Zillow Advice RSS: Question-Discussion-Guide,Approval Process,TX http://www.zillow.com/advice/TX/mortgage-approval-process/question-discussion-guide/ Zillow Advice search results | Zillow Real Estate 80/15/5 loan with non occupying co-borrower http://www.zillow.com/advice-thread/80-15-5-loan-with-non-occupying-co-borrower/547264/ Do any banks allow an 80/15/5 loan with a non occupying co-borrower? Three days before closing I received the clear to close but only via conventional financing. This means establishing an escrow (which is fine) but having to pay PMI. Do any banks or credit unions provide an 80/15 with a non occupying co-borrower?<br \><br \>4 replies Thu, 26 Jun 2014 04:08:00 GMT http://www.zillow.com/advice-thread/80-15-5-loan-with-non-occupying-co-borrower/547264/ 2014-06-26T04:08:00Z Getting a loan mortgage while divorce but filed income tax jointly http://www.zillow.com/advice-thread/Getting-a-loan-mortgage-while-divorce-but-filed-income-tax-jointly/547024/ Hello,<br/><br/>Can you help me. I am getting a FHA mortgage loan and my status is divorced but filed jointly on tax return with my ex wife due to financial reasons. Will the bank consider us married due to filing joint tax return even if we have on paper divorced? How can I prove this to the bank? Any assistance is appreciated. links to sources will be great. Thanks!<br \><br \>3 replies Tue, 24 Jun 2014 23:34:00 GMT http://www.zillow.com/advice-thread/Getting-a-loan-mortgage-while-divorce-but-filed-income-tax-jointly/547024/ 2014-06-24T23:34:00Z Short Sale and afftect on purchasing a new home http://www.zillow.com/advice-thread/Short-Sale-and-afftect-on-purchasing-a-new-home/546664/ In October 2013 I conducted a short sale. I know I have to wait a year before trying to purchase. How will the short sale affect my being approved for a loan?<br \><br \>4 replies Sun, 22 Jun 2014 21:52:00 GMT http://www.zillow.com/advice-thread/Short-Sale-and-afftect-on-purchasing-a-new-home/546664/ 2014-06-22T21:52:00Z Could I qualify for a loan? http://www.zillow.com/advice-thread/Could-I-qualify-for-a-loan/544733/ The house I'm looking at is selling for $88k. &nbsp;I have about a 660 credit score, with my only "bad" things being my length of credit history and inquiries. &nbsp;I have 100% on-time payments. &nbsp;I have 3 lines of credit: auto loan since December 2013 ($11k owed), credit card since Feb 2014 ($1k credit line), and a student loan since Feb 2012 ($7k owed).<br/><br/>The property for sale also has a rental house, valued at about $500 monthly rent.<br/><br/>I don't work, but my husband works. &nbsp;But he has no credit at all.<br/><br/>Would we be able to qualify for a loan? &nbsp;Thanks.<br \><br \>1 reply Mon, 09 Jun 2014 14:22:00 GMT http://www.zillow.com/advice-thread/Could-I-qualify-for-a-loan/544733/ 2014-06-09T14:22:00Z Are investment loans hard to get? I'm not sure how they work. http://www.zillow.com/advice-thread/Are-investment-loans-hard-to-get-I%27m-not-sure-how-they-work/541076/ 5 replies Fri, 16 May 2014 18:47:00 GMT http://www.zillow.com/advice-thread/Are-investment-loans-hard-to-get-I%27m-not-sure-how-they-work/541076/ 2014-05-16T18:47:00Z Should I use My Wife (Bad Credit) as a Co-borrower for Income Purposes? http://www.zillow.com/advice-thread/Should-I-use-My-Wife-Bad-Credit-as-a-Co-borrower-for-Income-Purposes/540802/ I have a credit score around 780+ and my wife has a score of 620. Our combined annual income is $89,200. Do I have to use my wife as a co-borrower in order for a lender to consider both of our incomes? My income alone would be $46,200 which may not be enough for the kind of home that we would like to buy. I'm afraid that if I use her as a co-borrower her low credit score would also be a problem.