Zillow Advice RSS: Question-Discussion-Guide,Approval Process,Indianapolis- IN http://www.zillow.com/advice/Indianapolis-IN/mortgage-approval-process/question-discussion-guide/ Zillow Advice search results | Zillow Real Estate Why would a short sale lender cancel a deal because my closing cost money was a gift? http://www.zillow.com/advice-thread/Why-would-a-short-sale-lender-cancel-a-deal-because-my-closing-cost-money-was-a-gift/552448/ I have been trying to buy a home for about 5 months. It is a short sale and the seller was behind with two different banks. The first bank approved the deal. After 2 months of waiting the 2nd bank approved the deal so my loan officer submitted the loan application. I am young-first time home buyer-and don't have a ton of cash right now. The seller could not pay closing costs so I have to. My family said they would give me the money for the closing costs. Upon hearing this the 2nd lender backed out of the deal. Why does it matter where the money comes from? They still get paid and closing costs don't effect home equity or loan balance.<br \><br \>4 replies Thu, 31 Jul 2014 17:51:00 GMT http://www.zillow.com/advice-thread/Why-would-a-short-sale-lender-cancel-a-deal-because-my-closing-cost-money-was-a-gift/552448/ 2014-07-31T17:51:00Z If I am on the deed but not on the loan that was foreclosed can I still be approved for a mortgage? http://www.zillow.com/advice-thread/If-I-am-on-the-deed-but-not-on-the-loan-that-was-foreclosed-can-I-still-be-approved-for-a-mortgage/532712/ My wife and I have recently gone through a foreclosure on our home. My wife was on the loan and I was not. However we were both on the deed. We want to buy a new home. Now I am the only income in the home and would like to get a mortgage for a new home. I have heard that an underwriter can turn me down if I show up in the public records search as having been on the deed of a home that was foreclosed on. Is this true?<br \><br \>3 replies Tue, 18 Mar 2014 02:18:00 GMT http://www.zillow.com/advice-thread/If-I-am-on-the-deed-but-not-on-the-loan-that-was-foreclosed-can-I-still-be-approved-for-a-mortgage/532712/ 2014-03-18T02:18:00Z Can joint account with boyfriend be used for down payment/reserves for mortgage in my name only? http://www.zillow.com/advice-thread/Can-joint-account-with-boyfriend-be-used-for-down-payment-reserves-for-mortgage-in-my-name-only/529462/ I opened a joint account with my boyfriend mid-Dec 2013 and we are hoping to become pre-approved/get serious about purchasing a home next month (March 2014). We will be taking out the mortgage in my name only as he has poor credit. Will there be any issues since he has been the only one contributing to the account? Is there a certain amount of time we'd need to have any funds we'd want to be considered as an asset to be in the account (make the $ seasoned) or can he transfer anything at any time since it's both of our account? Any guidance is appreciated as we want to make sure all our ducks are in a row. Thanks!<br \><br \>4 replies Sat, 22 Feb 2014 04:51:00 GMT http://www.zillow.com/advice-thread/Can-joint-account-with-boyfriend-be-used-for-down-payment-reserves-for-mortgage-in-my-name-only/529462/ 2014-02-22T04:51:00Z I am in a ch13 bankruptcy with a 510 score. When can I purchase my first home? http://www.zillow.com/advice-thread/I-am-in-a-ch13-bankruptcy-with-a-510-score-When-can-I-purchase-my-first-home/519031/ 8 replies Thu, 14 Nov 2013 20:41:00 GMT http://www.zillow.com/advice-thread/I-am-in-a-ch13-bankruptcy-with-a-510-score-When-can-I-purchase-my-first-home/519031/ 2013-11-14T20:41:00Z Can i get a home loan after 1 year chapter 7 discharge http://www.zillow.com/advice-thread/Can-i-get-a-home-loan-after-1-year-chapter-7-discharge/518935/ Kept the car after chapter 7, have being making payment on time. No other debt now or since. Looking to buy a $150000 home and have 50% for a downpayment if it will hepl me get a loan. Dont want to rent any more<br \><br \>1 reply Wed, 13 Nov 2013 23:46:00 GMT http://www.zillow.com/advice-thread/Can-i-get-a-home-loan-after-1-year-chapter-7-discharge/518935/ 2013-11-13T23:46:00Z Does potential rental income figure into DTI when tring to qualify for second home mortage? http://www.zillow.com/advice-thread/Does-potential-rental-income-figure-into-DTI-when-tring-to-qualify-for-second-home-mortage/516017/ Hi.&nbsp; My family owns and lives in a duplex.&nbsp; We still owe about 60% of the resell value on our mortgage.&nbsp; We refinanced 1 1/2 years ago. We rent out the other side.&nbsp; We are interested in buying/moving into a single family home and then renting out both sides of our duplex.&nbsp; When applying for a second mortgage for a new residence, will the loan officer figure in the potential rental income for the side in which we now live?