><br \>6 replies Mon, 25 Mar 2013 02:36:00 GMT http://www.zillow.com/advice-thread/FHA-Mortgage-Insurance/484565/ 2013-03-25T02:36:00Z I would like to consolidate my 1st and 2nd, but value is less than loan amount, any suggestions. http://www.zillow.com/advice-thread/I-would-like-to-consolidate-my-1st-and-2nd-but-value-is-less-than-loan-amount-any-suggestions/407558/ <p>Only two suggestions that I can think of.&nbsp; One - pay down the&nbsp;second mortgage or two -&nbsp;refinance your first mortgage to reduce your rate and&nbsp;request your second be subordinated.&nbsp; &nbsp;</p><br \><br \>0 replies Fri, 15 Jul 2011 19:23:00 GMT http://www.zillow.com/advice-thread/I-would-like-to-consolidate-my-1st-and-2nd-but-value-is-less-than-loan-amount-any-suggestions/407558/ 2011-07-15T19:23:00Z FHA Loan with collection accounts http://www.zillow.com/advice-thread/FHA-Loan-with-collection-accounts/519443/ To the mortgage lenders who replied,&nbsp; Do the guidelines exempt Medical collections?&nbsp; I have 15 collection accounts totaling $3100.&nbsp; They are all medical collections from 2014.&nbsp; They are resulting from miscalculations by my health care providers when they estimated my share of the many tests and procedures I had during the year.&nbsp; I was unaware of these outstanding bills until I recently pulled my credit report.&nbsp; Also, which score is used, equifax, transunion, or experian?&nbsp; Vantage score or Fico?<br/><br \><br \>0 replies Wed, 03 Dec 2014 14:01:00 GMT http://www.zillow.com/advice-thread/FHA-Loan-with-collection-accounts/519443/ 2014-12-03T14:01:00Z