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 Bankruptcy Question http://www.zillow.com/advice-thread/Bankruptcy-Question/590649/ When applying for a loan, do you need to wait 3 years from the time the bankruptcy was discharged? It was a Chapter 13 paid in full.&nbsp;<br \><br \>5 replies Wed, 10 Jun 2015 13:34:00 GMT http://www.zillow.com/advice-thread/Bankruptcy-Question/590649/ 2015-06-10T13:34:00Z Can someone with an A-1 or A-2 diplomatic visa get a mortgage loan? http://www.zillow.com/advice-thread/Can-someone-with-an-A-1-or-A-2-diplomatic-visa-get-a-mortgage-loan/360811/ 20% down, good credit scores<br \><br \>13 replies Wed, 04 Aug 2010 21:01:00 GMT http://www.zillow.com/advice-thread/Can-someone-with-an-A-1-or-A-2-diplomatic-visa-get-a-mortgage-loan/360811/ 2010-08-04T21:01:00Z Buying a home as a PhD student - large down payment, but only stipend as income http://www.zillow.com/advice-thread/Buying-a-home-as-a-PhD-student-large-down-payment-but-only-stipend-as-income/588374/ I am interested in buying a house in Houston. I am looking at houses in the $80k-$150k range and plan to put down 25%+ downpayment. I will be a first year PhD student with a $20k/year stipend. From what I'm reading, it will be hard to get my stipend to be considered as income. What options do I have, other than to rent instead of buy? <br/><br/>Cosigner with income? Are there any lenders willing to consider $20k stipend as income?<br/><br/>Thanks!<br \><br \>1 reply Mon, 25 May 2015 17:47:00 GMT http://www.zillow.com/advice-thread/Buying-a-home-as-a-PhD-student-large-down-payment-but-only-stipend-as-income/588374/ 2015-05-25T17:47:00Z Should I try to get this home? $699k 10% down, http://www.zillow.com/advice-thread/Should-I-try-to-get-this-home-699k-10-down/572516/ We've worked over the last year to raise our scores. I'm low 700s on 2 688 on another. Wife is around 690 on all. We have 5% available, can borrow the other 5% (or have it "gifted"). Looking at $700k house in Dallas area. Tax return income is about $160k, $9k car loan, $53k student loans. No CC debt. Payments total about $800/mo. I want to shop but I'm afraid of getting my hopes up and getting shut down. Any thoughts from the mortgage pros?<br \><br \>14 replies Sat, 17 Jan 2015 15:09:00 GMT http://www.zillow.com/advice-thread/Should-I-try-to-get-this-home-699k-10-down/572516/ 2015-01-17T15:09:00Z any chance for a conventional loan after a foreclosure in 2011? http://www.zillow.com/advice-thread/any-chance-for-a-conventional-loan-after-a-foreclosure-in-2011/584759/ Unfortunately, bc of the volatile housing market in California and my wife's health, we opted to short sale our condo in Los Angeles. The two sections at BOA did not communicate with one another and our approved short sale turned into a foreclosure in December 2011. This is the only hit we have ever had on our credit and are scores are still in the 700s. We live in the Woodlands now and would love to purchase a home and can put 25-30% down if necessary with two stable incomes. Is there anyone out there who would consider us?<br \><br \>8 replies Wed, 29 Apr 2015 02:35:00 GMT http://www.zillow.com/advice-thread/any-chance-for-a-conventional-loan-after-a-foreclosure-in-2011/584759/ 2015-04-29T02:35:00Z 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 \>11 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 Question about owning a timeshare and buying a house http://www.zillow.com/advice-thread/Question-about-owning-a-timeshare-and-buying-a-house/583482/ We were told that we cannot buy a house within 50 miles from our timeshare, is this true? Our timeshare is located 40 miles away from where the house we want to buy is located at<br \><br \>5 replies Sun, 19 Apr 2015 16:41:00 GMT http://www.zillow.com/advice-thread/Question-about-owning-a-timeshare-and-buying-a-house/583482/ 2015-04-19T16:41:00Z Did we mess up our chance of getting approved?! http://www.zillow.com/advice-thread/Did-we-mess-up-our-chance-of-getting-approved/582597/ So me and my husband are trying to purchase our first