Zillow Advice RSS: Question-Discussion-Guide,FHA and VA Loans,CA http://www.zillow.com/advice/CA/mortgage-fha-and-va-loans/question-discussion-guide/mortgage/?s=0 Zillow Advice search results | Zillow Real Estate Is the CALFHA Down Payment Assitance Program worth it? http://www.zillow.com/advice-thread/Is-the-CALFHA-Down-Payment-Assitance-Program-worth-it/529846/ The CALFHA Down Payment Assistance Program is a fantastic product and solution for those that do not have the down payment required.<br/><br/>To be very frank - it is one of those programs that if you are good at and really understand the product - it is very easy to close with a con current first mortgage.&nbsp; What we see are many lenders trying to offer the product, but, like anything, you need to be professed in this area to do them well.&nbsp; Most lenders do not bother as they believe there are too many hoops to jump through, when, that simply is not the case when you work with a lender that really understands them.<br/><br/>There are two ways to gain equity and that is through principal reduction payments and appreciation.&nbsp;&nbsp;There is no guarantee the value will go up and when you sell you will have equity chewed up in costs and fees, such as a Realtor fee.<br/><br/>Here is where you can read more about&nbsp;the program:&nbsp; <a href="http://www.calhfa.ca.gov/homebuyer/programs/chdap.htm" rel="nofollow">http://www.calhfa.ca.gov/homebuyer/programs/chdap.htm</a><br/><br/>&nbsp;<br \><br \>0 replies Tue, 25 Feb 2014 02:23:00 GMT http://www.zillow.com/advice-thread/Is-the-CALFHA-Down-Payment-Assitance-Program-worth-it/529846/ 2014-02-25T02:23:00Z Foreclosed 2 years ago. WIth a VA, how long before I can qualify for a purchase? http://www.zillow.com/advice-thread/Foreclosed-2-years-ago-WIth-a-VA-how-long-before-I-can-qualify-for-a-purchase/519091/ <p class="Default">If at <strong>least two years</strong> pass since the foreclosure and all debts have been satisfied. The fact that you have had this in your past does not automatically disqualify them from&nbsp;a new mortgage for the purchase of a new home. You will still have to make sure that you have sufficient entitlement and restoration. To find this out you would need to contact the VA.</p><br \><br \>0 replies Thu, 12 Dec 2013 18:42:00 GMT http://www.zillow.com/advice-thread/Foreclosed-2-years-ago-WIth-a-VA-how-long-before-I-can-qualify-for-a-purchase/519091/ 2013-12-12T18:42:00Z Should i streamline my FHA 30yr fixed loan? http://www.zillow.com/advice-thread/Should-i-streamline-my-FHA-30yr-fixed-loan/469877/ You will see a small savings right away and a larger savings later on after the mortgage insurance eventually falls off.&nbsp;&nbsp;&nbsp; With 4.25% existing rate you should be able to barely pass the required 5% reduction test.<br/><br/>There is talk of new FHA loans requiring mortgage insurance for life of loan starting next spring, if this does get formalized, all the more reason to streamline now and lock in lower rate for life of the loan.&nbsp;&nbsp;&nbsp; <br/><br/>The longer you plan to stay in the property, the more eventual benefit that you will derive.<br/><br/>Happy to take a look at numbers with you if you would like to contact me through my profile.<br \><br \>0 replies Thu, 29 Nov 2012 23:18:00 GMT http://www.zillow.com/advice-thread/Should-i-streamline-my-FHA-30yr-fixed-loan/469877/ 2012-11-29T23:18:00Z Can I use my VA certificate for a VA home loan? http://www.zillow.com/advice-thread/Can-I-use-my-VA-certificate-for-a-VA-home-loan/379904/ <p class="MsoNormal">Almost all lenders do FHA and VA loans. In the lending world there are brokers and bankers. Some mortgage brokers that do not have banking connections cannot facilitate VA or FHA. Almost all banks can fund a VA loan. What you need is your honorable discharge and&nbsp;your DD214. That is the form that provides the lender your VA benefits number. That number is needed to begin the VA loan. The good news with VA loans is 100% financing and minimum closing costs. The bad news is that you must find a property that has no termite damage and no Section 1 (mandatory repair) issues.