Zillow Advice RSS: Question-Discussion-Guide,Approval Process,AZ http://www.zillow.com/advice/AZ/mortgage-approval-process/question-discussion-guide/mortgage/?s=0 Zillow Advice search results | Zillow Real Estate Are there any lenders doing low doc mortgages by using bank statements as income verification. http://www.zillow.com/advice-thread/Are-there-any-lenders-doing-low-doc-mortgages-by-using-bank-statements-as-income-verification/217727/ 2 replies Tue, 31 Mar 2009 15:58:00 GMT http://www.zillow.com/advice-thread/Are-there-any-lenders-doing-low-doc-mortgages-by-using-bank-statements-as-income-verification/217727/ 2009-03-31T15:58:00Z I would like to write a review for a mortgage broker. How can I do this? http://www.zillow.com/advice-thread/I-would-like-to-write-a-review-for-a-mortgage-broker-How-can-I-do-this/351606/ 1 reply Wed, 26 May 2010 16:48:00 GMT http://www.zillow.com/advice-thread/I-would-like-to-write-a-review-for-a-mortgage-broker-How-can-I-do-this/351606/ 2010-05-26T16:48:00Z How hard will it be to buy another house if we cannot sell our current home? http://www.zillow.com/advice-thread/How-hard-will-it-be-to-buy-another-house-if-we-cannot-sell-our-current-home/538170/ Hi Amber,<br/><br/>As most lenders would tell you, purchasing a second home without the sale of your current home can be a little tricky.<br/><br/>Here's the basic information you should know:<br/> - The total monthly payments of both mortgages (plus insurance and real estate tax) and any other debt on your credit bureau needs to be below 43% of your current&nbsp; monthly <strong>gross</strong> income.&nbsp;<br/> - You will need to show "reserves" when securing financing on the new home. The reserves need to be at least 6 monthly of your total mortgage payments. Savings and checking account will count and 70% of any investment accounts will count towards your reserves.<br/> <br/>It sounds like you have some equity in your current primary residence - so another option is to take out a HELOC&nbsp;home equity line of credit to help bolster your reserves.<br/><br/>I hope this helps!<br \><br \>0 replies Sun, 27 Apr 2014 19:10:00 GMT http://www.zillow.com/advice-thread/How-hard-will-it-be-to-buy-another-house-if-we-cannot-sell-our-current-home/538170/ 2014-04-27T19:10:00Z Loan pre-approval question http://www.zillow.com/advice-thread/Loan-pre-approval-question/352776/ In todays mortgage world, it would be hard to obtain a mortgage without some sort of credit. Can your parents switch the insurance an cell phone over into your name without it costing much more? There are a lot of things which could be done to help, like the down payment which you have saved up, if you have stable employment, if your debt to income is low etc. It should not take long before you have a credit score. Make sure that you are never late on your card, and it also may be a good idea to obtain another secured card with a credit union, they seem to have the lowest rate.<br \><br \>0 replies Wed, 27 Oct 2010 19:32:00 GMT http://www.zillow.com/advice-thread/Loan-pre-approval-question/352776/ 2010-10-27T19:32:00Z What can I do to get more (or better) quotes for my loan request ZR-YNJWVFY? http://www.zillow.com/advice-thread/What-can-I-do-to-get-more-or-better-quotes-for-my-loan-request-ZR-YNJWVFY/527307/ Hello,<br/><br/>I recommend contacting a local mortgage broker who understands our local market and can give you exception service. Unfortunately, I can not post their contact information on this message but please feel fee to contact me directly.<br \><br \>0 replies Wed, 05 Feb 2014 21:49:00 GMT http://www.zillow.com/advice-thread/What-can-I-do-to-get-more-or-better-quotes-for-my-loan-request-ZR-YNJWVFY/527307/ 2014-02-05T21:49:00Z How do I find out what I would qualify for in a house. I want to retire in Golden Valley. http://www.zillow.com/advice-thread/How-do-I-find-out-what-I-would-qualify-for-in-a-house-I-want-to-retire-in-Golden-Valley/334334/ The first step would be to contact a <a href="http://www.zillow.com/mortgage/">loan</a> originator to help you determine how much you would qualify for.