Zillow Advice RSS: Question-Discussion-Guide,FHA and VA Loans,WA http://www.zillow.com/advice/WA/mortgage-fha-and-va-loans/question-discussion-guide/mortgage/?s=0 Zillow Advice search results | Zillow Real Estate What can I do to get more (or better) quotes for my loan request ZR-VGHKYQM http://www.zillow.com/advice-thread/What-can-I-do-to-get-more-or-better-quotes-for-my-loan-request-ZR-VGHKYQM/399731/ Lenders should be giving you Good Faith Estimates when you apply for a loan.&nbsp; <br/>Some lenders do like you to have chosen a property before they give you a <br/>good faith estimate, but not required.&nbsp; Get a couple different estimates from each lender depending on types of loans available in your area.&nbsp; In my area we have several different types of loans specific to our area that offer different costs to the home buyer.&nbsp; Depending on your down payment and your credit score each lender should be able to fairly accurately estimate loan costs and quote rates for you.&nbsp; There are several types of lenders out there whether they privately fund their own loans, or you use a mortgage broker, this effects what type of credit history or score they will accept.&nbsp; I hope this helps.<br \><br \>0 replies Fri, 20 May 2011 00:32:00 GMT http://www.zillow.com/advice-thread/What-can-I-do-to-get-more-or-better-quotes-for-my-loan-request-ZR-VGHKYQM/399731/ 2011-05-20T00:32:00Z Is there anyone who can truly approve an FHA loan with a better than 600 score? 2 years out of forec http://www.zillow.com/advice-thread/Is-there-anyone-who-can-truly-approve-an-FHA-loan-with-a-better-than-600-score-2-years-out-of-forec/548081/ Its not as cut and dry as a credit score and a wait period. It depends on the type of mortgage you had a foreclose on and if you house was sold for less than what was owed on it. In addition, your information will be ran through a automated underwriting system (AUS) to compare your exact scenario to the millions of people that came before you in the same exact scenario. If that AUS recommend an approval you then go to underwriting where they usually follow the AUS recommendation unless they don't fell comfortable with the loan.<br \><br \>0 replies Wed, 02 Jul 2014 11:59:00 GMT http://www.zillow.com/advice-thread/Is-there-anyone-who-can-truly-approve-an-FHA-loan-with-a-better-than-600-score-2-years-out-of-forec/548081/ 2014-07-02T11:59:00Z Primary Residence issue for FHA duplex with co-buyer http://www.zillow.com/advice-thread/Primary-Residence-issue-for-FHA-duplex-with-co-buyer/286315/ The first step you need to do is have your buyer sit down in person in a local <a href="http://www.zillow.com/mortgage/">mortgage</a> office with his income and asset information.<br/><br/>FHA is a no go.<br/><br/><br/>"and/or assigned" is a red caution flag as well. &nbsp;No <a href="http://www.zillow.com/directory/lenders/">lender</a> wants to work on a purchase only to find out it was assigned to someone else and if it is assigned good luck proving the <em>non-existence</em> of unacceptable assignment fees or contracts.<br/><br/><br \><br \>0 replies Mon, 12 Oct 2009 22:59:00 GMT http://www.zillow.com/advice-thread/Primary-Residence-issue-for-FHA-duplex-with-co-buyer/286315/ 2009-10-12T22:59:00Z Veteran needs mortgage, REBUILDING credit http://www.zillow.com/advice-thread/Veteran-needs-mortgage-REBUILDING-credit/537219/ I am a disabled veteran rebuilding my credit. &nbsp;I need a group(person) that understands. &nbsp;Suffering from PTSD I quit on life for the past twenty years. &nbsp;I have rejoined society and am doing all the right things. &nbsp;I have money saved. &nbsp;I have no debts and a good job. &nbsp;Poor credit from lack of use. &nbsp;I need a house to give my three old son a better life.<br \><br \>1 reply Sun, 20 Apr 2014 15:39:00 GMT http://www.zillow.com/advice-thread/Veteran-needs-mortgage-REBUILDING-credit/537219/ 2014-04-20T15:39:00Z My husband went back to work after two years on L&I,I have worked straight for nine years,mortgage? http://www.zillow.com/advice-thread/My-husband-went-back-to-work-after-two-years-on-L-I-I-have-worked-straight-for-nine-years-mortgage/196906/ My husband went back to work two months doing the same thing as he did previously. I make almost twice as much as him. Would we able to apply for a mortgage?