</p><br \><br \>0 replies Fri, 07 Jan 2011 05:27:00 GMT http://www.zillow.com/advice-thread/Can-I-use-my-VA-certificate-for-a-VA-home-loan/379904/ 2011-01-07T05:27:00Z mip monthy payments deducible on my taxes http://www.zillow.com/advice-thread/mip-monthy-payments-deducible-on-my-taxes/422202/ There is an article <a rel="nofollow" href="http://homeguides.sfgate.com/can-fha-mip-used-tax-deduction-3233.html">here</a>&nbsp;that might help you and information straight from the IRS on mortgage deductions <a rel="nofollow" href="http://www.irs.gov/publications/p936/ar02.html">here</a>. Hope it helps<br \><br \>0 replies Wed, 09 Nov 2011 02:36:00 GMT http://www.zillow.com/advice-thread/mip-monthy-payments-deducible-on-my-taxes/422202/ 2011-11-09T02:36:00Z Can a person with 1 years of work experience after 5 yrs of career break get FHA loan? http://www.zillow.com/advice-thread/Can-a-person-with-1-years-of-work-experience-after-5-yrs-of-career-break-get-FHA-loan/523714/ As you probably know, FHA requires a two year work history prior to the mortgage application. Since your friend currently has a higher salary and seems to have a stable job, he still may be able to qualify. He will most likely need to give some letter of explanation stating why there was a five year gap in his employment. Other than that, you will just have to discuss the usual stuff with a lender. If your friend hasn't spoken with a lender yet, I recommend that he should. Lenders like myself would be glad to speak to him to help him solve his situation with a few more details that are needed. Well I hope this helps! If you have any further questions or would like a loan, feel free to contact me.<br/><br/>Good Luck!<br \><br \>0 replies Wed, 08 Jan 2014 19:13:00 GMT http://www.zillow.com/advice-thread/Can-a-person-with-1-years-of-work-experience-after-5-yrs-of-career-break-get-FHA-loan/523714/ 2014-01-08T19:13:00Z Is it possible/advisable to refinance my fha loan into a conventional loan? http://www.zillow.com/advice-thread/Is-it-possible-advisable-to-refinance-my-fha-loan-into-a-conventional-loan/364532/ <p>Sure, you can refinance out of that FHA loan into any other type of loan you like. If you can obtain a conventional loan it will cost you less than an FHA loan. Also, the FHA loan will have mortgage insurance even if you have 20% or more equity in your home.</p><br \><br \>0 replies Tue, 31 Aug 2010 01:42:00 GMT http://www.zillow.com/advice-thread/Is-it-possible-advisable-to-refinance-my-fha-loan-into-a-conventional-loan/364532/ 2010-08-31T01:42:00Z What is an FHA 203k loan? http://www.zillow.com/advice-thread/What-is-an-FHA-203k-loan/386837/ It is an FHA loan that you would use if you are buying a home that requires repairs. Under the old system, you would have to take out a construction loan, make the repairs and then you would be eligible for a traditional mortgage. <br/><br/>The 203k program is a streamline loan program that can eliminate that middle step.<br/><br/>See link and search 203k under 'questions, keywords and topics'. The 203k loan has become very popular due to the number of foreclosed homes on the market so there's lots of Q and A's on the subject on Zillow.<br/><br/><a rel="nofollow" href="http://www.hud.gov/offices/hsg/sfh/203k/203kabou.cfm">http://www.hud.gov/offices/hsg/sfh/203k/203kabou.cfm</a><br \><br \>0 replies Tue, 15 Feb 2011 05:28:00 GMT http://www.zillow.com/advice-thread/What-is-an-FHA-203k-loan/386837/ 2011-02-15T05:28:00Z FHA loan second home http://www.zillow.com/advice-thread/FHA-loan-second-home/529873/ <p>Mr. Martinez you have a good chance in getting an FHA home loan.&nbsp; A couple of things that you would need to do to demonstrate that the borrower has been paying this mortgage.