home using an FHA loan. We spoke to 2 different lenders/banks. One bank told us we didn't have enough credit (we are young and had no credit cards) and told us we need to open a secured credit card and put $20 in it and pay half of the bill for a month and a half. So we opened a secured credit card a few weeks ago. The other lender thought our application looked great and was willing to work with my husbands credit which is roughly 66 . So after finding a home we love and putting a contract on the house i started reading online about opening a credit card during the process can ruin your chances of getting approved. Now I am super worried we may have messed up our chances of getting approved. We are going to tell the loan officer asap but in the meantime I am looking for advice and other people's experiences.<br \><br \>3 replies Sun, 12 Apr 2015 19:54:00 GMT http://www.zillow.com/advice-thread/Did-we-mess-up-our-chance-of-getting-approved/582597/ 2015-04-12T19:54:00Z How can I quickly remove disputes from my credit reports? http://www.zillow.com/advice-thread/How-can-I-quickly-remove-disputes-from-my-credit-reports/580996/ My broker called today and said that we need to remove the disputes from all three agencies in order to proceed with my loan. Who can help me with this? Any agencies that will help?<br \><br \>8 replies Tue, 31 Mar 2015 03:44:00 GMT http://www.zillow.com/advice-thread/How-can-I-quickly-remove-disputes-from-my-credit-reports/580996/ 2015-03-31T03:44:00Z Mortgage After Short Sale http://www.zillow.com/advice-thread/Mortgage-After-Short-Sale/580326/ I did a short sale about 2 years ago. At the time of the short sale, all payments were up to date and the loan(s) was not in default. It is my understanding that Fannie Mae changed the guidelines on waiting periods for conventional loans from 2 years (with 20% down) to 4 years from all short sales. Also, FHA loans are only available after a 3 year waiting period. However, I heard of an exception to the FHA requirements that allow for no waiting period if the loan was current at the time of the short sale. Based on some conversations with lenders, this is a program, but I have not heard of anyone who offers it. Does anyone know where to get a loan such as this or another program? My credit is good and I have over 20% for a down payment, would just rather not wait 2 more years to buy a home.&nbsp;<br \><br \>8 replies Wed, 25 Mar 2015 21:45:00 GMT http://www.zillow.com/advice-thread/Mortgage-After-Short-Sale/580326/ 2015-03-25T21:45:00Z When is it too late to drop current lender and find a new one? http://www.zillow.com/advice-thread/When-is-it-too-late-to-drop-current-lender-and-find-a-new-one/578487/ Just wondering when it is too late to release/drop current lender and find a new one? They have been unable to get a closing scheduled despite pre-approving us 60 days ago (not pre-qual, pre-approved). They seem to keep stalling and we are slamming up against a hard deadline at the end of March. They pre-approved us last week of December!! Any advice would be greatly appreciated.&nbsp;<br \><br \>22 replies Wed, 11 Mar 2015 12:35:00 GMT http://www.zillow.com/advice-thread/When-is-it-too-late-to-drop-current-lender-and-find-a-new-one/578487/ 2015-03-11T12:35:00Z DESPERATE can't get 2012 tax trascript March closing! http://www.zillow.com/advice-thread/DESPERATE-can%27t-get-2012-tax-trascript-March-closing/576465/ We are in undewriting for an FHA loan on a house. Everything has been easy so far; credit is good, we have w2s, paystubs, money for down pymnt, and 2013 tax transcript. However, we can't get the 2012 tax transcript...my husband efiled and there is no record of it on IRS.gov. &nbsp;Is there any way this loan can go through? Can we file 2014 taxes today and get those transcripts sooner than trying to retreive 2012? I am sick over this. We'll have no place to live if this falls through.