Zillow Advice RSS: Question-Discussion-Guide,FHA and VA Loans,NC http://www.zillow.com/advice/NC/mortgage-fha-and-va-loans/question-discussion-guide/mortgage/?s=0 Zillow Advice search results | Zillow Real Estate Can I sell my home to my soon to be ex-girlfriend? http://www.zillow.com/advice-thread/Can-I-sell-my-home-to-my-soon-to-be-ex-girlfriend/531077/ The best thing to do is talk to a few local lenders and see what her options are.&nbsp; As long as she can qualify for the&nbsp;purchase on her own and you fully disclose the situation to the lender there shouldn't be any real problems.&nbsp; She may have to put some money down as well.&nbsp;&nbsp; When you sell the home, your mortgage will be paid in full, the deed will be transferred and you will no longer have any rights or ties to the property or her mortgage.&nbsp; You&nbsp;will also need to&nbsp;use an attorney for the paperwork and the closing.&nbsp; You both will of course have to agree on the price and if she is entitled to any of the equity that currently exists in the home.<br \><br \>0 replies Thu, 06 Mar 2014 12:14:00 GMT http://www.zillow.com/advice-thread/Can-I-sell-my-home-to-my-soon-to-be-ex-girlfriend/531077/ 2014-03-06T12:14:00Z i have found a few homes on zillow that require TLC under $30,000. who can finance this small amt? http://www.zillow.com/advice-thread/i-have-found-a-few-homes-on-zillow-that-require-TLC-under-30-000-who-can-finance-this-small-amt/431943/ Great question.&nbsp; When shopping for quotes on <a href="http://www.zillow.com/mortgage-rates/">Zillow Mortgage Marketplace</a> most lender quote higher loan amounts.&nbsp; Have you looked in our <a href="http://www.zillow.com/directory/mortgage-lenders/">professional directory</a>?&nbsp; You can search for a lender in your local area.&nbsp; <br/><br/>Thanks,<br/>Candace <br/>Zillow Customer Support<br \><br \>0 replies Wed, 15 Feb 2012 17:18:00 GMT http://www.zillow.com/advice-thread/i-have-found-a-few-homes-on-zillow-that-require-TLC-under-30-000-who-can-finance-this-small-amt/431943/ 2012-02-15T17:18:00Z How long do you have to wait after a short sale for either a conventional loan or a FHA loan? http://www.zillow.com/advice-thread/How-long-do-you-have-to-wait-after-a-short-sale-for-either-a-conventional-loan-or-a-FHA-loan/516432/ <p>It varies with each lender Make sure after the short sale you work on establishing a good credit score. I sold a house to a young woman who went through a short sale and did get a&nbsp; mortgage with a lender after trying several times with other banks. She did have good credit and the only negative was her short sale which happened in another state. She closed about 7 months ago. Her short sale was 2 years ago&nbsp;but some lenders toldl her that she would have to wait 3&nbsp; years&nbsp;so we both called around and found a lender that would work with her. Happy ending!</p><br \><br \>0 replies Wed, 23 Oct 2013 20:47:00 GMT http://www.zillow.com/advice-thread/How-long-do-you-have-to-wait-after-a-short-sale-for-either-a-conventional-loan-or-a-FHA-loan/516432/ 2013-10-23T20:47:00Z Under the new plans can I get a lender to reif without PMI if we owe more then 80%? http://www.zillow.com/advice-thread/Under-the-new-plans-can-I-get-a-lender-to-reif-without-PMI-if-we-owe-more-then-80/240371/ Yes, if the existing <a href="http://www.zillow.com/mortgage/">mortgage</a> does NOT have PMI now, the new one will not either, doing a Refi Plus. Do you have a Fannie or Freddie loan?<br \><br \>0 replies Fri, 29 May 2009 10:48:00 GMT http://www.zillow.com/advice-thread/Under-the-new-plans-can-I-get-a-lender-to-reif-without-PMI-if-we-owe-more-then-80/240371/ 2009-05-29T10:48:00Z Refinance http://www.zillow.com/advice-thread/Refinance/206818/ I currently have an <a href="http://www.zillow.com/fha-loan/">FHA mortgage</a> at 6% which I streamlined down from 7.5% several years ago, I also have a 2nd mortgage at 13%. I'm wondering if it is possible to combine the two somehow. The total of the two is 183,000 and there home is worth right about that amount. Credit score is high around 770, income is high as well.<br \><br \>3 replies Thu, 05 Mar 2009 12:08:00 GMT http://www.zillow.com/advice-thread/Refinance/206818/ 2009-03-05T12:08:00Z Can you still get a Gov based loan(USDA, FHA, etc) after april 30, 2010? http://www.zillow.com/advice-thread/Can-you-still-get-a-Gov-based-loan-USDA-FHA-etc-after-april-30-2010/342134/ Really, no one has any clue whether congress will try to provide another buyer's tax credit incentive after the one expires at the end of April.