<br \><br \>7 replies Wed, 14 May 2014 22:56:00 GMT http://www.zillow.com/advice-thread/Should-I-use-My-Wife-Bad-Credit-as-a-Co-borrower-for-Income-Purposes/540802/ 2014-05-14T22:56:00Z Buying a Home out of State http://www.zillow.com/advice-thread/Buying-a-Home-out-of-State/534676/ My wife and I are planning to move to out of state for graduate school (Texas Tech in Lubbock, TX). &nbsp;We would like to purchase a home there. &nbsp;Our credit scores are about 780 and 760 the last time that we had them pulled. &nbsp;I am a student with a part time job but my wife has a full time job as a dental hygienist. &nbsp;Our combined income for the last two years was $77,000 (2013) and $75,000 (2012). &nbsp;So I feel that we would traditionally qualify for a mortgage the problem is that we don't currently have employment in Lubbock. &nbsp;We have been saving for the last several years and have about $100,000 in savings that we were planning to use to purchase a home in cash. &nbsp;But I would rather use the savings to pay for tuition and take out a mortgage. &nbsp;I called someone at Chase Bank and they suggested that we get preapproved now with our employment but the mortgage would be for a vacation home loan rather than a traditional owner-occupied home and could purchase the out of state home. &nbsp;Does anyone have any experience with this? &nbsp;<br \><br \>10 replies Tue, 01 Apr 2014 15:34:00 GMT http://www.zillow.com/advice-thread/Buying-a-Home-out-of-State/534676/ 2014-04-01T15:34:00Z Loan Qualification http://www.zillow.com/advice-thread/Loan-Qualification/536595/ My boyfriend and I are planning to buy a house in the $1Million plus range jointly.&nbsp; Both of us have very good credit and high incomes.&nbsp; Both of us have primary home and rental properties under each other's name.&nbsp; If we buy this $1Million plus house, will our debt income ratio be calculated based on joint income and debt?&nbsp; Thanks.<br \><br \>6 replies Tue, 15 Apr 2014 21:08:00 GMT http://www.zillow.com/advice-thread/Loan-Qualification/536595/ 2014-04-15T21:08:00Z Mortgage with 1 year Tax return and less than two years work history http://www.zillow.com/advice-thread/Mortgage-with-1-year-Tax-return-and-less-than-two-years-work-history/501272/ Hi, I moved to US in Jan 2012 accepting a full time job as a software professional. Now I have 1 yr and 7 months work history and 1 tax return. I got pre approved by one bank and now under contract for a house. But the bank indicated that there may be an issue during the underwriting step due to my less work history and having just a tax return. <br/><br/>But my case, I have over 12 years work history in same field in a different country. So what are the odds of rejection with underwriters ? Have you know any similar case ?<br \><br \>11 replies Wed, 10 Jul 2013 23:06:00 GMT http://www.zillow.com/advice-thread/Mortgage-with-1-year-Tax-return-and-less-than-two-years-work-history/501272/ 2013-07-10T23:06:00Z Pre-Approval - What if I don't buy within X days? http://www.zillow.com/advice-thread/Pre-Approval-What-if-I-don%27t-buy-within-X-days/534682/ Hello,<br/><br/>I am planning to jump into the crazy seller's market here in 3-4 months. Houses are going extremely quick in my area and the prices are going up.<br/><br/>Anyways, I was curious, what happens if I do not find a home I like within the allotted days of my pre-appoval? I have to go through the process again? Will it count as an inquiry on my credit again?<br/><br/>Thanks!<br \><br \>8 replies Tue, 01 Apr 2014 15:48:00 GMT http://www.zillow.com/advice-thread/Pre-Approval-What-if-I-don%27t-buy-within-X-days/534682/ 2014-04-01T15:48:00Z What are our chances of buying a house if any? http://www.zillow.com/advice-thread/What-are-our-chances-of-buying-a-house-if-any/533492/ We tried to start the home-buying process about 6 months ago and at that time we were told that our credit scores were too low. So, fast forward to now and currently my mid score is 650 and my wife's is 590. I again tried to start the process, supplied all my W-2's, pay stubs,etc, etc...and am now being told that my DTI was too high. My lender doesn't want to use my wife's info as a co borrower because of some credit dings that are the result of items that were ordered per divorce decree. I feel that her income would get us over that hump but not sure why he won't use it. I only make $70000 a year and so does my wife. I'm just trying to understand how my past W-2's along with my pay stubs are used to calculate ACTUAL annual income. Any help would be greatly appreciated.