Zillow Advice RSS: Question,Approval Process, http://www.zillow.com/advice/United-States%253B%253B%253B%253B%253B%253B%253B%253B/mortgage-approval-process/question/ Zillow Advice search results | Zillow Real Estate Am I able to buy a $60000 home, with bad credit if I can provide a $10000 down? http://www.zillow.com/advice-thread/Am-I-able-to-buy-a-60000-home-with-bad-credit-if-I-can-provide-a-10000-down/194590/ My credit score is in the mid 400's. I am trying to fix it, but it's taking a while. I need to move shortly, and would like to <a href="http://www.zillow.com/learnmore/what-zillow-offers-buyers.htm">buy a home</a>, I have a 10000 down payment. Would it be better for me to use that to fix my credit, or as a down payment?<br \><br \>12 replies Sun, 01 Feb 2009 17:07:00 GMT http://www.zillow.com/advice-thread/Am-I-able-to-buy-a-60000-home-with-bad-credit-if-I-can-provide-a-10000-down/194590/ 2009-02-01T17:07:00Z Massachusetts Private Road Issue http://www.zillow.com/advice-thread/Massachusetts-Private-Road-Issue/597695/ I am looking at a property that is on a private road in Massachusetts. &nbsp;There are 18 other homes on the road, but there is no formal written agreement/HOA. &nbsp;There is a voluntary contribution, which has worked for many years, but I'm very concerned I'm going to have financing issues. &nbsp;I've talked to some large lenders and small lenders, almost none of them seem to be familiar with the issue - a few have just said "it shouldn't be a problem", and some have said "we won't touch it". &nbsp;I'm afraid I'll get through the whole process and find out I can't do conventional financing on the house. &nbsp;The house is in a very nice neighborhood with some very large and high end properties that are further down the road than the property I'm looking at (and would be in worse shape if the road were out of service). &nbsp;One exception on the Fannie guidelines is where the state in question has a rule regarding private road maintenance - I can't find anything indicating Massachusetts is one of them, but one bank I spoke to said that Mass, Oregon and California were the three states...I frankly don't think anybody knows the real deal here. &nbsp;Any guidance would be appreciated! &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br \><br \>3 replies Wed, 29 Jul 2015 01:15:00 GMT http://www.zillow.com/advice-thread/Massachusetts-Private-Road-Issue/597695/ 2015-07-29T01:15:00Z I was pre approved for 150K. What do I need to do if the house I want is 170K? http://www.zillow.com/advice-thread/I-was-pre-approved-for-150K-What-do-I-need-to-do-if-the-house-I-want-is-170K/597575/ 5 replies Tue, 28 Jul 2015 13:11:00 GMT http://www.zillow.com/advice-thread/I-was-pre-approved-for-150K-What-do-I-need-to-do-if-the-house-I-want-is-170K/597575/ 2015-07-28T13:11:00Z Contacted Mortgage Broker Provided everything needed... and http://www.zillow.com/advice-thread/Contacted-Mortgage-Broker-Provided-everything-needed-and/592886/ I was told on a 400k home my Debt ratio would be 13.66&nbsp; she said this is excellent. I provided bank statements etc..,&nbsp; taxes for last 2 years for me and my business, current business profit loss report, IRA statement etc.. I noticed in the morning i received a credit alert that a hard inquiry had happened. and it said -4 down to 813.. Did this start my 30 day window for shopping for mortgages? I don't have a home in my horizon yet, seems market here in tampa and surrounding area's is very weak for what i am looking for in the 400-550k&nbsp; range.<br \><br \>12 replies Thu, 25 Jun 2015 15:49:00 GMT http://www.zillow.com/advice-thread/Contacted-Mortgage-Broker-Provided-everything-needed-and/592886/ 2015-06-25T15:49:00Z Home loan rejected for lack third line of credit http://www.zillow.com/advice-thread/Home-loan-rejected-for-lack-third-line-of-credit/594146/ <p class="MsoNormal">Hello,<br/><br/>I'm currently trying to purchase a home for $835k.