Zillow Advice RSS: Question-Discussion-Guide,FHA and VA Loans,HI http://www.zillow.com/advice/HI/mortgage-fha-and-va-loans/question-discussion-guide/mortgage/?s=0 Zillow Advice search results | Zillow Real Estate Lose_Lose Situation http://www.zillow.com/advice-thread/Lose-Lose-Situation/499219/ Hello,<br/>we are in the process of purchasing a new construction home. Our closing date is mid October. Our initial quote for monthly mortgage was $3,200 a month. The developer offers 2 points if we choose their lender. We did this at that time (back in March) because we were looking at a 2.83 rate vs. buying a used home at 3.25.<br/>This past week has been devastating to us, our mortgage quote went up to $3,800 a month. $600 more a month for 30 years is a lot more money than we anticipated. When I noticed the rates on the rise, I asked my lender about a lock, and till this day she does not encourage us to buy one, because she thinks the rates will fall again to under 4%. We already invested about $14,000 cash in the home (upgrades), and now with having to pay so much more, and potentially more if rate rises we will have to cut out things such as private school for our children. I feel as there is no way out. Is there anything that we can do? Back in March when we got into this the lender was almost certain that the rates would not go above 4%, she told us that they are likely to maintain at 3.5 that was the reason we took the risk of buying new, rather than locking and buying used at 3.25. We are very frustrated with this situation, and not really happy with what has happened here. Again, any advise of what we can do about this? Should we just walk away, and wait to buy a home so we can maintain our lifestyle, or look for a cheaper home and take the loss of $14,000 rather than giving up private school? Also what should we do regarding our lender and the lock? This is becoming a HUGE gamble.<br/>Thank you for any advise and suggestions<br \><br \>2 replies Thu, 27 Jun 2013 08:20:00 GMT http://www.zillow.com/advice-thread/Lose-Lose-Situation/499219/ 2013-06-27T08:20:00Z VA Loan http://www.zillow.com/advice-thread/VA-Loan/562083/ <p>Wells Fargo does hundreds of VA loans per month and since it is the largest VA lender, we have the discretion to approve mortgage loans that other banks can not. It is possilbe to get an approval over 50% DTI but you'll have to get an experienced loan officer to take a detailed and thorough application.</p><p>My manager is a 20 yr Navy Veteran and has a ton of experience with VA loans. So once&nbsp;I take the loan app&nbsp;I will have my manager review it&nbsp;and make recommendations to&nbsp;enhance it before we submit to underwriting.&nbsp; In your case, two heads are better than one.</p><p>Contact me by clicking on my name and a phone call would be best.</p><br \><br \>0 replies Thu, 09 Oct 2014 14:10:00 GMT http://www.zillow.com/advice-thread/VA-Loan/562083/ 2014-10-09T14:10:00Z I have a VA COE and was wondering about FHA as well with a credit score of 560-580 http://www.zillow.com/advice-thread/I-have-a-VA-COE-and-was-wondering-about-FHA-as-well-with-a-credit-score-of-560-580/553676/ VA is a better bet in the long term if you have eligibility since it would not require a down payment, no monthly mortgage insurance and the interest rates are marginally better than FHA loans. I would recommend talking to a lender who can help you make that decision based off your specific case. Also&nbsp;talk to your lender about ways you may be able to raise your credit score. I've worked with clients and been able to tweek small things on their report and within 1-2 weeks they have raised their credit scores by 20+ points.<br \><br \>0 replies Fri, 08 Aug 2014 14:52:00 GMT http://www.zillow.com/advice-thread/I-have-a-VA-COE-and-was-wondering-about-FHA-as-well-with-a-credit-score-of-560-580/553676/ 2014-08-08T14:52:00Z How to buy a house in Hawaii? http://www.zillow.com/advice-thread/How-to-buy-a-house-in-Hawaii/583792/ Your best option is to contact a mortgage professional so you can discuss what your looking for and also manage your expectation. If your a Military Veteran you can do a VA loan with zero down payment. Otherwise, other programs are going to require anywhere from 3-5% down. Yes, you may have to pay PMI, but it might make sense depending on your financial situation. Please contact me through my profile if you have any additional questions. I am licensed to do business in HI. Thanks&nbsp;<br \><br \>0 replies Wed, 22 Apr 2015 13:37:00 GMT http://www.zillow.com/advice-thread/How-to-buy-a-house-in-Hawaii/583792/ 2015-04-22T13:37:00Z