&nbsp; Congress says they won't now, but after the market tanks again and foreclosures still cannot be liquidated, we just don't know.<br/><br/>And of course the other thing that the Government stopped doing (at the end of MARCH, (not April), is buying Mortgage Backed Securities.&nbsp; It is unlikely that that will have an effect on the availability of loans, but it has already had an impact on interest rates.&nbsp; It is not clear if rates have stabilized due to that change yet or not.&nbsp; But if rates start increasing too fast, there is always the possibility that Congress will intervene again.<br/><br/>Congress members really like to feel like they have something important to do, even if it is just waste time and money.&nbsp; And they like to convince the voters that they have done something "useful" so that they can get re-elected.<br/><br \><br \>0 replies Thu, 08 Apr 2010 20:12:00 GMT http://www.zillow.com/advice-thread/Can-you-still-get-a-Gov-based-loan-USDA-FHA-etc-after-april-30-2010/342134/ 2010-04-08T20:12:00Z whAT IS THE INTEREST RATE ON AN FHA LOAN TODAY http://www.zillow.com/advice-thread/whAT-IS-THE-INTEREST-RATE-ON-AN-FHA-LOAN-TODAY/202170/ Best pricing on <a href="http://www.zillow.com/fha-loan/">FHA</a> comes in half and whole rate intervals. &nbsp;Depending on the trading of <a href="http://www.zillow.com/mortgage/">Mortgage</a> Backed Securities, FHA rates hover between 5-5.5% in today's market. &nbsp;This would be with 1% buydown fee (either <a href="http://www.zillow.com/mortgage-glossary/Origination/">origination</a> or discount).<br \><br \>0 replies Sun, 22 Feb 2009 00:02:00 GMT http://www.zillow.com/advice-thread/whAT-IS-THE-INTEREST-RATE-ON-AN-FHA-LOAN-TODAY/202170/ 2009-02-22T00:02:00Z would like to refi an FHA loan of $220k with $20k equity. http://www.zillow.com/advice-thread/would-like-to-refi-an-FHA-loan-of-220k-with-20k-equity/532850/ There are a few refinance options that you should consider. One particular option to consider would be a conventional refinance. This type of refinance would be able to get you out of your mortgage insurance payments. Also, refinancing to a 5/1 ARM can be risky unless you plan to move out of your home in the near future. If not, then you should consider a fixed rate refinance. Either way, the best thing for you to do is to speak with a knowledgeable lender to see if you can get started on refinancing.&nbsp;If you need additional assistance, feel free to reach out. Good luck!<br \><br \>0 replies Wed, 19 Mar 2014 17:58:00 GMT http://www.zillow.com/advice-thread/would-like-to-refi-an-FHA-loan-of-220k-with-20k-equity/532850/ 2014-03-19T17:58:00Z COULD WE BE APPROVED FOR AN FHA LOAN??? http://www.zillow.com/advice-thread/COULD-WE-BE-APPROVED-FOR-AN-FHA-LOAN/486587/ Jarisa,<br/><br/>Best advice you will get on this forum... Don't take Mortgage Advice from a Real Estate Agent. Especially one that wants you to call his contact. <br/><br/>Dave,<br/>Do you owe Chris money or something? You give out his info on every post. Does he do the same for you? Is this your way of circumventing the GNP? <br/><br \><br \>0 replies Sat, 06 Apr 2013 13:46:00 GMT http://www.zillow.com/advice-thread/COULD-WE-BE-APPROVED-FOR-AN-FHA-LOAN/486587/ 2013-04-06T13:46:00Z Can I do a FHA 203(k) with an ARM instead of a fixed rate? http://www.zillow.com/advice-thread/Can-I-do-a-FHA-203-k-with-an-ARM-instead-of-a-fixed-rate/351951/ Thanks for the reply Andy.&nbsp; <br/><br/>Yes, it will be my primary residence.&nbsp; <br/>And I should also add, that I am a title holder on a property, but not on the mortgage.&nbsp; Have been off the mortgage since 2006, I believe.<br/>The list price of the property is $134,900.&nbsp; The last tax value was $142,000.<br/><br/><br/><strong>Correction for typo:</strong>&nbsp; I make $48,100, not $49.