<br \><br \>8 replies Sat, 07 Feb 2009 23:30:00 GMT http://www.zillow.com/advice-thread/My-husband-went-back-to-work-after-two-years-on-L-I-I-have-worked-straight-for-nine-years-mortgage/196906/ 2009-02-07T23:30:00Z Veteran needs mortgage REBUILDING CREDIT http://www.zillow.com/advice-thread/Veteran-needs-mortgage-REBUILDING-CREDIT/537220/ <div style="text-align: right;">I am a disabled veteran rebuilding my credit. &nbsp;I need a group(person) that understands. &nbsp;Suffering from PTSD I quit on life for the past twenty years. &nbsp;I have rejoined society and am doing all the right things. &nbsp;I have money saved. &nbsp;I have no debts and a good job. &nbsp;Poor credit from lack of use. &nbsp;I need a house to give my three old son a better life.</div><br \><br \>9 replies Sun, 20 Apr 2014 15:43:00 GMT http://www.zillow.com/advice-thread/Veteran-needs-mortgage-REBUILDING-CREDIT/537220/ 2014-04-20T15:43:00Z looking to stream line my va and purchase another home http://www.zillow.com/advice-thread/looking-to-stream-line-my-va-and-purchase-another-home/449401/ [content removed by Zillow due to spam. Please refer to our <a href="http://www.zillow.com/howto/GoodNeighborPolicy.htm">Good Neighbor Policy</a> for more details.] <br/><br/>USDA has changed their criteria this year.&nbsp; There is a downpayment in most or al cases.<br/><br/>There are also (besides the FHA option) Insured Conventional Mortgages - 5% down.<br/><br/>Let me know if this helps.<br/><br/>Paul Klenk<br \><br \>0 replies Tue, 03 Jul 2012 22:23:00 GMT http://www.zillow.com/advice-thread/looking-to-stream-line-my-va-and-purchase-another-home/449401/ 2012-07-03T22:23:00Z Will I qualify for an FHA loan? http://www.zillow.com/advice-thread/Will-I-qualify-for-an-FHA-loan/370961/ Right now I have a private mortgage with my parents.&nbsp; We went through escrow and our condo is in our name.&nbsp; We currently pay $1877 a month for our mortgage payment.&nbsp; Between my husband and myself our gross income is about $123,000.&nbsp; Credit scores are good, 700 or so.&nbsp; My question is would we be able to qualify for a FHA mortgage?&nbsp; We'd like to keep our current condo and rent it out.&nbsp; Would we have to do this before we applied for a mortgage to show that we are able to afford both properties?<br \><br \>9 replies Tue, 12 Oct 2010 18:38:00 GMT http://www.zillow.com/advice-thread/Will-I-qualify-for-an-FHA-loan/370961/ 2010-10-12T18:38:00Z Is it possible to find financing to combine mortage and HELO into a single mortgage at &lt; 85 LTV? http://www.zillow.com/advice-thread/Is-it-possible-to-find-financing-to-combine-mortage-and-HELO-into-a-single-mortgage-at-lt-85-LTV/359778/ 4 replies Tue, 27 Jul 2010 23:43:00 GMT http://www.zillow.com/advice-thread/Is-it-possible-to-find-financing-to-combine-mortage-and-HELO-into-a-single-mortgage-at-lt-85-LTV/359778/ 2010-07-27T23:43:00Z Could we qualify for FHA mortgage loan? http://www.zillow.com/advice-thread/Could-we-qualify-for-FHA-mortgage-loan/482321/ <p>My husband and I want to purchase a 420K home.&nbsp; I last pulled our equifax fico in Feb and&nbsp;his equifax fico is 659 and mine at 648.&nbsp;We have paid&nbsp;off a loan and paid down some credit cards&nbsp;but is not reflected on the Feb&nbsp;credit report I pulled, so March fico&nbsp;may be higher.&nbsp;Our combined joint income is at $15,418 monthly salary and total montly expense is $5407.&nbsp; Our total expenses&nbsp;includes the&nbsp;rental property&nbsp;mortgage expense after rental income&nbsp;based on&nbsp;two years tax return averaged.&nbsp; We&nbsp;have 138K in retirement savings account and will take 16K&nbsp;for our down payment.&nbsp;</p><br \><br \>9 replies Mon, 11 Mar 2013 17:21:00 GMT http://www.zillow.com/advice-thread/Could-we-qualify-for-FHA-mortgage-loan/482321/ 2013-03-11T17:21:00Z What WA lenders can work an FHA loan with Credit between 590-610? http://www.zillow.com/advice-thread/What-WA-lenders-can-work-an-FHA-loan-with-Credit-between-590-610/434250/ <p class="MsoNormal">PrimeLending received an exception from investors, allowing me to offer mortgage loans for credit 600 and above. Often, if clients have a 590 credit score, I can review the file and help remove disputes and get their credit over a 600. We can then do a rapid rescore.<br/><br/>PrimeLending is a nationwide lender - I can service clients in Washington.