Zillow Advice RSS: Question-Discussion-Guide,Approval Process, http://www.zillow.com/advice/United-States%253B%253B%253B%253B%253B%253B%253B%253B/mortgage-approval-process/question-discussion-guide/mortgage/?s=0 Zillow Advice search results | Zillow Real Estate Can I use both mine and my husbands income to apply for a mortgage w/o him being a cosigner in AZ http://www.zillow.com/advice-thread/Can-I-use-both-mine-and-my-husbands-income-to-apply-for-a-mortgage-w-o-him-being-a-cosigner-in-AZ/384875/ 4 replies Mon, 07 Feb 2011 18:02:00 GMT http://www.zillow.com/advice-thread/Can-I-use-both-mine-and-my-husbands-income-to-apply-for-a-mortgage-w-o-him-being-a-cosigner-in-AZ/384875/ 2011-02-07T18:02:00Z Closing prior to starting new job? http://www.zillow.com/advice-thread/Closing-prior-to-starting-new-job/486483/ I'm a graduating resident, about to start a new job as a physician. &nbsp;So my current income is very low. &nbsp;<br/><br/>There was a mortgage guy who told me he would be able to close on a house PRIOR to me starting my new job and providing him a paystub. &nbsp;He said once we are ready to close, we would need to rate lock long enough to overlap with my first paystub.<br/><br/>He has seen my offer letter and all of my other financial documentation (putting 20% down on a conventional 30y mortgage, credit scores are 780+, little debt). &nbsp;This guy said he has actually done this already with another person (and im actually working with the lawyer who completed the transaction with him). &nbsp;While shopping around for mortgages, another broker thinks he is playing games.<br/><br/>So is this legit or not? &nbsp;<br/><br/>Thanks<br \><br \>7 replies Fri, 05 Apr 2013 15:54:00 GMT http://www.zillow.com/advice-thread/Closing-prior-to-starting-new-job/486483/ 2013-04-05T15:54:00Z using rental income to qualify for a mortgage http://www.zillow.com/advice-thread/using-rental-income-to-qualify-for-a-mortgage/480327/ Hi all, <br/><br/>Was wondering if I could post a scenario and get some feedback:<br/><br/>We own two homes. Home A is rented. We have rented it for 2 full years. We do not have 30% equity. We do show the home on our tax return. We have shown a loss of about $5k each of the two years it has been rented. <br/><br/>Home B is our primary residence. We want to refinance this home. <br/><br/>We need the rental income in order to make our DTI work for the refi.<br/><br/>I have read two different things in terms of what income I can use:<br/><br/>First, some people say 75% of rents can be used, but this requires 30% equity in the rental home. When 75% is used, it is added to your income and the mortgage for the rental is added to your debts. We would NOT be able to use any of our rental income under this scenario because we do not have the equity. IS THAT CORRECT?<br/><br/>Second, I have read that if the rent is documented in your tax return, you can use the profit as income (or the loss would be subtracted from your income). In this scenario I have read that there is no equity requirement. Also, it is my impression that in this scenario, the mortgage on the rental does not get added to your debts (because on your taxes you would have already subtracted your mortgage payment in order to figure your taxable income). IS THIS CORRECT?<br/><br/>THANK YOU!!<br/><br \><br \>2 replies Tue, 26 Feb 2013 16:14:00 GMT http://www.zillow.com/advice-thread/using-rental-income-to-qualify-for-a-mortgage/480327/ 2013-02-26T16:14:00Z First time buyer looking for mortgage advice (origination fees and such) http://www.zillow.com/advice-thread/First-time-buyer-looking-for-mortgage-advice-origination-fees-and-such/548067/ <br/><br/>So I went in for pre approval on a loan. I figured I would give the community some details and you can tell me if you see anything wrong.&nbsp;<br/><br/>Credit 780 814 816<br/><br/>&nbsp;Debt... Nothing other than 1 lease 445 mo. No credit card balances or other loans.