&nbsp; I have had several instances where my clients qualify for more than what they are comfortable with borrowing.&nbsp; In that case, you know your limits and can shop for a new home from there.<br/><br/>All the best,<br/>Ros<br/><br/>Roswell Moore, CMPS<br/>Certified <a href="http://www.zillow.com/mortgage/">Mortgage</a> Planner<br \><br \>0 replies Mon, 15 Mar 2010 18:25:00 GMT http://www.zillow.com/advice-thread/How-do-I-find-out-what-I-would-qualify-for-in-a-house-I-want-to-retire-in-Golden-Valley/334334/ 2010-03-15T18:25:00Z What is the down payment requirement for an investor with a home path loan? http://www.zillow.com/advice-thread/What-is-the-down-payment-requirement-for-an-investor-with-a-home-path-loan/307836/ Make sure you ask about the cost to eliminate the appraisal and mortgage insurance. You can pay the fee or increase the rate to compensate for the fee.<br \><br \>0 replies Fri, 29 Jul 2011 19:53:00 GMT http://www.zillow.com/advice-thread/What-is-the-down-payment-requirement-for-an-investor-with-a-home-path-loan/307836/ 2011-07-29T19:53:00Z Post Bankruptcy home mortgage qualification http://www.zillow.com/advice-thread/Post-Bankruptcy-home-mortgage-qualification/375422/ I am looking for the best recommondation for a mortgage broker who can guide me to a home purchase post bankruptcy.&nbsp; The BK was discharched in November of 2008.<br \><br \>13 replies Thu, 18 Nov 2010 16:32:00 GMT http://www.zillow.com/advice-thread/Post-Bankruptcy-home-mortgage-qualification/375422/ 2010-11-18T16:32:00Z Mortgage qualifying advice http://www.zillow.com/advice-thread/Mortgage-qualifying-advice/494198/ First, a little background info... My wife and I plan on selling our current home and purchasing another later this year. We both make good income (about $140k combined). We have good equity in our home and are looking to upgrade from $100,000 home to appx $400-600,000 home with conventional financing. We just refinanced our home and lowered our rate to 2.75%. Right after the refi, a collection appeared on my credit and drastically reduced my score (565 now...). My wife has excellent credit in the mid to high 700's. What would be the best course of action for us? What can/should I do to put myself in a position to co-borrow so we can qualify for a higher amount? Is there hope for us getting the home of our dreams?<br \><br \>5 replies Tue, 28 May 2013 16:59:00 GMT http://www.zillow.com/advice-thread/Mortgage-qualifying-advice/494198/ 2013-05-28T16:59:00Z Need advice on getting a mortgage http://www.zillow.com/advice-thread/Need-advice-on-getting-a-mortgage/417348/ My husband and I just signed a new 12 month lease and we hate renting. We have set the goal to be able to buy a house in a years time when this lease is up, and now we need to know what we need to do over the next year to put us in position to be approved for a mortgage and get a good interest rate.<br/><br/>A few details:&nbsp; We had a foreclosure and bankruptcy that discharged 15 months ago. By the time we are wanting to buy next year, it will have been more than 2 years but not yet 3.&nbsp; The only debts we have now are his truck (about 13K) and my student loans (about 13K). I pulled our credit scores today and I have a 540, he has a 630. Our annual income is 125K and we are only looking to buy in the 150K range. By the time we are wanting to buy next year, he will have been at his job for a little more than 2 years, I will have been at mine for 7 years.<br/><br/>My husband seems to think the best thing to improve our situation is to raise our credit scores, particularly mine, by buying something on credit and making payments on it. I hate the idea of accumulating more debt and really don't want to borrow money for anything again except a house.&nbsp; Instead, I'm hoping that if we save money for a big down payment, hopefully at least 20%, that will have a major positive effect for us. So, any opinions on which is more important, or are both necessary? Also, will this still be too close to the bankruptcy discharge? Any other advice appreciated as well.