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/ Zillow Advice search results | Zillow Real Estate 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/ I have a 623 median credit score.&nbsp; I am married, but my wife's credit is worse than mine.&nbsp; The only debt we have now is our car payments, as I used my bonuses to pay off almost all of our debt.&nbsp; I was employed with a software company for 3 years until last August, then was let go due to the economy.&nbsp; I began working in the same line of work again in January of this year, and am in much more stable company.&nbsp; My parents have decent credit (690-710) and are retired.&nbsp; I currently make 65K / year and am trying to qualify for an FHA loan.&nbsp; I am still working on rebuilding my wife's credit, but want to purchase before the end of summer, as we are looking at starting a family.&nbsp; <br/><br/>I live in WA state, and am looking to purchase a home in WA as well.&nbsp; I am hoping that I can get some answers as to what kind of loans I should be looking at ( I assumed FHA), what are the pro's and con's of having a parent co-sign?&nbsp; Is there a possibility to build a home (my parents would subdivide their 5 acre parcel)<br/><br/>I really am just looking for some advice, and to know what some of my options are.&nbsp; I am open to phone consults, in person consults, etc.&nbsp; I just want to be given some guidance from people that know a lot more about this than me.&nbsp; Thanks.<br \><br \>18 replies Wed, 12 May 2010 16:04:00 GMT http://www.zillow.com/advice-thread/Can-my-Parents-Co-Sign-on-a-loan-with-me/349572/ 2010-05-12T16:04:00Z Buying home with zero Down, great credit , VA loan http://www.zillow.com/advice-thread/Buying-home-with-zero-Down-great-credit-VA-loan/575025/ I would like to purchase a Condo for under $200.000. I have creat credit (724-725) I want to<br \><br \>3 replies Mon, 09 Feb 2015 00:15:00 GMT http://www.zillow.com/advice-thread/Buying-home-with-zero-Down-great-credit-VA-loan/575025/ 2015-02-09T00:15:00Z Buying home with zero Down, great credit , VA loan http://www.zillow.com/advice-thread/Buying-home-with-zero-Down-great-credit-VA-loan/575025/ I would like to purchase a Condo for under $200.000. I have creat credit (724-725) I want to<br \><br \>3 replies Mon, 09 Feb 2015 00:15:00 GMT http://www.zillow.com/advice-thread/Buying-home-with-zero-Down-great-credit-VA-loan/575025/ 2015-02-09T00:15:00Z VA Loan Help with a 570 FICO 5 http://www.zillow.com/advice-thread/VA-Loan-Help-with-a-570-FICO-5/574911/ We are looking for a VA lender than can help us get into a home. &nbsp;My husband was medically retired and is 100% disabled according to VA. &nbsp;We have guaranteed, tax free income. &nbsp;However due to financial difficulty in the last three years of his military service, our credit took a pretty big hit. &nbsp;We have spent the last year since his retirement slowly building it back up. &nbsp;His FICO 5 score is 570 but his FICO 8s range from 603 to 639. My FICO 5 is at 582 but as the spouse, I cannot apply for the loan since he is living (Thankfully).<br/><br/>We have a high CC usage (65-69%) but are paying down and off the cards and I have a student loan consolidation that is in deferment. Unfortunately the credit bureaus take a month or more to update so our latest efforts are still very much invisible. &nbsp;We have also paid off a very high installment loand, but again, the bureaus cannot see it yet.<br/><br/>We have found a house that we absolutely love but I won't even go look at it unless I know we have a pre-approval. So far we have had three lenders swear they could help us, pull our credit and then bow out. &nbsp;We know that the VA does not require a minimum credit rating, we also know that the lenders do - this is where our frustration comes from. &nbsp;I am not willing to just go through lenders, have them pull our credit and then tell us the same thing- yes I am aware that the bureaus allow grace for several inquiries in one month to look for rates. If you think you can help us even after reading this, please leave me a link and I will call you to see what you can truly do. &nbsp;We are in Washington state looking to stay in the Tacoma area.<br/><br/>Thank you!<br \><br \>1 reply Sat, 07 Feb 2015 23:05:00 GMT http://www.zillow.com/advice-thread/VA-Loan-Help-with-a-570-FICO-5/574911/ 2015-02-07T23:05:00Z VA Loan Help with a 570 FICO 5 http://www.zillow.com/advice-thread/VA-Loan-Help-with-a-570-FICO-5/574911/ We are looking for a VA lender than can help us get into a home. &nbsp;My husband was medically retired and is 100% disabled according to VA. &nbsp;We have guaranteed, tax free income. &nbsp;However due to financial difficulty in the last three years of his military service, our credit took a pretty big hit. &nbsp;We have spent the last year since his retirement slowly building it back up. &nbsp;His FICO 5 score is 570 but his FICO 8s range from 603 to 639. My FICO 5 is at 582 but as the spouse, I cannot apply for the loan since he is living (Thankfully).