<br/><br/>Thanks for any good input&nbsp; :)<br \><br \>8 replies Sun, 20 Oct 2013 19:49:00 GMT http://www.zillow.com/advice-thread/Does-potential-rental-income-figure-into-DTI-when-tring-to-qualify-for-second-home-mortage/516017/ 2013-10-20T19:49:00Z I am to close on October 25th. How will this government shutdown affect my closing? Can I avoid it? http://www.zillow.com/advice-thread/I-am-to-close-on-October-25th-How-will-this-government-shutdown-affect-my-closing-Can-I-avoid-it/513714/ I am due to close on my home as a first time homebuyer with an FHA loan on October 25.&nbsp; How will this government shutdown affect my closing date?&nbsp; Is there any way to get around it?<br \><br \>3 replies Tue, 01 Oct 2013 19:58:00 GMT http://www.zillow.com/advice-thread/I-am-to-close-on-October-25th-How-will-this-government-shutdown-affect-my-closing-Can-I-avoid-it/513714/ 2013-10-01T19:58:00Z 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/ I am 66 yrs old, single &amp; retired.&nbsp; I have assets of almost $2 mil, income of around $110k and an 800 credit rating.&nbsp; I am wanting to refi my home of 22 yrs wrapping in my home equity line.&nbsp; I have 20+% equity in my $240k home.&nbsp; But my income is from 3 commercial properties I own, 2 billboards, Soc Sec and stock. My home is in a very mixed city neighborhood and requires an in-home appraisal.&nbsp; This all means my situation is not a cookie cutter process.&nbsp; Can I use an on-line finance company or do I need to stick to a local face-to-face institution?&nbsp; On-line has better rates.&nbsp;<br \><br \>3 replies Fri, 13 Sep 2013 02:04:00 GMT http://www.zillow.com/advice-thread/Can-I-really-use-an-automated-process-as-the-on-line-finance-companies-seem-to-be/511134/ 2013-09-13T02:04:00Z New Employment as Contracted Employee http://www.zillow.com/advice-thread/New-Employment-as-Contracted-Employee/504321/ I worked as a Salaried employee for the last 7 years until mid July when I changed careers and am now working as a contracted employee for a professional resource agency.&nbsp; Essentially I am now a contracted consultant, however I'm getting told that even though I have&nbsp;never been "unemployed" and&nbsp;my income has doubled I now can't get a mortgage.&nbsp; I don't have 2 years with the agency (obviously) and my 10+ years at previous employer is now disregarded?&nbsp;&nbsp;&nbsp; Any options?&nbsp;<br \><br \>11 replies Tue, 30 Jul 2013 16:08:00 GMT http://www.zillow.com/advice-thread/New-Employment-as-Contracted-Employee/504321/ 2013-07-30T16:08:00Z is there a lender for a super jumbo mortgage with less than 6 months reserve http://www.zillow.com/advice-thread/is-there-a-lender-for-a-super-jumbo-mortgage-with-less-than-6-months-reserve/425637/ credit score above 760, need 1,110,000 <a href="http://www.zillow.com/mortgage-rates/">loan</a> with less than 6 months reserve and closing 60 days<br/><br \><br \>5 replies Tue, 13 Dec 2011 04:55:00 GMT http://www.zillow.com/advice-thread/is-there-a-lender-for-a-super-jumbo-mortgage-with-less-than-6-months-reserve/425637/ 2011-12-13T04:55:00Z Looking for a lender who offers mortgages for undocumented with ITIN numbers? http://www.zillow.com/advice-thread/Looking-for-a-lender-who-offers-mortgages-for-undocumented-with-ITIN-numbers/416008/ its legal and they have a good deposit amount. great job for several years. utilities,phone bill, rent as other form of credit. thank you<br \><br \>1 reply Sat, 17 Sep 2011 18:01:00 GMT http://www.zillow.com/advice-thread/Looking-for-a-lender-who-offers-mortgages-for-undocumented-with-ITIN-numbers/416008/ 2011-09-17T18:01:00Z Pre-Approval Process http://www.zillow.com/advice-thread/Pre-Approval-Process/413424/ I am 23 years old with no debt, making 24k a year teaching and will have saved 10k-14k by May. Credit scores are currently at 741, 726, and 719 but rising rapidly because I am finally using my "big-girl card." I am looking to buy a duplex in Indianapolis probably in June, and was wondering at what point should I seek pre-approval? Should I wait til 2012 when my scores are a bit higher? and about how much would I need for a downpayment on a 50-60k duplex. Thanks!<br/><br/><br \><br \>4 replies Sat, 27 Aug 2011 19:40:00 GMT http://www.zillow.com/advice-thread/Pre-Approval-Process/413424/ 2011-08-27T19:40:00Z can i get a loan after modification http://www.zillow.com/advice-thread/can-i-get-a-loan-after-modification/388208/ hello,<br/><br/><br/>my loan was modified in early 2009 after i was 30 days late two months in a row. &nbsp;i was never in jeopardy of losing my house, but time were tough for a couple months. &nbsp;since then i have not been late on a payment, and recently started renting my house out and got married. &nbsp;we want to buy another house, and keep renting my old house, but i was told that i cannot get a loan because my credit history shows the statement "paying under modified loan". &nbsp;my financial situation is much better now. &nbsp;is it possible for me to qualify as the second person (with my wife) on a loan? Thanks<br \><br \>9 replies Thu, 24 Feb 2011 03:53:00 GMT http://www.zillow.com/advice-thread/can-i-get-a-loan-after-modification/388208/ 2011-02-24T03:53:00Z