<br \><br \>2 replies Wed, 28 Sep 2011 05:01:00 GMT http://www.zillow.com/advice-thread/Need-advice-on-getting-a-mortgage/417348/ 2011-09-28T05:01:00Z When and how can some one who short-sold a home buy again? http://www.zillow.com/advice-thread/When-and-how-can-some-one-who-short-sold-a-home-buy-again/476603/ It really depends on your credit and if you kept current while going through the short sale process. I have heard that if you remained current on your mortgage and other payments during the short sale, you could be able to buy right away. (Although, I have never actually seen this happen.) Contact a few lenders to see what they have to offer.&nbsp;<br \><br \>0 replies Wed, 30 Jan 2013 22:56:00 GMT http://www.zillow.com/advice-thread/When-and-how-can-some-one-who-short-sold-a-home-buy-again/476603/ 2013-01-30T22:56:00Z will lender accept soc sec disability income to establish mortgage? http://www.zillow.com/advice-thread/will-lender-accept-soc-sec-disability-income-to-establish-mortgage/505278/ am on soc sec disability income at 1378.00 per month.After paying 3% or 4% down, can I qualify for a mortgage? Do it matter if trying against foreclosure or not?<br \><br \>2 replies Mon, 05 Aug 2013 07:21:00 GMT http://www.zillow.com/advice-thread/will-lender-accept-soc-sec-disability-income-to-establish-mortgage/505278/ 2013-08-05T07:21:00Z Renovation Loan -- Not likely? http://www.zillow.com/advice-thread/Renovation-Loan-Not-likely/322587/ In terms of getting a <a href="http://www.zillow.com/mortgage/">mortgage</a>, not much you can do. <br/><br/>But, ...thinking out of the box; if you are willing to commit personal <a href="http://www.zillow.com/mortgage-glossary/Assets/">assets</a> (stocks, bonds, ect..), you can get a secured personal loan.<br \><br \>0 replies Tue, 09 Feb 2010 07:13:00 GMT http://www.zillow.com/advice-thread/Renovation-Loan-Not-likely/322587/ 2010-02-09T07:13:00Z can I get a mortgage on a new, smaller house while keeping current house as rental? http://www.zillow.com/advice-thread/can-I-get-a-mortgage-on-a-new-smaller-house-while-keeping-current-house-as-rental/394775/ Bought 6 bd. Phx area house for $314,000 seven years ago with 20% down.&nbsp; Kids are older, Grandma is gone and we'd like to buy a smaller house closer to husband's job.&nbsp; Our current house is probably only worth about $230,000.&nbsp; We'd like to keep it as a rental (which is a very strong market here).&nbsp; Credit score is excellent, but husband lost his job for a year and had to take a pay cut at the new one, so yearly earnings are only about $60,000.&nbsp; He's about to inherit a family house worth about $200000 that brings in monthly rent of $900.&nbsp; We were told that because we don't have any equity in out current house-no one will give us a loan.&nbsp;<br \><br \>8 replies Tue, 12 Apr 2011 19:20:00 GMT http://www.zillow.com/advice-thread/can-I-get-a-mortgage-on-a-new-smaller-house-while-keeping-current-house-as-rental/394775/ 2011-04-12T19:20:00Z We were pre-qualified for an FHA loan, after our loan processor reviewed our taxes http://www.zillow.com/advice-thread/We-were-pre-qualified-for-an-FHA-loan-after-our-loan-processor-reviewed-our-taxes/506343/ @Academy Mortgage: Our DTI with 2106 expenses and debt is 49%, paying off the current debt would bring it under 45% @GMerino: our credit scores were 636 and 620<br \><br \>0 replies Sun, 11 Aug 2013 21:09:00 GMT http://www.zillow.com/advice-thread/We-were-pre-qualified-for-an-FHA-loan-after-our-loan-processor-reviewed-our-taxes/506343/ 2013-08-11T21:09:00Z Who helps first time buyers with 1 yr commission job? http://www.zillow.com/advice-thread/Who-helps-first-time-buyers-with-1-yr-commission-job/493625/ Did you go to a bank or a mortgage broker.&nbsp; There are some great loan officers in Yuma who I think can help you.