<br/><br/>&nbsp;Income - rather not say but it's more than enough to support mortgage, PMI, TAX, Insurance... and everything else inside the Total monthly(it's also less than 28% of income)<br/><br/>First time buyer in South Florida<br/>&nbsp;<br/>So I'm looking for a 365k loan with 10% down. The broker said it shouldn't be a problem (I assume they all say that). Here is what I have gotten back to lock in yesterday.&nbsp;<br/><br/>Total Loan 337,550 Interest rate 4.250%<br/><br/>Origination fee 2.25% (he said this is fixed. He can't change it because all his loans must match or it's discrimination). His fee is paid in the form of a lender rebate. So I assume that is what drives my interest rate up? So it's $7593 charge but the lender credits me back $7593.&nbsp;<br/><br/>Additional closing costs are estimated as 10k (so 10k total to close)&nbsp;<br/><br/><br/>Does this sound right?&nbsp;<br/><br/>I thought origination fees were negotiable?&nbsp;<br/><br/>Does 2.25% sound right for origination broker fee?<br/><br/>Would you recommend a first time buyer use one of these online offers such as Aurora or Quicken? They say no fees?<br/><br/>Any other banks I should try? Chase has an issue&nbsp;because over half my income comes from bonus. I was approved but he said it might be sticky going through underwriting.&nbsp;<br/><br/>Thanks in advance<br/><br/>&nbsp;<br/><br/>&nbsp;<br/><br/><br/><br \><br \>8 replies Tue, 01 Jul 2014 21:56:00 GMT http://www.zillow.com/advice-thread/First-time-buyer-looking-for-mortgage-advice-origination-fees-and-such/548067/ 2014-07-01T21:56:00Z Can I get a loan? http://www.zillow.com/advice-thread/Can-I-get-a-loan/464934/ In regards to the applying for credit portion of your message:<br/><br/>Unless I am mistaken...you can have your credit run for a mortgage an unlimited amount of times for a one&nbsp;month period.&nbsp;I think this is&nbsp;because you are expected to "shop around," and I believe&nbsp;the same&nbsp;thing&nbsp;is in play for when you shop around for a Car loan.&nbsp; After your month is up, then every run hits you as an inquiry though.<br/><br/>You should verify this with a reputable loan professional before doing anything to be on the safe side. Please feel free to email me if you hear otherwise...that way I don't tell anyone else possibly wrong information :)<br/><br/>As to whether or not you can get a loan:<br/><br/>Contact a reputable&nbsp;loan professional.&nbsp; Most of the 'good' ones will not even run your credit until they make sure they can do the loan...so make sure you don't release your SSN until you're ready to pull the trigger (if they say you can, anyway).<br/><br/>Best wishes&nbsp;from So-Cal<br \><br \>0 replies Fri, 19 Oct 2012 23:58:00 GMT http://www.zillow.com/advice-thread/Can-I-get-a-loan/464934/ 2012-10-19T23:58:00Z Can I qualify for a new home loan if I am late on my current mortgage? http://www.zillow.com/advice-thread/Can-I-qualify-for-a-new-home-loan-if-I-am-late-on-my-current-mortgage/501883/ I am in texas and have mortgage for over 12 years but have been late many time on payments. My loan was modified for HAMP and I am currently on a payment plan. &nbsp;My score is 675. Can I qualify for a new mortgage loan if I sell my existing home?<br/>My income is high and minimal debt.<br \><br \>1 reply Sun, 14 Jul 2013 20:26:00 GMT http://www.zillow.com/advice-thread/Can-I-qualify-for-a-new-home-loan-if-I-am-late-on-my-current-mortgage/501883/ 2013-07-14T20:26:00Z Mortgage for vacation home? http://www.zillow.com/advice-thread/Mortgage-for-vacation-home/409516/ I live with parents, so I don't pay rent (I don't own any real estate). If I apply for mortgage for vacation home, would debt income ratio 28/36 apply to calculate what I can afford as it does when buying primary residence? Or bank would decrease what I can afford because it's vacation home?