</p><p class="MsoNormal">I am ready to put 20% down. Appraisal value also came to the exact same amount. I have a very good 765+ credit score. I have two credit cards, regularly paid with no late fees for about 4 years. One other credit card is active but didn't have any activity for last 12 months. Now my loan application is getting rejected for lack of line of credit. It is a small lender and not one of these big dumb banks. I have started using the third credit card only in the last 15 days or so. But it didn't get reported yet in the credit report when underwriters pulled my credit report. Will I have a chance if the underwriter reviews my credit report one more time with the credit activity reported for last 15 days or so? Please advise</p><p class="MsoNormal">&nbsp;</p><!--[if gte mso 9]><xml> <m:mathPr> <m:mathFont m:val="Cambria Math"/> <m:brkBin m:val="before"/> <m:brkBinSub m:val="&#45;-"/> <m:smallFrac m:val="off"/> <m:dispDef/> <m:lMargin m:val="0"/> <m:rMargin m:val="0"/> <m:defJc m:val="centerGroup"/> <m:wrapIndent m:val="1440"/> <m:intLim m:val="subSup"/> <m:naryLim m:val="undOvr"/> </m:mathPr></w:WordDocument></xml><![endif]--><!--[if gte mso 9]><xml> </xml><![endif]--><!--[if gte mso 10]><style> /* Style Definitions */ table.MsoNormalTable {mso-style-name:"Table Normal"; mso-style-parent:""; font-size:11.0pt; font-family:"Calibri","sans-serif";}</style><![endif]--><br \><br \>10 replies Sat, 04 Jul 2015 20:59:00 GMT http://www.zillow.com/advice-thread/Home-loan-rejected-for-lack-third-line-of-credit/594146/ 2015-07-04T20:59:00Z My only income is from an investment property (from my tenants rent). Can I get a loan still? http://www.zillow.com/advice-thread/My-only-income-is-from-an-investment-property-from-my-tenants-rent-Can-I-get-a-loan-still/596396/ I don't have any tax deductible income, and for the last two years I've only reported what I make from the stock market but I haven't reported the rent money that I get from my tenants each month. Since I don't have any income that I can prove other than the little from stocks, can I not get a mortgage?<br/><br/>I'm trying to buy a second investment property, but since my credit is mediocre (in the 630-660 range, I forget the exact number) and my main income is the rent money that I have never reported on my taxes...wouldn't it be a long shot?<br \><br \>8 replies Mon, 20 Jul 2015 10:36:00 GMT http://www.zillow.com/advice-thread/My-only-income-is-from-an-investment-property-from-my-tenants-rent-Can-I-get-a-loan-still/596396/ 2015-07-20T10:36:00Z Help! http://www.zillow.com/advice-thread/Help/597499/ We are looking at homes now because we have saved enough for a 20% down and we are making more money now than ever in our business. This is the good! Now the bad<br/>We have a short sale on our personal residence AND our business condo back in 2012<br/>My husbands credit is 640, mine is 700.<br/>Our income taxes state much lower income in the past 2 years because we only took from the business what we needed. My husband is the boss and can pay himself whatever he needs at the time which, in the past 2 years, our expenses have been low and we have been able to pay off some debt. We are looking at up to 1,700,000 homes. There must be someone that can help us!!<br \><br \>3 replies Mon, 27 Jul 2015 20:46:00 GMT http://www.zillow.com/advice-thread/Help/597499/ 2015-07-27T20:46:00Z What is the best way to get a mortgage after bankruptcy? http://www.zillow.com/advice-thread/What-is-the-best-way-to-get-a-mortgage-after-bankruptcy/532369/ This May will mark 1 year since my husband's discharge of Chapter 13 BK. I was not married to him when he owned the assets that tanked him so my financials were not affected. I currently have a credit score in the upper 600's. The problem is that my income is MUCH lower than his. Is it impossible for both of us to be on the mortgage with his BK still not a year old? Will I have to file myself? Any information would be appreciated. We are looking at a home for sale for $235,000 in the Tampa, FL area and we have $100,000 to put down so that isn't the problem. I am concerned with financing the remainder. My income is around $40k a year and his is $125k. Also, it is probably important to note that the home we love is a short sale.