&nbsp; Contact me and I will point you in the right direction. - Quincy Smith / ERA Matt Fischer Realtor<br \><br \>0 replies Thu, 23 May 2013 23:06:00 GMT http://www.zillow.com/advice-thread/Who-helps-first-time-buyers-with-1-yr-commission-job/493625/ 2013-05-23T23:06:00Z 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 Is it possible to get a mortgage when you're self-employed earlier than the 2 years I've heard? http://www.zillow.com/advice-thread/Is-it-possible-to-get-a-mortgage-when-you%27re-self-employed-earlier-than-the-2-years-I%27ve-heard/409677/ My husband started his own company about a year ago. Is it possible to qualify for a mortgage before the 2 year time frame I've heard before? I've been told we'd need to show 2 years of proof-of-income, like tax returns. My husband has been in this line of work for over 10 years on a part-time basis and only last year incorporated.<br \><br \>3 replies Sun, 31 Jul 2011 03:20:00 GMT http://www.zillow.com/advice-thread/Is-it-possible-to-get-a-mortgage-when-you%27re-self-employed-earlier-than-the-2-years-I%27ve-heard/409677/ 2011-07-31T03:20:00Z I am 28, just graduated with my Masters, and want to buy a home. http://www.zillow.com/advice-thread/I-am-28-just-graduated-with-my-Masters-and-want-to-buy-a-home/195027/ There are always a number of factors in play with qualifying for a mortgage, but a good rule of thumb used is Debt to Income.&nbsp; If you take your gross monthly pay and divide that by the expected <a href="http://www.zillow.com/mortgage/">loan</a> payment, try and keep this below 40 percent and then when you add all your total debts plus this expected <a href="http://www.zillow.com/mortgage/">mortgage</a> payment, keep this total below 45% you should be in line for a conventional loan.&nbsp; For <a href="http://www.zillow.com/fha-loan/">FHA loans</a> these percentages can be more agressive, but that is not my specialty, so I will allow others to comment further.&nbsp; You say you just graduated with a Masters, how long have you been at your current job?<br \><br \>0 replies Thu, 05 Feb 2009 07:32:00 GMT http://www.zillow.com/advice-thread/I-am-28-just-graduated-with-my-Masters-and-want-to-buy-a-home/195027/ 2009-02-05T07:32:00Z How much will i be approved for? http://www.zillow.com/advice-thread/How-much-will-i-be-approved-for/250890/ Kristine - Lenders are going to use the income that's documented. If your boyfriend is getting paid partly in cash, then that part can not be considered for mortgage qualification / approval purposes. If all that is documentedd is $9/hr for 30 hours a week, that's all that can be used. On the plus side, he has no other debt.<br/><br/>You won't be able to go on the mortgage because your credit scores are too low. Most lenders require you to have credit scores of at least 620 today. So your monthly income can not be considered in the mortgage qualfiication.<br/><br/>Lenders typicaly use a&nbsp;front end ratio of 31 on the front end. That means no more than 31% of your gross monthly income can be used towards housing including mortgage principal and interest payment, 1/12th of your annual property taxes, 1/12th of your annual homeowners insurance premiums, your monthly <a href="http://www.zillow.com/mortgage/help/Private-Mortgage-Insurance.htm">mortgage insurance</a> premiums (if any), and, if applicable, homeowner's association dues.<br/><br/>To determine how much your boyfriend&nbsp;may qualify for, I have to make some assumptions: Property taxes are $900/yr, <a href="http://www.zillow.com/mortgage-glossary/Homeowner%27s-Insurance/">homeowner's insurance</a> is $600/yr, you're putting 20% down (no mortgage insurance premiums), and there are no homeowner's association dues. I further assume a <a href="http://www.zillow.com/30_Year_Fixed_Mortgage_Rates/">30 year fixed</a> rate mortgage at 5.5%. <br/><br/>Based on the information provided and on the assumptions, the maximum mortgage amount your boyfriend&nbsp;may qualify for is $42,745. With 20% down, the maximum purchase price will be $53,430. Hope this helps you.<br \><br \>0 replies Tue, 30 Jun 2009 12:01:00 GMT http://www.zillow.com/advice-thread/How-much-will-i-be-approved-for/250890/ 2009-06-30T12:01:00Z