<br/><br/>We have a high CC usage (65-69%) but are paying down and off the cards and I have a student loan consolidation that is in deferment. Unfortunately the credit bureaus take a month or more to update so our latest efforts are still very much invisible. &nbsp;We have also paid off a very high installment loand, but again, the bureaus cannot see it yet.<br/><br/>We have found a house that we absolutely love but I won't even go look at it unless I know we have a pre-approval. So far we have had three lenders swear they could help us, pull our credit and then bow out. &nbsp;We know that the VA does not require a minimum credit rating, we also know that the lenders do - this is where our frustration comes from. &nbsp;I am not willing to just go through lenders, have them pull our credit and then tell us the same thing- yes I am aware that the bureaus allow grace for several inquiries in one month to look for rates. If you think you can help us even after reading this, please leave me a link and I will call you to see what you can truly do. &nbsp;We are in Washington state looking to stay in the Tacoma area.<br/><br/>Thank you!<br \><br \>1 reply Sat, 07 Feb 2015 23:05:00 GMT http://www.zillow.com/advice-thread/VA-Loan-Help-with-a-570-FICO-5/574911/ 2015-02-07T23:05:00Z Renting out a home on FHA Loan? http://www.zillow.com/advice-thread/Renting-out-a-home-on-FHA-Loan/574637/ Hi There,<br/><br/>My wife and I are finishing up a refinance (FHA Streamline) on our home purchased in November 2013 on an original FHA loan. We have also been considering for a little while renting out the property and moving closer to downtown and renting an apartment.&nbsp;<br/><br/>I've found conflicting information online so I thought I'd ask here, but is it possible to rent out a home purchased on an FHA loan as a primary residence? If so, I've seen information saying you must live in the residence for a year, but is this a standard case? And furthermore, if a year is standard - would I need to now wait for a year from the new refinanced loan or would I we be able to get credit from our original purchase date of November 2013?<br/><br/>Thanks!<br \><br \>3 replies Thu, 05 Feb 2015 17:38:00 GMT http://www.zillow.com/advice-thread/Renting-out-a-home-on-FHA-Loan/574637/ 2015-02-05T17:38:00Z Renting out a home on FHA Loan? http://www.zillow.com/advice-thread/Renting-out-a-home-on-FHA-Loan/574637/ Hi There,<br/><br/>My wife and I are finishing up a refinance (FHA Streamline) on our home purchased in November 2013 on an original FHA loan. We have also been considering for a little while renting out the property and moving closer to downtown and renting an apartment.&nbsp;<br/><br/>I've found conflicting information online so I thought I'd ask here, but is it possible to rent out a home purchased on an FHA loan as a primary residence? If so, I've seen information saying you must live in the residence for a year, but is this a standard case? And furthermore, if a year is standard - would I need to now wait for a year from the new refinanced loan or would I we be able to get credit from our original purchase date of November 2013?<br/><br/>Thanks!<br \><br \>3 replies Thu, 05 Feb 2015 17:38:00 GMT http://www.zillow.com/advice-thread/Renting-out-a-home-on-FHA-Loan/574637/ 2015-02-05T17:38:00Z FHA New Construction Loan http://www.zillow.com/advice-thread/FHA-New-Construction-Loan/547164/ Navigating through the HUD website is like pulling teeth. From various searches online we've seen/heard/read about FHA new construction loans which are now available. How or where do you find this information?<br/>&nbsp;<br \><br \>6 replies Wed, 25 Jun 2014 18:06:00 GMT http://www.zillow.com/advice-thread/FHA-New-Construction-Loan/547164/ 2014-06-25T18:06:00Z FHA Loan 2-years after short-sale http://www.zillow.com/advice-thread/FHA-Loan-2-years-after-short-sale/560097/ Is it possible to procure an FHA loan 2-years after short-sale? I have a 580 credit score, no missed/late payments since 2012, and no credit card debt.<br \><br \>3 replies Sun, 21 Sep 2014 15:03:00 GMT http://www.zillow.com/advice-thread/FHA-Loan-2-years-after-short-sale/560097/ 2014-09-21T15:03:00Z Looking for 203k loan with 630 credit and a two year old foreclosure... http://www.zillow.com/advice-thread/Looking-for-203k-loan-with-630-credit-and-a-two-year-old-foreclosure/554694/ We are trying to bump our credit up to 660 for the lender we are currently with. &nbsp;We already have a property that we really like and it definitely requires a rehab loan. &nbsp;It needs a furnace and the outside needs a paint job. &nbsp;Possibly a few roof repairs. &nbsp;If you know of a lender who can do this, please let me know!<br \><br \>4 replies Thu, 14 Aug 2014 00:04:00 GMT http://www.zillow.com/advice-thread/Looking-for-203k-loan-with-630-credit-and-a-two-year-old-foreclosure/554694/ 2014-08-14T00:04:00Z 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/ I have a 623 median credit score.