&nbsp; Best thing to do is speak to a loan officer to get you started on answering all of your questions.</p><br \><br \>0 replies Tue, 25 Feb 2014 04:27:00 GMT http://www.zillow.com/advice-thread/FHA-loan-second-home/529873/ 2014-02-25T04:27:00Z On a FHA loan with 20% down do you still have to have the cost of the upfront insurance and PMI? http://www.zillow.com/advice-thread/On-a-FHA-loan-with-20-down-do-you-still-have-to-have-the-cost-of-the-upfront-insurance-and-PMI/226889/ On a <a href="http://www.zillow.com/fha-loan/">FHA loan</a> there is alays MI and the upfront <a href="http://www.zillow.com/mortgage/help/Private-Mortgage-Insurance.htm">mortgage insurance</a>. Why are the borrowers putting 20% down and going Fha? They probably need credit repair..<br \><br \>0 replies Tue, 04 Aug 2009 16:32:00 GMT http://www.zillow.com/advice-thread/On-a-FHA-loan-with-20-down-do-you-still-have-to-have-the-cost-of-the-upfront-insurance-and-PMI/226889/ 2009-08-04T16:32:00Z Should i refi from my FHA loan to Conv loan ? http://www.zillow.com/advice-thread/Should-i-refi-from-my-FHA-loan-to-Conv-loan/530645/ It will depend how long you plan to live in the home. Yes, the int&egrave;rest rate is a little higher, but your monthly cash flow will improve without the mortgage insurance. Also, you'll need to factor in the cost of the refinance into your decision making process.<br \><br \>0 replies Mon, 03 Mar 2014 01:16:00 GMT http://www.zillow.com/advice-thread/Should-i-refi-from-my-FHA-loan-to-Conv-loan/530645/ 2014-03-03T01:16:00Z HOW CAN I HAVE MORTGAGE WITH THE SHORT SALE BACKGROUND? http://www.zillow.com/advice-thread/HOW-CAN-I-HAVE-MORTGAGE-WITH-THE-SHORT-SALE-BACKGROUND/441443/ 1 reply Fri, 04 May 2012 04:30:00 GMT http://www.zillow.com/advice-thread/HOW-CAN-I-HAVE-MORTGAGE-WITH-THE-SHORT-SALE-BACKGROUND/441443/ 2012-05-04T04:30:00Z How long should it take to get a DU loan a appr. once a broker has your compelte file http://www.zillow.com/advice-thread/How-long-should-it-take-to-get-a-DU-loan-a-appr-once-a-broker-has-your-compelte-file/247657/ Hey I'll admit that there are some on here that know what they are talking about.But right know the <a href="http://www.zillow.com/mortgage/">mortgage</a> industry is the one carrying the burden of causing the econmy to crash, and thanks to those who are untrained and lack knowledge of a PROFESSION that they are in.<br/><br/>I do appericate the help that I recieved today,<br/>don't take it personal about the comments earlier!!!!!<br \><br \>0 replies Fri, 19 Jun 2009 21:57:00 GMT http://www.zillow.com/advice-thread/How-long-should-it-take-to-get-a-DU-loan-a-appr-once-a-broker-has-your-compelte-file/247657/ 2009-06-19T21:57:00Z Raise Credit Scores Quickly http://www.zillow.com/advice-thread/Raise-Credit-Scores-Quickly/461444/ We would like to qualify for an FHA mortgage loan but our credit scores are low, approx 605-620. We had one delinquent account sent to collections that is now paid in full and we do not have bankruptcy or foreclosures but we have some late pays and most of our credit lines are at their limits. Which may be lowering our scores. I am in desperate need of how to raise our credit scores as quick as possible. Not sure the best way to do it. I'm going to see my engagement ring in hopes of being able to pay off some of the debt. but need to know what I should be paying first. Any help would be greatly appreciated. If I'm selling my ring I want to make sure I allocated the money properly. <br/>Thank you,<br/>Mica Mullin<br/>micamullin@gmail.com<br/>310-418-9604<br/>&nbsp;<br \><br \>2 replies Wed, 26 Sep 2012 06:18:00 GMT http://www.zillow.com/advice-thread/Raise-Credit-Scores-Quickly/461444/ 2012-09-26T06:18:00Z VA Home Loan with bad credit http://www.zillow.com/advice-thread/VA-Home-Loan-with-bad-credit/576029/ Actually VA doesn't have a minimum credit score requirement. &nbsp;The minimum score requirements are set by the bank/mortgage company that originates the VA loan.