</p><p class="MsoNormal">&nbsp;</p><p class="MsoNormal">If you have questions, I would be happy to help.</p><p class="MsoNormal">[content removed by Zillow due to spam.&nbsp; Please refer to our <a href="http://www.zillow.com/howto/GoodNeighborPolicy.htm">Good Neighbor Policy</a> for more details.]<br/></p><p class="MsoNormal">&nbsp;</p><!--EndFragment--><br \><br \>0 replies Wed, 14 Mar 2012 16:29:00 GMT http://www.zillow.com/advice-thread/What-WA-lenders-can-work-an-FHA-loan-with-Credit-between-590-610/434250/ 2012-03-14T16:29:00Z Should I walk away. 40k upside down 20000 in immediate repairs no loan mod assistance http://www.zillow.com/advice-thread/Should-I-walk-away-40k-upside-down-20000-in-immediate-repairs-no-loan-mod-assistance/347598/ That is a personal decision. I assume you are aware of the credit ramifications. I see you are in Vancouver and I am&nbsp;unaware of the local law, I do not know if your mortgage company can hit you with a deficency judgement for the difference of what you owe and what they get in short sale, so you want to research that. Then it comes down to, do you feel comfortable walking away from your obligation?&nbsp;I am like millions of others out there and I am over $100,000 upside down in my house. I cannot walk away from my obligation. I signed documents promising to repay and that is what I will do. But that is a personal decision that I made, you need to make the same decision for yourself and understand the repricussions.<br \><br \>0 replies Wed, 28 Apr 2010 17:48:00 GMT http://www.zillow.com/advice-thread/Should-I-walk-away-40k-upside-down-20000-in-immediate-repairs-no-loan-mod-assistance/347598/ 2010-04-28T17:48:00Z VA Loan after a Loan Modification? http://www.zillow.com/advice-thread/VA-Loan-after-a-Loan-Modification/490383/ There are different types of loan modifications out there. If the purpose of this loan mod was to get a lower interest rate and all delinquent interest was rolled into your mortgage, you can qualify for a VA IRRRL if you have made 12 payments on time since the loan mod was done. Now that it has been a year, you could qualify if you meet the minimum FICO score requirements. Let me know if I can provide more info on the matter.<br \><br \>0 replies Fri, 25 Apr 2014 18:29:00 GMT http://www.zillow.com/advice-thread/VA-Loan-after-a-Loan-Modification/490383/ 2014-04-25T18:29:00Z 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/ They are debts. They are debts owed to the Federal Gov't. They will not just go away. Therefore, they will count against your <a href="http://www.zillow.com/mortgage/">mortgage</a> DTI ratio until they are paid off. Just like they should. You will have to achieve an income high enough to cover them, and your potential mortgage payment. It would have been nice of the financial aid person at your school to point all of this out, but that would diminish their predatory success.<br \><br \>0 replies Tue, 09 Feb 2010 01:07:00 GMT http://www.zillow.com/advice-thread/FHA-First-time-home-buyer-with-student-loans-can-I-purchase/319145/ 2010-02-09T01:07:00Z Which lender will close my mortgage fastest? http://www.zillow.com/advice-thread/Which-lender-will-close-my-mortgage-fastest/286870/ I am already pre-approved for a 350K <a href="http://www.zillow.com/fha-loan/">FHA loan</a> by Bank of America. I have excellent credit. However, I have not yet reached mutual acceptance on my offer.<br/><br/>I need to capture the first time tax credit and have been told that Bank of America is taking 45 days to close. Today is Oct. 9, and we might have an offer accepted by Sunday the 11th. <br/>I wonder if there is another <a href="http://www.zillow.com/directory/lenders/">lender</a> who can close faster. Anyone know?<br \><br \>8 replies Fri, 09 Oct 2009 17:14:00 GMT http://www.zillow.com/advice-thread/Which-lender-will-close-my-mortgage-fastest/286870/ 2009-10-09T17:14:00Z Qualifying for an FHA loan - I have very good credit, my significant other does not http://www.zillow.com/advice-thread/Qualifying-for-an-FHA-loan-I-have-very-good-credit-my-significant-other-does-not/547791/ Good Morning,<br/><br/>I have a great mortgage broker in Kirkland that can help you with the pre approval process and help you decide what is best.<br/><br/>Contact me at your convenience for their info. There are lots of good programs for first time home.<br/><br/>I am happy to help you any way that I can.