<br \><br \>0 replies Sat, 29 May 2010 07:25:00 GMT http://www.zillow.com/advice-thread/Can-I-do-a-FHA-203-k-with-an-ARM-instead-of-a-fixed-rate/351951/ 2010-05-29T07:25:00Z Can I obtain a mortgage with a child support arrearage? http://www.zillow.com/advice-thread/Can-I-obtain-a-mortgage-with-a-child-support-arrearage/522479/ Before I get attacked with the "pay your kids before you buy a home" comments, this is a state-owed arrearage for the cash assistance my ex took while living with my parents for 4 years. I had lost my job and was self employed for awhile, so I paid alimony &amp; support inconsistently; however, my kids were being cared for by my parents. I've been gainfully employed for a year and am now paying the rent for the house that my ex and kids live in, in addition to providing all of their other necessities. So I'm a good father looking to purchase a home in the same city as my children so that I can participate more in their daily lives. I found a home listed at $130k, I make $110k/year and pay $860/mo ($740 for 2 auto loans and $120 is garnished for the arrearage). I keep my 2 small credit cards at 10% which is only $70/mo. I support my two families on mostly cash, so I can only put 3.5% down at this time. I'm working with a lawyer to delete 2 judgements that are fraudulent, which I thought would be the only deal breakers, but a lender I spoke with said my arrearage reports as past due every month and it's at $8,300. My credit score is at a 600, and I'm taking steps to get to that to 640 soon, but will my arrearage prevent me from getting approved even though my report shows that I'm making payments every month? Should I try to get a lump sum payoff amount and obtain a loan to wipe it off just to have a positive account reporting? Thanks in advance for any advice!<br \><br \>4 replies Thu, 26 Dec 2013 21:05:00 GMT http://www.zillow.com/advice-thread/Can-I-obtain-a-mortgage-with-a-child-support-arrearage/522479/ 2013-12-26T21:05:00Z FHA Mortgage in Charlotte MSA http://www.zillow.com/advice-thread/FHA-Mortgage-in-Charlotte-MSA/518405/ Question about Iredell County, NC changing to the Charlotte-Concord-Gastonia MSA:<br/><br/>Since Iredell county is now a part of the Charlotte MSA, will the maximum mortgage amount go from $271,500 to $303750?&nbsp; If so, when will this take effect?<br/><br/>Reason for asking: Wanting to purchase new home next year in Iredell county.&nbsp; Would be very helpful if FHA loan limit increased to $303750.&nbsp; We don't want to have to put an additional $32,250 down.<br/><br/>It seems logical that it would increase, assuming loan limits are based on MSA.&nbsp; Is this true that the loan limits are based on MSA?<br/><br/>Thank you for any help with these questions.<br \><br \>4 replies Fri, 08 Nov 2013 20:44:00 GMT http://www.zillow.com/advice-thread/FHA-Mortgage-in-Charlotte-MSA/518405/ 2013-11-08T20:44:00Z Refinance Y or N. http://www.zillow.com/advice-thread/Refinance-Y-or-N/477764/ I would speak with a qualified mortgage professional.&nbsp; I have a great one that would be happy to speak with you her name is [deleted by Z moderator] with New American Mortgage.<br/><br/>Good Luck!<br \><br \>0 replies Fri, 08 Feb 2013 00:10:00 GMT http://www.zillow.com/advice-thread/Refinance-Y-or-N/477764/ 2013-02-08T00:10:00Z how can I get my lender to remove PMI insurance from my mortgage? http://www.zillow.com/advice-thread/how-can-I-get-my-lender-to-remove-PMI-insurance-from-my-mortgage/240502/ 8 replies Fri, 29 May 2009 16:27:00 GMT http://www.zillow.com/advice-thread/how-can-I-get-my-lender-to-remove-PMI-insurance-from-my-mortgage/240502/ 2009-05-29T16:27:00Z Is this true about an FHA loan? http://www.zillow.com/advice-thread/Is-this-true-about-an-FHA-loan/528497/ I was on the site and I found a home I liked. I chose the contact me and get preapproved option. I was contacted by a bank and everything was going smoothly on the preapproval until I told him that the house I wanted was in another state.<br/><br/>The house I want is actually in NC and I live in MD. &nbsp;I work remote maybe two or three days a week depending on issues at my job site (Th and Friday or W, Th, Fri). &nbsp;I travel to NC a lot because my family is there ( I love it there too). &nbsp;My father, my siblings, grandmother etc. &nbsp;<br/><br/>Currently, I live rent free in MD and that won't change unless there is some type of freak disaster in my mother's paid for home.&nbsp;<br/><br/>Anyway, the potential lender than asked me if I could get a letter that authorizes me to work remote because the underwriter will want it. &nbsp;Is this true? &nbsp;I don't get why I need to prove that? If I can afford the house, it shouldn't matter?