<br \><br \>0 replies Tue, 17 Feb 2015 21:24:00 GMT http://www.zillow.com/advice-thread/VA-Home-Loan-with-bad-credit/576029/ 2015-02-17T21:24:00Z I AM TRYING TO GET INFORMATION ON CERTUS BANK AND NEED HELP. PLEASE TELL ME HOW TO GET INFORMATION http://www.zillow.com/advice-thread/I-AM-TRYING-TO-GET-INFORMATION-ON-CERTUS-BANK-AND-NEED-HELP-PLEASE-TELL-ME-HOW-TO-GET-INFORMATION/528355/ <a href="http://www.certusbank.com/certusbank-mortgage-loan-officers" rel="nofollow">http://www.certusbank.com/certusbank-mortgage-loan-officers</a><br/><br/><a href="http://www.certusbank.com" rel="nofollow">www.certusbank.com</a><br \><br \>0 replies Thu, 13 Feb 2014 19:06:00 GMT http://www.zillow.com/advice-thread/I-AM-TRYING-TO-GET-INFORMATION-ON-CERTUS-BANK-AND-NEED-HELP-PLEASE-TELL-ME-HOW-TO-GET-INFORMATION/528355/ 2014-02-13T19:06:00Z What can I do to get more (or better) quotes for my loan request ZR-XZLXPXN? http://www.zillow.com/advice-thread/What-can-I-do-to-get-more-or-better-quotes-for-my-loan-request-ZR-XZLXPXN/472220/ Hi, I am a first time buyer I would like to buy my house with a mortgage that i can afford I would like also try to get a loan FHA, because i do not have down payment to put, I am making 46,000 yearly and i have 723 score i can pay a mortgage of 1000-1100 including taxes and insurance. can Zillow help me????<br \><br \>1 reply Thu, 27 Dec 2012 11:43:00 GMT http://www.zillow.com/advice-thread/What-can-I-do-to-get-more-or-better-quotes-for-my-loan-request-ZR-XZLXPXN/472220/ 2012-12-27T11:43:00Z DU APPROVAL DO WHAT IS THE DIFFERNCE? http://www.zillow.com/advice-thread/DU-APPROVAL-DO-WHAT-IS-THE-DIFFERNCE/247675/ They are the same system from fanniemae. <a href="http://www.zillow.com/mortgage/">Loan</a> officer or <a href="http://www.zillow.com/directory/lenders/">Mortgage Broker</a> will us the DO (desktop originator) and an underwriter uses DU (desktop underwriter).<br/><br \><br \>0 replies Fri, 19 Jun 2009 20:35:00 GMT http://www.zillow.com/advice-thread/DU-APPROVAL-DO-WHAT-IS-THE-DIFFERNCE/247675/ 2009-06-19T20:35:00Z We are 2 days away from closing/funding the loan,when the mortgage company we are working with .... http://www.zillow.com/advice-thread/We-are-2-days-away-from-closing-funding-the-loan-when-the-mortgage-company-we-are-working-with/396863/ Thank you all for the information and good advice.&nbsp; Actually what happened was I applied last year ( cannot remember exactly what month) for an FHA loan but did not get through for some reason that I also do not remember anymore.&nbsp; And only last month I started working with this other mortgage company which I thought was doing a pretty good job until 2 days before closing, they were telling me that the old FHA no. was cancelled.&nbsp; They have requested for a reinstatement and basically that's where we at right now.&nbsp;&nbsp;<br \><br \>0 replies Fri, 29 Apr 2011 02:59:00 GMT http://www.zillow.com/advice-thread/We-are-2-days-away-from-closing-funding-the-loan-when-the-mortgage-company-we-are-working-with/396863/ 2011-04-29T02:59:00Z can I get a second FHA loan to buy another home? http://www.zillow.com/advice-thread/can-I-get-a-second-FHA-loan-to-buy-another-home/409942/ It is possible to have two FHA loans, but the circumstances are quite rare.&nbsp; You don't describe a situation where this is very likely. Hopefully a lender stops by.&nbsp; <br/><br/>I recommend going the traditional route.&nbsp; Sell this home, then move on to one in a neighborhood that makes you happier or start a neighborhood group and start gentrifying this one.&nbsp;&nbsp; Or, build up equity and a good down payment plus reserves so you are eligible for two mortgages.<br/><br/><br/><br/><br \><br \>0 replies Tue, 02 Aug 2011 03:59:00 GMT http://www.zillow.com/advice-thread/can-I-get-a-second-FHA-loan-to-buy-another-home/409942/ 2011-08-02T03:59:00Z