&nbsp; I am married, but my wife's credit is worse than mine.&nbsp; The only debt we have now is our car payments, as I used my bonuses to pay off almost all of our debt.&nbsp; I was employed with a software company for 3 years until last August, then was let go due to the economy.&nbsp; I began working in the same line of work again in January of this year, and am in much more stable company.&nbsp; My parents have decent credit (690-710) and are retired.&nbsp; I currently make 65K / year and am trying to qualify for an FHA loan.&nbsp; I am still working on rebuilding my wife's credit, but want to purchase before the end of summer, as we are looking at starting a family.&nbsp; <br/><br/>I live in WA state, and am looking to purchase a home in WA as well.&nbsp; I am hoping that I can get some answers as to what kind of loans I should be looking at ( I assumed FHA), what are the pro's and con's of having a parent co-sign?&nbsp; Is there a possibility to build a home (my parents would subdivide their 5 acre parcel)<br/><br/>I really am just looking for some advice, and to know what some of my options are.&nbsp; I am open to phone consults, in person consults, etc.&nbsp; I just want to be given some guidance from people that know a lot more about this than me.&nbsp; Thanks.<br \><br \>14 replies Wed, 12 May 2010 16:04:00 GMT http://www.zillow.com/advice-thread/Can-my-Parents-Co-Sign-on-a-loan-with-me/349572/ 2010-05-12T16:04:00Z 2nd use VA Loan after BK http://www.zillow.com/advice-thread/2nd-use-VA-Loan-after-BK/479187/ How long after a bk due to medical bills (surgery with no insurance) can we buy a condo, 2nd use VA loan?? &nbsp; BK was March 2012. Never any missed or late payments. Credit score is now 701.&nbsp;&nbsp;<br \><br \>8 replies Mon, 18 Feb 2013 22:25:00 GMT http://www.zillow.com/advice-thread/2nd-use-VA-Loan-after-BK/479187/ 2013-02-18T22:25:00Z 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 for a FHA back to work loan with a 605 credit score? http://www.zillow.com/advice-thread/Looking-for-a-FHA-back-to-work-loan-with-a-605-credit-score/548959/ I am searching for reputable lenders who could possibly do an FHA back to work loan with a middle score of 605. Great employment, have done the counseling, amazing credit card utilization, Great payment history on our installment loan, and have a $5000 savings. Was also hoping to utilize the Washington State Home Bond Program. Any recommendations on possibilities to see if this is even possible?<br \><br \>2 replies Wed, 09 Jul 2014 02:30:00 GMT http://www.zillow.com/advice-thread/Looking-for-a-FHA-back-to-work-loan-with-a-605-credit-score/548959/ 2014-07-09T02:30:00Z 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/ My boyfriend and I are considering buying a house within the next year or so. We have been together for six years, but have not tied the knot because of his very low credit score. He was unemployed for some time during the downturn and has a car repo on his credit report. Since then he has not worked on rebuilding his credit (much to my dismay). I'm planning to add him as an authorized user on my credit cards and open a secured card for him. My credit is pretty good, average of 774. <br/>We're looking into pre-approval for an FHA loan, but my income alone is not enough to get the loan amount we're looking for. I need his income in calculation of debt to income ratio. Is there anyway to get an FHA loan using my information only and reporting his income as other income for me? If we have to use his information on the loan application, what is the likelihood of denial? We're planning to put 20% down, so that isn't so much of an issue. Any suggestions or words of wisdom would be most helpful.<br \><br \>6 replies Mon, 30 Jun 2014 02:15:00 GMT http://www.zillow.com/advice-thread/Qualifying-for-an-FHA-loan-I-have-very-good-credit-my-significant-other-does-not/547791/ 2014-06-30T02:15:00Z 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/ My wife and I have been focused on heavily trying to rebuild our credit for the last 12 months. My wifes are fair (EFX 630 XPN 648 TUC 701). Mine have suffered greatly from paying off a Collection and are currently (EFX 605 XPN 582 and TUC 688). We are both gainfully employed and doing great. We did lose our house 2 years ago to foreclosure as I am a journeyman carpenter and obviously no one was building! We are desperately trying to get approved to&nbsp;provide a stable environment for our children and rebuild our lives. I have heard and been told Wells Fargo can do a FHA loan with a score of 600 just 12 months past foreclosure. But I cant find one person online who has actually closed with this company or been actually pre qualified and had it go through instead of falling apart? I would be happy to try if anyone has had a success story with them? We are almost out of time in our current living situation and desperately trying to find someone who can truly preapprove us and close a deal!