<br/><br/>Have a great 4th!<br \><br \>0 replies Wed, 02 Jul 2014 16:37:00 GMT http://www.zillow.com/advice-thread/Qualifying-for-an-FHA-loan-I-have-very-good-credit-my-significant-other-does-not/547791/ 2014-07-02T16:37:00Z how does one go about getting pre-qualified for a loan? Where do you start? what's the 1st step? http://www.zillow.com/advice-thread/how-does-one-go-about-getting-pre-qualified-for-a-loan-Where-do-you-start-what%27s-the-1st-step/394886/ It starts with a phone call... but not to just anyone. In this market, sound trusted advice from a reputable company is critical. You can start with the larger lenders like Bank Of America, or Wells Fargo. Both are very capable and have strict gov't oversite. You could also check with your current banking institution. The place you do your everday checking and savings with. Be sure the person you speak with&nbsp;is a loan officer or mortgage broker and that is all they do... Mortgages!&nbsp;Good Luck<br/><br/>Ridge York, CRS<br/>RE/MAX By The Bay<br/>Portland, ME<br \><br \>0 replies Wed, 13 Apr 2011 10:42:00 GMT http://www.zillow.com/advice-thread/how-does-one-go-about-getting-pre-qualified-for-a-loan-Where-do-you-start-what%27s-the-1st-step/394886/ 2011-04-13T10:42:00Z 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/ <p>The&nbsp;main risk to your parents in co-signing for you would be to their credit rating in the event&nbsp;you did not make timely mortgage payments, etc.<br/>FHA does&nbsp;offer some types of construction loan financing but&nbsp;most lenders do not offer these loans.&nbsp;The most likely available construction loan you could obtain would be for a new mobile home.&nbsp;If your parents want to subdivide their property and gift you some land you may be able to obtain an FHA 'Manufactured Home Installation Loan' for example.</p><br \><br \>0 replies Wed, 12 May 2010 17:23:00 GMT http://www.zillow.com/advice-thread/Can-my-Parents-Co-Sign-on-a-loan-with-me/349572/ 2010-05-12T17:23:00Z Is the mortgage limit of $417 for my county still applicable for a home with a legal second dwelling http://www.zillow.com/advice-thread/Is-the-mortgage-limit-of-417-for-my-county-still-applicable-for-a-home-with-a-legal-second-dwelling/515888/ 4 replies Sat, 19 Oct 2013 17:08:00 GMT http://www.zillow.com/advice-thread/Is-the-mortgage-limit-of-417-for-my-county-still-applicable-for-a-home-with-a-legal-second-dwelling/515888/ 2013-10-19T17:08:00Z What can I do to get more (or better) quotes for my loan request ZR-HZCKMVD? http://www.zillow.com/advice-thread/What-can-I-do-to-get-more-or-better-quotes-for-my-loan-request-ZR-HZCKMVD/530253/ You could go to the web and hit on a site for a rate quote, but you will get bombarded with phone calls all day and night from all the lenders.<br/><br/>Many mortgage shoppers feel that they need to get "The Best Rate" and that is the best indicator of whom you should use.&nbsp; It has been my experience as a previous wholesale account executive who had many different types of mortgage lenders clients, that the lenders who are offering "The Best Rate", frequently cannot provide the service to back it up.&nbsp; You will find that they&nbsp;do not return emails or calls until days later, they may not provide the appropriate product you need and may not have the experience or knowledge to guide you through the process&nbsp;with the least amount of pain.<br/><br/>Certainly, check the web for the going rates and get a feel for what is out there.&nbsp; However, do your research and find strong lenders who will provide a good rate, but also the experience and knowledge with service you can rely on.<br/><br/>Zillow maintains reviews on their professionals.&nbsp; Look through them in your area.&nbsp; Check with friends and neighbors and see&nbsp;if they can recommend anyone.&nbsp; The national mortgage trade associations maintain information on&nbsp;certified loan officers.&nbsp;&nbsp;Those who are certified went above and beyond&nbsp;with additional education requirements, passed tests and had to&nbsp;demonstrate competency and experience in the&nbsp;industry.&nbsp; These folks are usually very competitive and knowledgeable.<br/><br/>Good luck.&nbsp;<br \><br \>0 replies Thu, 27 Feb 2014 22:14:00 GMT http://www.zillow.com/advice-thread/What-can-I-do-to-get-more-or-better-quotes-for-my-loan-request-ZR-HZCKMVD/530253/ 2014-02-27T22:14:00Z