<br \><br \>3 replies Fri, 29 Jul 2011 19:12:00 GMT http://www.zillow.com/advice-thread/Mortgage-for-vacation-home/409516/ 2011-07-29T19:12:00Z Down Payment? http://www.zillow.com/advice-thread/Down-Payment/391042/ The best thing you can do is to talk to a local mortgage provider as soon as you can, they will know what is required and how much down payment you will need and what programs are available in your locality.<br \><br \>0 replies Wed, 16 Mar 2011 15:08:00 GMT http://www.zillow.com/advice-thread/Down-Payment/391042/ 2011-03-16T15:08:00Z Wife in school, but already signed job contract and negociated salary. http://www.zillow.com/advice-thread/Wife-in-school-but-already-signed-job-contract-and-negociated-salary/187828/ You can use the letter of intent to hire to help qualify for&nbsp;a <a href="http://www.zillow.com/mortgage/">mortgage</a>. However, you wife will have to receive at least one paycheck before the loan&nbsp;receives final&nbsp;approval.<br \><br \>0 replies Tue, 13 Jan 2009 11:46:00 GMT http://www.zillow.com/advice-thread/Wife-in-school-but-already-signed-job-contract-and-negociated-salary/187828/ 2009-01-13T11:46:00Z Eldery Co-Borrow http://www.zillow.com/advice-thread/Eldery-Co-Borrow/440309/ A co signer is useful for adding income to the evaluation for a mortgage, but lenders tend to focus on the lowest credit scores.&nbsp; Therefore, if you wish your income to be counted,&nbsp; then your credit scores will be the ones that drive the process.&nbsp;<br \><br \>0 replies Wed, 25 Apr 2012 15:09:00 GMT http://www.zillow.com/advice-thread/Eldery-Co-Borrow/440309/ 2012-04-25T15:09:00Z Rental income in Mort Qual Process http://www.zillow.com/advice-thread/Rental-income-in-Mort-Qual-Process/415677/ Based on the numbers you have provided yes you can use the rental income to offset the Chicago mortgage.&nbsp; Since you have tax returns reporting the income, the bank will calculae everything off of them and NOT use the typical 75% rule.<br \><br \>0 replies Thu, 15 Sep 2011 13:52:00 GMT http://www.zillow.com/advice-thread/Rental-income-in-Mort-Qual-Process/415677/ 2011-09-15T13:52:00Z Can an individual secure a mortgage loan 15 months after a BK/forclosure with a parent cosigning http://www.zillow.com/advice-thread/Can-an-individual-secure-a-mortgage-loan-15-months-after-a-BK-forclosure-with-a-parent-cosigning/427996/ If a potential buyer ( a couple) wants to secure a <a href="http://www.zillow.com/mortgage-rates/">loan</a> to purchase a home and they are only about 15 months past a chapter 7 and foreclosure~both have reestablished good credit scores in the mid 600's and a combined income annually of 75,000 ~and no debt~can they secure a conventional loan (with 10% down) with the co-signature of a parent or relative who more than qualifies~<br \><br \>2 replies Sun, 08 Jan 2012 05:19:00 GMT http://www.zillow.com/advice-thread/Can-an-individual-secure-a-mortgage-loan-15-months-after-a-BK-forclosure-with-a-parent-cosigning/427996/ 2012-01-08T05:19:00Z Low down payment mortgage for 2nd home http://www.zillow.com/advice-thread/Low-down-payment-mortgage-for-2nd-home/532685/ Situation: Home we own now: we have a 60,000 loan with tax assessment for 90,000. Mortgage is $400 a month on 15 year loan. Totally remodeled home. Income (90,000/yr) Excellent credit (750) We are looking to buy a 2nd home ($250,000) and keep our old home to rent. $1200 per month rent. What are our options for a low down payment loan? Will we even get approved? Will they consider the rent from our current home as income? Help!<br \><br \>3 replies Mon, 17 Mar 2014 22:17:00 GMT http://www.zillow.com/advice-thread/Low-down-payment-mortgage-for-2nd-home/532685/ 2014-03-17T22:17:00Z Can I really use an automated process as the on-line finance companies seem to be? http://www.zillow.com/advice-thread/Can-I-really-use-an-automated-process-as-the-on-line-finance-companies-seem-to-be/511134/ <p>With Today's technology one would think that getting an on line mortgage would be easy.&nbsp; The sub prime mess a few years ago screwed that up!&nbsp; Government regulation&nbsp;is getting worse, not better.