<br \><br \>9 replies Fri, 14 Mar 2014 21:59:00 GMT http://www.zillow.com/advice-thread/What-is-the-best-way-to-get-a-mortgage-after-bankruptcy/532369/ 2014-03-14T21:59:00Z Is two months normal for a Pre-approval on USDA loan? http://www.zillow.com/advice-thread/Is-two-months-normal-for-a-Pre-approval-on-USDA-loan/494727/ I submitted all of my document to my LO on 4/2/13 and I am still waiting for my pre-approval letter for a USDA loan.&nbsp;<br/> <br/>I am requesting an adverse credit waiver due to a BK/foreclosure,&nbsp; (I have&nbsp;5 months for BK/8 months for foreclosure left to meet 36 motn seasoning requirement).&nbsp;<br/><br/>My credit score last pull 5/7/13 was 640/636/623. After credit analysis paid&nbsp;account to balance that would increase score 10 points per LO advice. Per my&nbsp;own credit&nbsp;report pull, accounts have alredy updated.&nbsp;<br/><br/>Now LO telling mw to wait again till next week for more anaylysis.&nbsp; I'M TIRED OF WAITING.&nbsp; I've lost out on several homes.&nbsp; Prices have gone up while she "puts out fires" on other loans,&nbsp;"has&nbsp;high level meeting" to dicuss my loan&nbsp;and then shuffles mine to the bottom of the pile while she works on live underwrites..<br/><br/>I can't believe it takes&nbsp;two months for a yes or no&nbsp;for a pre-approval. Just sick and tired of it all. I could be a live underwrite if she would work on my file.<br/><br/><br/><br/>&nbsp;<br/><br/><br \><br \>8 replies Fri, 31 May 2013 02:52:00 GMT http://www.zillow.com/advice-thread/Is-two-months-normal-for-a-Pre-approval-on-USDA-loan/494727/ 2013-05-31T02:52:00Z How long is too long for a Pre Approval? (NOT PRE QUALIFIED, AN APPROVAL) http://www.zillow.com/advice-thread/How-long-is-too-long-for-a-Pre-Approval-NOT-PRE-QUALIFIED-AN-APPROVAL/596757/ All data was given july 1st or so. I am self employed,(800+ score) single applicant, but again i've given all requested information. I know it has to be done with an actual underwriter, at least that's what the loan officer said. But, does it take 3 weeks to look over bank statements and taxes?&nbsp; This isn't even the closing, or making an offer, i am concerned this process is taking far too long, should i be concerned with their slowness? Or is this normal, or just indications of how they will be when we get an offer accepted?<br \><br \>10 replies Wed, 22 Jul 2015 14:08:00 GMT http://www.zillow.com/advice-thread/How-long-is-too-long-for-a-Pre-Approval-NOT-PRE-QUALIFIED-AN-APPROVAL/596757/ 2015-07-22T14:08:00Z Wells Fargo won't let me short sale FHA mortgage without being late on a payment, help. http://www.zillow.com/advice-thread/Wells-Fargo-won%27t-let-me-short-sale-FHA-mortgage-without-being-late-on-a-payment-help/433581/ I currently have a Wells Fargo/FHA mortgage. I need to short sale but don't want to be late on my payment because 1) my credit will take a greater hit 2) I want the ability to buy another home under FHA within the next two years. However, Wells Fargo says they will not approve a short sale if I am not 41 days late at closing. <br/><br/>Has anyone ever dealt with this situation on either the sell side (short sale) or the buy side (buying another home after a short sale)?<br/><br/>Thank you.