<br \><br \>7 replies Sun, 23 Mar 2014 22:44:00 GMT http://www.zillow.com/advice-thread/What-are-our-chances-of-buying-a-house-if-any/533492/ 2014-03-23T22:44:00Z Will I Qualify for a Mortgage? http://www.zillow.com/advice-thread/Will-I-Qualify-for-a-Mortgage/533806/ Looking at a $150,000 home in San Marcos (close to Austin) Texas<br/><br/>-Recently graduated college<br/>-Living with parents<br/>-No employment history<br/>-No income documentation<br/><br/>-720 credit score<br/>-No outstanding credit debt<br/>-No outstanding loans<br/><br/>-Able to put 20-30% down (have money saved in bank)<br/>-Have blood related co-signer/co-burrower with perfect credit and verifiable income (60k/Year with no house payments, retired, lots of money saved)<br \><br \>6 replies Wed, 26 Mar 2014 01:05:00 GMT http://www.zillow.com/advice-thread/Will-I-Qualify-for-a-Mortgage/533806/ 2014-03-26T01:05:00Z Rental Income rules when established but in-between leases? http://www.zillow.com/advice-thread/Rental-Income-rules-when-established-but-in-between-leases/532266/ Hello,<br/><br/>I am in a situation where the underwriter is stating my entire PITI is going to my debt(for debt to income ratio) instead of using my 3 year history of rental income (from tax returns) for the purchase of another home.&nbsp; The house has only been without a tenant for less than 45 days in last 3 years.<br/><br/>Is this normal that my renter left 13 days ago and now because I don't have a signed lease they can say that the entire PITI is going to debt for debt to income ratio? Everything I am reading is saying that the tax returns is all that is needed for an established rental property (2 years or more)?<br/><br/>I should not have sent my lease agreement to them.&nbsp; I am not even sure why I did now.&nbsp; <br/><br/>Any advice or information I can send the underwriter?&nbsp; I feel they are shooting from the hip here with no basis on rules because there is no rule justifing this.<br \><br \>2 replies Fri, 14 Mar 2014 00:47:00 GMT http://www.zillow.com/advice-thread/Rental-Income-rules-when-established-but-in-between-leases/532266/ 2014-03-14T00:47:00Z HAVE YOU EVER HEARD OF A LENDER ASKING FOR LETTER AFTER BK DISCHARGE? http://www.zillow.com/advice-thread/HAVE-YOU-EVER-HEARD-OF-A-LENDER-ASKING-FOR-LETTER-AFTER-BK-DISCHARGE/532049/ <p>I APPLIED FOR MORTAGE HOME LOAN. I SHOPPED AROUND AND OUT OF 6 I GOT 2 PRE APPROVALS AND THE OTHER 4 RECOMMEND WAIT 5 MONTHS SO THAT IT WOULD BE 2 YRS SINCE MY BK DISCHARGED . MY QUESTION IS ONE OF THE LENDERS IS ASKING ME TO GIVE&nbsp; A LETTER FROM THE COURTS SAYING ITS OKAY TO GET A NEW MORTGAGE. I CALLED THE BK COURT AND THE ADVICE I WAS GIVEN IS THAT SINCE BK DISCHARGED NOTHING THEY CAN DO. I AM WAITING TO HEAR BACK FROM MY BK LAWYER. I WANTED TO KNOW IF YOU THINK THIS LENDER IS SENDING ME ON A WILD GOOSE CHASE? HAVE YOU HEARD OF THIS TYPE OF REQUEST?</p><br \><br \>5 replies Wed, 12 Mar 2014 18:33:00 GMT http://www.zillow.com/advice-thread/HAVE-YOU-EVER-HEARD-OF-A-LENDER-ASKING-FOR-LETTER-AFTER-BK-DISCHARGE/532049/ 2014-03-12T18:33:00Z When should I apply for a loan? http://www.zillow.com/advice-thread/When-should-I-apply-for-a-loan/529139/ I am a recent college graduate and have been in my new job for about 5 months. My fiance has just finished nursing school and has just begun her new job as an R.N. My question is, when would you recommend applying for a loan? I have heard to wait for her to have at least 2 paychecks before applying.&nbsp;<br/>Any advice would be helpful,<br/>Thank you<br \><br \>10 replies Thu, 20 Feb 2014 02:30:00 GMT http://www.zillow.com/advice-thread/When-should-I-apply-for-a-loan/529139/ 2014-02-20T02:30:00Z Seeking lender in Austin TX for small business self employed http://www.zillow.com/advice-thread/Seeking-lender-in-Austin-TX-for-small-business-self-employed/517075/ Will complete 2 years of income tax by feb 2014<br/><br/>Currently have a mortgage loan, would like to sell current property, to buy another property.