&nbsp; As a result, there is no easy answer to your question, since you're not sure if the person on the other end is qualified to help. &nbsp;I am licensed in Indiana and would be happy to help.&nbsp;</p><br \><br \>0 replies Fri, 13 Sep 2013 02:21:00 GMT http://www.zillow.com/advice-thread/Can-I-really-use-an-automated-process-as-the-on-line-finance-companies-seem-to-be/511134/ 2013-09-13T02:21:00Z Impact of current approval on new pre-approval/mortgage after 8-10 months http://www.zillow.com/advice-thread/Impact-of-current-approval-on-new-pre-approval-mortgage-after-8-10-months/526531/ We were thinking to buy a house and We were pre approved last month. But because of some unexpected events, we had to drop the plan of buying a house, since we couldn't afford the monthly payment now. We thought we will buy after 8-10 months. When I apply for pre-approval/mortgage again after 8-10 months will it have any effect, since I was already pre-approved earlier and then dropped my house buying plans. Does it make negative sense to the lender that I am not a serious buyer?<br \><br \>6 replies Thu, 30 Jan 2014 18:44:00 GMT http://www.zillow.com/advice-thread/Impact-of-current-approval-on-new-pre-approval-mortgage-after-8-10-months/526531/ 2014-01-30T18:44:00Z Which option would you recommend? http://www.zillow.com/advice-thread/Which-option-would-you-recommend/529614/ Pay down the debt first, your interest rate and mortgage insurance rates will improve with the higher credit scores, which will save you much in the long run. &nbsp;We are located in Ohio and I would be happy to answer any further questions through my profile. &nbsp;Thanks!<br \><br \>0 replies Sun, 23 Feb 2014 17:27:00 GMT http://www.zillow.com/advice-thread/Which-option-would-you-recommend/529614/ 2014-02-23T17:27:00Z Mortgage without Green Card http://www.zillow.com/advice-thread/Mortgage-without-Green-Card/409533/ I have a green card pending application since 2004. The govt of course has my I 485 pllication pending since 2007. Recently, I was told that would not be enough to get a conventional mortgage loan &amp; that I need to get an FHA loan. Is that correct ?<br \><br \>5 replies Fri, 29 Jul 2011 20:50:00 GMT http://www.zillow.com/advice-thread/Mortgage-without-Green-Card/409533/ 2011-07-29T20:50:00Z Can we count income from a job that he's been in for one year? http://www.zillow.com/advice-thread/Can-we-count-income-from-a-job-that-he%27s-been-in-for-one-year/412620/ My husband owns a business and works a full time job.&nbsp; The income from the business is very small. The full time job is our primary income. Can we count this income to get a mortgage?<br \><br \>4 replies Mon, 22 Aug 2011 02:05:00 GMT http://www.zillow.com/advice-thread/Can-we-count-income-from-a-job-that-he%27s-been-in-for-one-year/412620/ 2011-08-22T02:05:00Z investment home http://www.zillow.com/advice-thread/investment-home/391072/ Hi,<br/><br/>I already own a home and would like to purch. a second one as an investment (for rent).&nbsp; Can I add my prospective cash flows, from this investment home I'm planning to buy, in my income to qualify for mortgage?<br/><br/>Thank you for your response.<br/><br/><br \><br \>2 replies Wed, 16 Mar 2011 18:13:00 GMT http://www.zillow.com/advice-thread/investment-home/391072/ 2011-03-16T18:13:00Z Do you want a more smooth loan process and approval? http://www.zillow.com/advice-thread/Do-you-want-a-more-smooth-loan-process-and-approval/443416/ In most cases, you as a customer are a little confused regarding who to hire to do your new mortgage.&nbsp; This is very normal especially if you are a first time buyer.&nbsp; Two things are very important: Get referrals from friends and family that had a good experience with a particular lender.&nbsp; You should also strive to do business with a federal savings bank with in-house processing, underwriting, and closing.<br \><br \>0 replies Sat, 19 May 2012 12:50:00 GMT http://www.zillow.com/advice-thread/Do-you-want-a-more-smooth-loan-process-and-approval/443416/ 2012-05-19T12:50:00Z