<br \><br \>11 replies Thu, 01 Mar 2012 20:16:00 GMT http://www.zillow.com/advice-thread/Wells-Fargo-won%27t-let-me-short-sale-FHA-mortgage-without-being-late-on-a-payment-help/433581/ 2012-03-01T20:16:00Z Can anyone help? ... I need an 80/10/10 for home purchase in San Francisco http://www.zillow.com/advice-thread/Can-anyone-help-I-need-an-80-10-10-for-home-purchase-in-San-Francisco/590989/ I am currently in contract to purchase single family (primary) in San Francisco and looking for an 80/10/10. Purchase price is $750,000 with 10% down.<br/><br/>&nbsp;My annual income on tax returns is as follows:&nbsp;<br/><br/>&nbsp;In&nbsp;2014 is 136k (W2 $70k + LLC $65k)<br/>&nbsp;In 2013 is $68k (W2 $48k + LLC $20k)<br/><br/>The positive trend in my income is still present and is continuing to increase for 2015.<br/><br/>My monthly expenses include a student loan payment of $170 and an auto loan payment of $268 (I can pay off the auto loan completely if needed). All credit cards are paid off and my FICO is ~735-745.<br/><br/>What are the chances of getting a loan for this purchase? Are there any lenders that will consider only one year of income or not need to average the LLC income across two years?<br/><br/>If averaging 24 month income for the LLC, is it possible to use YTD income from 2015 (which is much more) rather than the income from 2013.<br/><br/>Time is of the essence...&nbsp;Thank you in advance for any feedback or advice.<br/><br/><br \><br \>6 replies Fri, 12 Jun 2015 16:32:00 GMT http://www.zillow.com/advice-thread/Can-anyone-help-I-need-an-80-10-10-for-home-purchase-in-San-Francisco/590989/ 2015-06-12T16:32:00Z Fannie Mae Lowers Mandatory Waiting Period after Short Sale http://www.zillow.com/advice-thread/Fannie-Mae-Lowers-Mandatory-Waiting-Period-after-Short-Sale/565755/ <p>Is it true that the mandatory waiting period after a short sale is now 2 years?&nbsp; I know that it changed in August to 4 years but it seems like last month it changed to 2 years.&nbsp; Are there any catches?&nbsp;Is it only for extenuating circumstances?&nbsp;Are there going to be any lenders that will follow those guidelines?</p><p>My short sale closed June 2012.&nbsp; My wife and parents cosigned on our current home and I wish to refinance it into my wife and my name. (I am on the title). We have over 30% equity.&nbsp; It is a jumbo loan.</p><br/><br/><p>ref:[Removed by Zillow moderator. See our <a href="http://www.zillow.com/howto/GoodNeighborPolicy.htm">Good Neighbor Policy</a> for posting guidelines.]</p><br \><br \>10 replies Fri, 07 Nov 2014 17:52:00 GMT http://www.zillow.com/advice-thread/Fannie-Mae-Lowers-Mandatory-Waiting-Period-after-Short-Sale/565755/ 2014-11-07T17:52:00Z Does a pre-approval letter from a mortgage lender really mean anything? Are they obligated? http://www.zillow.com/advice-thread/Does-a-pre-approval-letter-from-a-mortgage-lender-really-mean-anything-Are-they-obligated/488273/ My daughter and son were pre-approved for $300,000, and made an offer on a property, putting down a $1000 deposit on acceptance. When they went to meet with the lender to finish up the paperwork, come to find out there are problems with one of their credit reports, and they can only get a mortgage for $200,000 or less. So, they're going to loose that house, along with the money that already went towards it. Do they have any recourse? The process of purchasing a first home is&nbsp;traumatic&nbsp;enough, but to see their dreams dashed like that is heartbreaking.<br \><br \>6 replies Tue, 16 Apr 2013 22:31:00 GMT http://www.zillow.com/advice-thread/Does-a-pre-approval-letter-from-a-mortgage-lender-really-mean-anything-Are-they-obligated/488273/ 2013-04-16T22:31:00Z Loan with 10% down on a 450K home? http://www.zillow.com/advice-thread/Loan-with-10-down-on-a-450K-home/596725/ We've been renting for the last 12+ years. As the Headline reads, I make $145 (base salary before taxes) yearly. Last two years, due to bonuses and stock, I've been made approx. $210K per year. Our only debts are car payments ($650 a month) and credit cards (about $4K balance between all credit cards, total credit line across all cards $95K, credit utilization is approx 5% across the board).