<br/>seeking lender that will qualify me for a home loan<br/>Firsts tax year everything was write off basically 0 income due to various equipment purchases<br \><br \>4 replies Mon, 28 Oct 2013 22:53:00 GMT http://www.zillow.com/advice-thread/Seeking-lender-in-Austin-TX-for-small-business-self-employed/517075/ 2013-10-28T22:53:00Z average on taxes for income http://www.zillow.com/advice-thread/average-on-taxes-for-income/530086/ <p class="MsoNormal">Ok so here is the jest of my situation, I have been employed by same company for 13 years, and I make about 55k a year. but three years ago I started a small business it does not make a lot of money about 5 to 10k a year when I file taxes I have always taken the standard mileage deduction and it make the business show a loss every year and I never really thought about it. This year I wanted to buy a house so we started the loan process everything was going fine income looked great, fico came in good. had all the paper work processing then my loan officer took a look at taxes and we had an issue due to the schedule c loss it really cut down what I could qualify for.<br/><br/> My loan officer said we can work around this issue with another lender that does not use the tax returns in income verification just my w2 wages I get. But there fico requirements are a little higher. I am ok with this but they keep changing the company they use to fund the loans and kind of put me on the backburner and it's getting frustrating working with them. So now I am looking for more options<br/><br/> so my question is this, do any of you out there know of any lenders that do not take the two year AGI average into consideration in the loan process. Or could keep working with them be my best option?</p><br \><br \>8 replies Wed, 26 Feb 2014 18:18:00 GMT http://www.zillow.com/advice-thread/average-on-taxes-for-income/530086/ 2014-02-26T18:18:00Z Back end DTI versus cash for down payment http://www.zillow.com/advice-thread/Back-end-DTI-versus-cash-for-down-payment/527291/ Curious if anyone knows which is better in this instance. My expected back end DTI with the house price range I am looking for is around 42% and there is only one current way I can reduce it, besides finding a cheaper house. I have a student loan with a remaining balance of about $2,600. Paying it off would reduce my DTI from 42% to 41%, maybe 40%. It would however reduce my funds available for a down payment from say 10% to 8%. Just curious which one carries more weight.<br \><br \>7 replies Wed, 05 Feb 2014 19:35:00 GMT http://www.zillow.com/advice-thread/Back-end-DTI-versus-cash-for-down-payment/527291/ 2014-02-05T19:35:00Z Approval for home loan and new employment http://www.zillow.com/advice-thread/Approval-for-home-loan-and-new-employment/526910/ First off, thanks for all the contributions you all make here! I have an odd situation. I've owned 2 homes, have a credit score of 750 and just took a new job about 2 months ago. It's a high-paying job and I have a 3-year contract... The previous couple years, I was doing consulting and mostly living off of a windfall from selling a business I had owned. Yeah, I was just taking a break. Haha! I just found out where I am renting, they are selling this house so will become homeless in a couple months. This was not anticipated. I already planned on buying after working in my current new job a couple years but now my plans are changed. The question is, with a current income from my new job, and without ample income history from the last couple years, will I stand a chance at being approved for a loan? Again, the amount I will borrow vs my current income is spot on and I have little debt, can put up 10%, and have great credit. What are your thoughts and recommendations? Thanks!<br \><br \>14 replies Sun, 02 Feb 2014 21:06:00 GMT http://www.zillow.com/advice-thread/Approval-for-home-loan-and-new-employment/526910/ 2014-02-02T21:06:00Z Do we Qualify?? http://www.zillow.com/advice-thread/Do-we-Qualify/327558/ <p>I have a credit score of 660 and my wife has 703.&nbsp; She makes 35k a year in salary and has work at her job for 2.5 years.&nbsp; Here is where we might have a problem; I make 90k a year but on 24k is salary.&nbsp; The rest is commission (Not Bonus) and I have only been at my job for 8 months.&nbsp; We have paid everything off except for our cars (Car payments of $490 and $600) and one credit card at $4000 with a payment of $215.&nbsp; We want a home in the 215k range and we only can make a 3.5% downpayment.&nbsp; Do we have a shot without having to payoff anything else off?&nbsp;</p><br \><br \>6 replies Tue, 23 Feb 2010 16:29:00 GMT http://www.zillow.com/advice-thread/Do-we-Qualify/327558/ 2010-02-23T16:29:00Z