<br \><br \>6 replies Wed, 02 Jul 2014 00:09:00 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/ 2014-07-02T00:09:00Z VA Loan after a Loan Modification? http://www.zillow.com/advice-thread/VA-Loan-after-a-Loan-Modification/490383/ After 2 1/2 years, we finally got approved for a loan mod. and started making new lower monthly payments 2 months ago. Unfortunately our credit score is very low (approx 500 each) due to late credit card payments which resulted&nbsp;in many settlements&nbsp;we had to go through with our creditors as well as a couple of charged off accounts.&nbsp;I have a certificate of eligibility for a VA loan with a service connected disability. Would we still be able to refinance using my VA loan now or do we have to wait a while? Our house originally cost $427K with a 5.25% interest rate and currently owe $214K and the approximate current value of our home is $395K. Also, our combined annual income is about $91K including my VA compensation and my wife's Social Security Disability compensation. Any recommendations?<br \><br \>3 replies Wed, 01 May 2013 15:03:00 GMT http://www.zillow.com/advice-thread/VA-Loan-after-a-Loan-Modification/490383/ 2013-05-01T15:03:00Z FHA 203k Help http://www.zillow.com/advice-thread/FHA-203k-Help/542585/ Found a house in central WA I'd like to buy, but has some issues. I need an FHA 203k loan on it, but my credit is at 640 and the bank I talked to said I had to have a 700 score, and that a co-signer wouldn't help at all. Is there any way around this? Or a different rehab loan that would work?<br/><br/>The house needs foundation work and a kitchen.<br \><br \>3 replies Mon, 26 May 2014 21:13:00 GMT http://www.zillow.com/advice-thread/FHA-203k-Help/542585/ 2014-05-26T21:13:00Z VA with low score and collections - frustrated http://www.zillow.com/advice-thread/VA-with-low-score-and-collections-frustrated/541773/ We've even waiting almost 7 years to buy a home. We have never foreclosed or had any repossessions. But, we do have older lates and collections due to repeatedly being out of work when construction slows in the winters. We've made many adjustments to our expenses over the last few years and are now confident that we will be a-ok during the slower months now.. I have also re-enlisted in the National Guard as a back-up to my union construction trade. My question is will VA approve a purchase with a mid score of around 570 with collections? Some of the collections are charged off. All have been disputed and most of them are medical. Does VA still look past medical collections? I don't want a pre-paid credit card.. Or credit repair that doesn't work. Tried that the collection companies just send a form letter with some bs about how it's valid without any proof. All of our open acct (car, education etc) have been on time and are current. Yet, our score never budges. I'm at a loss and my kids are getting older.. We need a home to settle in for the long run. Thanks for any advice.<br \><br \>3 replies Wed, 21 May 2014 04:04:00 GMT http://www.zillow.com/advice-thread/VA-with-low-score-and-collections-frustrated/541773/ 2014-05-21T04:04:00Z Possibilities of refi'ing into a VA loan??? http://www.zillow.com/advice-thread/Possibilities-of-refi%27ing-into-a-VA-loan/498776/ <p class="MsoNormal">Good afternoon!</p><p class="MsoNormal">We are interested in refi'ing our current mortgage into a VA backed mortgage and are curious if we would even be able to find a lender that does the full 100% refi that the VA backs? &nbsp;Here are the specifics:</p><p class="MsoNormal">1) &nbsp;First mortgage (non-VA) at Big Bank #1 is $189,600 at 5.875%, 30-year fixed.</p><p class="MsoNormal">2) &nbsp;Second mortgage (also non-VA) at Big Bank #2 is $105,600 at 6.35%.&nbsp; This is also a 30 year fixed when we refi'ed a HELOC into a home loan.</p><p class="MsoNormal">3) Zillow has us at about $300,000 in the current market.</p><p class="MsoNormal">4) Both wife and I have great credit, are current on our payments and have never been late.&nbsp; We are both fully employed and can document income as needed.&nbsp;&nbsp; There are no liens against the home or property.</p><p class="MsoNormal">So...clearly we would like to refi both our 1st and 2nd mortgages into one VA loan so that we could reduce both our interest rate and our monthly payment.&nbsp; The question is, assuming worst case scenario, if our home only appraised for slightly more than we currently owe on it, could we even find a lender to give us a 100% VA refinance?&nbsp; We aren't looking to take any cash out on this refi, just looking to lower our interest and monthly payment.&nbsp; Any advice or suggestions would be greatly appreciated!!!</p><p class="MsoNormal">Thanks...</p><p class="MsoNormal">Scott</p><br \><br \>8 replies Mon, 24 Jun 2013 21:20:00 GMT http://www.zillow.com/advice-thread/Possibilities-of-refi%27ing-into-a-VA-loan/498776/ 2013-06-24T21:20:00Z