<br/><br/>Median FICO credit score across all three bureaus is 740-ish. Problem is, I want a $450K home but only have enough money for a 10% down payment - NOW.<br/><br/>Front end ratio based on income and a $405K loan @ 4.25% (30 year fixed) is 23.46%. Back-end ratio (considering car payment and CC minimum payments) is 28.54% (also including PMI and home insurance)<br/><br/>Are banks giving loans under these conditions? Or should I wait another year - between stock and bonuses, I can save $50K more by end of next year. My concern is interest rates going sensible higher a year from now . . .<br \><br \>11 replies Wed, 22 Jul 2015 05:35:00 GMT http://www.zillow.com/advice-thread/Loan-with-10-down-on-a-450K-home/596725/ 2015-07-22T05:35:00Z Obtaining Mortgage without US Tax Returns (have returns from Germany) http://www.zillow.com/advice-thread/Obtaining-Mortgage-without-US-Tax-Returns-have-returns-from-Germany/595925/ I am a US Citizen with 20+ years excellent credit history. My husband is German (also excellent credit) and became a US permanent resident this year. We moved to Florida. We would like to purchase a house, as we are not able to renew our house lease. However despite a stable income (he has an executive contract), deposit and the excellent credit scores, we are being told we would not be approved because we do not have the 2 years of US tax returns and W2s. We have these documents, but they are just from his employment in Germany. &nbsp;Some lenders have said it could be done with 1 year, but we will not have this documentation until early next year which is when our lease is up. I did not work in Germany, so my income would not help.&nbsp;<br/><br/>Is there any other way this can be done? I am looking into Portfolio Lenders at the moment and there is the off-chance our bank will still be able to help (waiting to hear back).&nbsp;<br/><br/>&nbsp;<br \><br \>8 replies Thu, 16 Jul 2015 13:57:00 GMT http://www.zillow.com/advice-thread/Obtaining-Mortgage-without-US-Tax-Returns-have-returns-from-Germany/595925/ 2015-07-16T13:57:00Z Can banks make exceptions to the "2 year part-time job" guideline? http://www.zillow.com/advice-thread/Can-banks-make-exceptions-to-the-2-year-part-time-job-guideline/596423/ I work as an adjunct professor (the fancy way to say part-time teacher) at two colleges. This is the norm for the educational system as 50-75% of professors at colleges and universities are adjuncts. I am a person who absolutely wants a full-time job and cannot get one because colleges and universities would rather save money than provide benefits to professors. Currently, I have been working at one of the two colleges I teach at for more than two years, but the second college I work at, I have been teaching at for a little over a year. The only reason I have been working at this institution for only a year is because I left a lower-paying position at another college to accept a higher paying and more consistent position at my current school. I had worked over two years at the previous institution.<br/><br/>I was recently declined for pre-approval from a mortgage broker because I have not had my second adjunct position for two years. I was told that I am otherwise qualified ($20,000 down payment, 742 fico score, other credit scores hover around 740) and should try again after my next tax return.<br/><br/>Are banks required by law to deny me a mortgage based on the federal guidelines, or can they make exceptions? It seems a little silly that I have to wait six months to hit this arbitrary 2-year mark. This seems particularly unfair, considering that a person with a new full-time position only needs one pay stub to secure a mortgage, yet I must be on my job for two years. Is there no way for banks to look at my previous history in a position that was extremely similar to the current position I have as a basis for predicting future income?