<br/><br/>He then told me it was to avoid mortgage fraud because some people buy the house to flip and rent which makes sense. However, with that same logic, let's suppose I could afford a home in MD, what proof would they need to know that I was actually living in that home?<br/><br/>With my reservation and hesitation about the letter, he then said "Well, if you are uncomfortable sharing personal information, then you shouldn't apply for a mortgage." Which offended me, because he's completely ignorant to how my job works and if I had any thought of actually furnishing the letter, he wiped it out of my mind. &nbsp;<br/><br/>So please, any advice? Is he right? Thanks!<br \><br \>16 replies Fri, 14 Feb 2014 20:57:00 GMT http://www.zillow.com/advice-thread/Is-this-true-about-an-FHA-loan/528497/ 2014-02-14T20:57:00Z New mortgage after deed-in-lieu http://www.zillow.com/advice-thread/New-mortgage-after-deed-in-lieu/482325/ After a nasty divorce, the house in my name my ex was living in foreclosed in Aug 2011. &nbsp;I am remarried, have a great job making 60K a year, my credit score is 680 and my husband's is 650, and he is a veteran. &nbsp;He is a full-time student working part time. &nbsp;His income is not sufficient for the loan without me. &nbsp;How soon can we get a VA loan for a home? &nbsp;I've read 1, 2, and 3 years. &nbsp;We are ready now but may have to wait until Aug 2014 if it's 3 years?<br \><br \>0 replies Mon, 11 Mar 2013 17:40:00 GMT http://www.zillow.com/advice-thread/New-mortgage-after-deed-in-lieu/482325/ 2013-03-11T17:40:00Z Can we get FHA /USDA loan? http://www.zillow.com/advice-thread/Can-we-get-FHA-USDA-loan/522290/ If you were not on the mortgage for the house that was a short sale and you have enough income to qualify for the loan by yourself then yes you can get a loan.&nbsp; If you both were on the mortgage then unfortunately it is not the 90 day credit card late but the short sale itself that will prevent you from obtaining a mortgage now.&nbsp; You need to wait 3 years from the date of the executed short sale.<br \><br \>0 replies Mon, 23 Dec 2013 14:57:00 GMT http://www.zillow.com/advice-thread/Can-we-get-FHA-USDA-loan/522290/ 2013-12-23T14:57:00Z Seeking Mortgage after short sale 12/2007. Still paying back old mortgage... http://www.zillow.com/advice-thread/Seeking-Mortgage-after-short-sale-12-2007-Still-paying-back-old-mortgage/372522/ <br/>Looking to purchase a home after renting for a few years. Would like to try and obtain a pre-approval in early 2011. We are still paying back from a short sale $23k. We would have $20k for down payment and my credit currently is 633. I have zero credit card balance on my credit report..mostly school loans and the one old mortgage so everything has been prompt, etc.&nbsp; Due to low credit score what are my chances of getting a pre-approved for an FHA? Any advice?<br \><br \>7 replies Mon, 25 Oct 2010 12:14:00 GMT http://www.zillow.com/advice-thread/Seeking-Mortgage-after-short-sale-12-2007-Still-paying-back-old-mortgage/372522/ 2010-10-25T12:14:00Z VA mortgage and what is considered a 'mobile'/'manufactured' home??? http://www.zillow.com/advice-thread/VA-mortgage-and-what-is-considered-a-%27mobile%27-%27manufactured%27-home/534131/ After months of looking at houses we finally found a great home on 5 acres of land....only problem is that our VA lender will not do the loan because although its all permanent foundation it is still classified as a mobile home. This is heartbreaking. Is there any lender that will do a mobile home for a VA mortgage?<br \><br \>10 replies Fri, 28 Mar 2014 10:43:00 GMT http://www.zillow.com/advice-thread/VA-mortgage-and-what-is-considered-a-%27mobile%27-%27manufactured%27-home/534131/ 2014-03-28T10:43:00Z I have been quoted a rate of 5.375% today when should I lock? http://www.zillow.com/advice-thread/I-have-been-quoted-a-rate-of-5-375-today-when-should-I-lock/258461/ I am merely offering a link to a <a href="http://www.zillow.com/directory/lenders/">lender</a> who has been voted as having the lowest rates...I feel it may be of benefit to buyers right now shopping for a mortgage...match and beat their rates to be competitive!&nbsp; As far as I was able to determine they are licensed in most states!&nbsp;<br \><br \>0 replies Mon, 20 Jul 2009 19:57:00 GMT http://www.zillow.com/advice-thread/I-have-been-quoted-a-rate-of-5-375-today-when-should-I-lock/258461/ 2009-07-20T19:57:00Z