Zillow Advice RSS: Question-Discussion-Guide,FHA and VA Loans,WA

What can I do to get more (or better) quotes for my loan request ZR-VGHKYQM

Fri, 20 May 2011 00:32:00 GMT

Lenders should be giving you Good Faith Estimates when you apply for a loan.
Some lenders do like you to have chosen a property before they give you a
good faith estimate, but not required. Get a couple different estimates from each lender depending on types of loans available in your area. In my area we have several different types of loans specific to our area that offer different costs to the home buyer. 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. 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. I hope this helps.

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Primary Residence issue for FHA duplex with co-buyer

Mon, 12 Oct 2009 22:59:00 GMT

The first step you need to do is have your buyer sit down in person in a local mortgage office with his income and asset information.

FHA is a no go.

"and/or assigned" is a red caution flag as well. No lender 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 non-existence of unacceptable assignment fees or contracts.

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My husband went back to work after two years on L&I,I have worked straight for nine years,mortgage?

Sat, 07 Feb 2009 23:30:00 GMT

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?

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looking to stream line my va and purchase another home

Tue, 03 Jul 2012 22:23:00 GMT

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USDA has changed their criteria this year. There is a downpayment in most or al cases.

There are also (besides the FHA option) Insured Conventional Mortgages - 5% down.

Let me know if this helps.

Paul Klenk

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Will I qualify for an FHA loan?

Tue, 12 Oct 2010 18:38:00 GMT

Right now I have a private mortgage with my parents. We went through escrow and our condo is in our name. We currently pay $1877 a month for our mortgage payment. Between my husband and myself our gross income is about $123,000. Credit scores are good, 700 or so. My question is would we be able to qualify for a FHA mortgage? We'd like to keep our current condo and rent it out. Would we have to do this before we applied for a mortgage to show that we are able to afford both properties?

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Is it possible to find financing to combine mortage and HELO into a single mortgage at < 85 LTV?

Tue, 27 Jul 2010 23:43:00 GMT

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Could we qualify for FHA mortgage loan?

Mon, 11 Mar 2013 17:34:00 GMT

FHA Mortgages have a loan cap on them, I would recommend talking with a local lender to see what cap is.

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What WA lenders can work an FHA loan with Credit between 590-610?

Wed, 14 Mar 2012 16:29:00 GMT

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.

PrimeLending is a nationwide lender - I can service clients in Washington.

If you have questions, I would be happy to help.

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Should I walk away. 40k upside down 20000 in immediate repairs no loan mod assistance

Wed, 28 Apr 2010 17:48:00 GMT

That is a personal decision. I assume you are aware of the credit ramifications. I see you are in Vancouver and I am 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? 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.

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FHA First time home buyer with student loans - can I purchase?

Tue, 09 Feb 2010 01:07:00 GMT

They are debts. They are debts owed to the Federal Gov't. They will not just go away. Therefore, they will count against your mortgage 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.

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Which lender will close my mortgage fastest?

Fri, 09 Oct 2009 17:14:00 GMT

I am already pre-approved for a 350K FHA loan by Bank of America. I have excellent credit. However, I have not yet reached mutual acceptance on my offer.

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.
I wonder if there is another lender who can close faster. Anyone know?

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how does one go about getting pre-qualified for a loan? Where do you start? what's the 1st step?

Wed, 13 Apr 2011 10:42:00 GMT

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 is a loan officer or mortgage broker and that is all they do... Mortgages! Good Luck

Ridge York, CRS
RE/MAX By The Bay
Portland, ME

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Can my Parents Co-Sign on a loan with me?

Wed, 12 May 2010 17:23:00 GMT

The main risk to your parents in co-signing for you would be to their credit rating in the event you did not make timely mortgage payments, etc.
FHA does offer some types of construction loan financing but most lenders do not offer these loans. The most likely available construction loan you could obtain would be for a new mobile home. 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.

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You have posted horrid pictures of a particular home. They show overhead pictures where one cannot

Fri, 07 Dec 2012 16:46:00 GMT

I am a Geezer FHA HECM Loan Originator fighting for fellow Seniors to get an honest fair, accurate FHA Certified Appraisal for the Homeowner in this time of low ball market values. These homes are not for sale; the Senior wishes to remain in his house until he/she dies. The FHA HECM is a blessing, properly sold (the LIBOR Adjustable Rate mortgage where unused funds grow yearly based on the interest rate and FHA Insurance premium). It saves the American Taxpayer (We used to spend down and go on Medicade) and allows the Senior to remain in his own home. I know an FHA Appraisal must be done. Whether Appraisers wish to admit it or not, they do look at Zillow just to see what your data shows about a particular home. Consequently, It is important that your data and pictures be accurate and the pictures be well done. The FHA HECM represents probably the last loan a Senior will place on his home before he dies or becomes incapacitated. I realize your numbers are just a guess but inaccurate information doesn't help.

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I am buying land and building my home on it and banks say Im will need 30% down to do this per FHA/H

Mon, 15 Feb 2010 17:57:00 GMT

I would definitely talk to your local bank regarding a construction loan. They are far & few now days as Happy Mortgage mentioned below. FHA, USDA, HUD don't do construction loans at all. In fact, I'm not sure they ever have. I have a great loan officer on the inside at Wells Fargo if you want to talk to her. I have sold a few homes with FHA financing a manufactured home, they have a bit more detailed inspections they perform, such as foundation, etc but overall I haven't had a problem getting them sold provided they are on real property.

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Need Lender for not so perfect credit

Sun, 03 Mar 2013 02:57:00 GMT

I am looking for a mortgage lender that serves Washington state. I filed chapter 7 a couple years ago. I have a couple minor ( under $200) medical collections that are paid. I have been in the same job since 1996, my student loan (opened in 04) is in good standing and my auto loan (for over a year) has never been late. I subscribed to a credit monitoring service and am willing to forward my report if anyone is willing to give an unofficial opinion. Thanks!

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FHA loan after a short sale

Fri, 09 Sep 2011 18:47:00 GMT

Andrew is correct. As long as you had no late payments on any mortgages or other consumer debt accounts within the 12 months preceding the short sale AND you were not taking advantage of declining market conditions, you are good to go.

Doug

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Are there any lenders that are allowing FHA streamline refinances on rental properties?

Sat, 07 Jan 2012 08:13:00 GMT

Now lenders are refinancing if your property is either Fannie Mae or Freddie Mac. But, you must be current on your mortgage and have not missed payments in the last three consecutive months.
Fannie Mae does noit consider credit scores but Freddie Mac does. Both also looks at your loan-to-value (LTV) ratio.
Bring out a copy of your Mortgage Statement and look for your Lender's number and call. Request for a lower interest rate.
In addition, make sure that you a copy of your current Homeowner Insurance Policy.
Good Luck

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I have qualified for an FHA 30 yr fixed rate loan, but found property I would like to build on. Doe

Thu, 19 Apr 2012 22:24:00 GMT

Becky, the date used will be the date that the house title was taken out of your name, i.e. in Oklahoma that would be the date of the Sheriff sale. BofA apparently bought the house at auction as no one bid enough to cover the mortgage owed. In that case, if there was no deficiency judgement filed against you, I THINK that FHA guidelines state 3 years from the date that the title was transferred from your name to be eligible for another FHA loan, unless there were extenuating circumstances that caused the loss.

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