<br/><br/>Any advice would be appreciated.<br \><br \>4 replies Mon, 20 Jul 2015 14:48:00 GMT http://www.zillow.com/advice-thread/Can-banks-make-exceptions-to-the-2-year-part-time-job-guideline/596423/ 2015-07-20T14:48:00Z Assumption package/ best options http://www.zillow.com/advice-thread/Assumption-package-best-options/596374/ <p class="MsoNormal">Hi I was interested in knowing if you can help me in my situation below.</p><p class="MsoNormal">My wife and I are currently living with my in laws. They had a loan modification about 3 years ago. They are no longer able to make their mortgage payments. I have no problem taking over the payments. Chase did offer an assumption package, however, it doesn't state the loan amount. I called Chase a few times and I was given different principal amounts that were owed. Some said $350k and others said $497k. For the $350k I know I would be able to qualify (taking over the assumption package). However, if the amount is $497K I know I won't qualify. I have two questions: 1. How would I determine the principal amount?</p><p class="MsoNormal">2. If in fact it is, $497k I have no problem leaving the modification as is, however, my fear is if 8 years from now when they retire or if something happens to them, I don't want the bank to come later on and say I have to move out. Is there such a thing to be added into the loan or what other options do we have?</p><!--EndFragment--><br \><br \>3 replies Mon, 20 Jul 2015 03:10:00 GMT http://www.zillow.com/advice-thread/Assumption-package-best-options/596374/ 2015-07-20T03:10:00Z Mortgage to buy new primary residence while keeping duplex/investment property http://www.zillow.com/advice-thread/Mortgage-to-buy-new-primary-residence-while-keeping-duplex-investment-property/596345/ <p>I currently live/own a duplex.&nbsp; I owe $102K on it and plan to keep it.&nbsp; I've had a tenant for 2+ years since I've owned it and he pays $900 rent.&nbsp; I want to purchase a new home in the $250K range.&nbsp; I have about $10K liquid for a down payment.&nbsp; I have credit 750 score and only debt is $200/mo student loan.</p><p>What kind of mortgage am I qualified for and how much cash will I need?&nbsp; Am I able to combine the two loans into one?&nbsp; Wondering if there are loans with low down payment requirements or if I should wait to accumulate more cash.&nbsp;</p><p>Thanks!</p><br \><br \>4 replies Sun, 19 Jul 2015 20:39:00 GMT http://www.zillow.com/advice-thread/Mortgage-to-buy-new-primary-residence-while-keeping-duplex-investment-property/596345/ 2015-07-19T20:39:00Z Search for Freddie HVE AVM and confidence score before trying HELOC app? http://www.zillow.com/advice-thread/Search-for-Freddie-HVE-AVM-and-confidence-score-before-trying-HELOC-app/596256/ I'm looking to get my Freddie Mac HVE AVM and confidence score before I waste a 3 bureau credit pull on a HELOC app if my value is going to end up being too low anyway. I've called a bunch of banks and CUs and no one can get it without doing an app they say. <br/><br/>Zillow is not HVE and I don't trust it. BoA and Berkshire Hathway's home value pages both use the (admittedly nicer) Collateral Analytics AVM product, but it doesn't seem to use/have access to Freddie HVE data.<br/><br/>Chase, TIAA, and 5/3rds all seem to use the same CoreLogic based widget and CoreLogic is an HVE distributor/seller, but I'm not sure if the publicly accessible CoreLogic searches are using Freddie HVE data or if they are based on other Corelogic datasets. <br/><br/>Is there anyone who offers HVE reports (free or paid I don't care) so I don't have to apply first?<br \><br \>5 replies Sat, 18 Jul 2015 20:45:00 GMT http://www.zillow.com/advice-thread/Search-for-Freddie-HVE-AVM-and-confidence-score-before-trying-HELOC-app/596256/ 2015-07-18T20:45:00Z