<br \><br \>3 replies Sat, 21 Feb 2015 13:33:00 GMT http://www.zillow.com/advice-thread/DESPERATE-can%27t-get-2012-tax-trascript-March-closing/576465/ 2015-02-21T13:33:00Z DESPERATE can't get 2012 tax trascript March closing! http://www.zillow.com/advice-thread/DESPERATE-can%27t-get-2012-tax-trascript-March-closing/576465/ We are in undewriting for an FHA loan on a house. Everything has been easy so far; credit is good, we have w2s, paystubs, money for down pymnt, and 2013 tax transcript. However, we can't get the 2012 tax transcript...my husband efiled and there is no record of it on IRS.gov. &nbsp;Is there any way this loan can go through? Can we file 2014 taxes today and get those transcripts sooner than trying to retreive 2012? I am sick over this. We'll have no place to live if this falls through.<br \><br \>3 replies Sat, 21 Feb 2015 13:33:00 GMT http://www.zillow.com/advice-thread/DESPERATE-can%27t-get-2012-tax-trascript-March-closing/576465/ 2015-02-21T13:33:00Z When I use the Affordability Calculator it ask for Monthly Debt, should I include a light bill http://www.zillow.com/advice-thread/When-I-use-the-Affordability-Calculator-it-ask-for-Monthly-Debt-should-I-include-a-light-bill/568683/ I know a car note, credit card debt, phone bill, car insurance is a debt, but so is a light bill, should this be included? Gas? Food? Clothes?<br \><br \>14 replies Thu, 04 Dec 2014 18:32:00 GMT http://www.zillow.com/advice-thread/When-I-use-the-Affordability-Calculator-it-ask-for-Monthly-Debt-should-I-include-a-light-bill/568683/ 2014-12-04T18:32:00Z When I use the Affordability Calculator it ask for Monthly Debt, should I include a light bill http://www.zillow.com/advice-thread/When-I-use-the-Affordability-Calculator-it-ask-for-Monthly-Debt-should-I-include-a-light-bill/568683/ I know a car note, credit card debt, phone bill, car insurance is a debt, but so is a light bill, should this be included? Gas? Food? Clothes?<br \><br \>14 replies Thu, 04 Dec 2014 18:32:00 GMT http://www.zillow.com/advice-thread/When-I-use-the-Affordability-Calculator-it-ask-for-Monthly-Debt-should-I-include-a-light-bill/568683/ 2014-12-04T18:32:00Z How is USDA Loan Income Qualification calculated? http://www.zillow.com/advice-thread/How-is-USDA-Loan-Income-Qualification-calculated/234385/ Is your gross income calculated by last years w2 income or your current income level?&nbsp; Based on last years w2 i would qualify but if they calculate based on your current income i would be over the limit as i was recently put on salary.<br \><br \>2 replies Wed, 13 May 2009 14:23:00 GMT http://www.zillow.com/advice-thread/How-is-USDA-Loan-Income-Qualification-calculated/234385/ 2009-05-13T14:23:00Z How is USDA Loan Income Qualification calculated? http://www.zillow.com/advice-thread/How-is-USDA-Loan-Income-Qualification-calculated/234385/ Is your gross income calculated by last years w2 income or your current income level?&nbsp; Based on last years w2 i would qualify but if they calculate based on your current income i would be over the limit as i was recently put on salary.<br \><br \>2 replies Wed, 13 May 2009 14:23:00 GMT http://www.zillow.com/advice-thread/How-is-USDA-Loan-Income-Qualification-calculated/234385/ 2009-05-13T14:23:00Z Should I try to get this home? $699k 10% down, http://www.zillow.com/advice-thread/Should-I-try-to-get-this-home-699k-10-down/572516/ We've worked over the last year to raise our scores. I'm low 700s on 2 688 on another. Wife is around 690 on all. We have 5% available, can borrow the other 5% (or have it "gifted"). Looking at $700k house in Dallas area. Tax return income is about $160k, $9k car loan, $53k student loans. No CC debt. Payments total about $800/mo. I want to shop but I'm afraid of getting my hopes up and getting shut down. Any thoughts from the mortgage pros?<br \><br \>13 replies Sat, 17 Jan 2015 15:09:00 GMT http://www.zillow.com/advice-thread/Should-I-try-to-get-this-home-699k-10-down/572516/ 2015-01-17T15:09:00Z Home Loan approval. after 4 years of a ch.7 discharge http://www.zillow.com/advice-thread/Home-Loan-approval-after-4-years-of-a-ch-7-discharge/571549/ We received a discharge in 2011 after 20 yrs employment lay-offs and this is th reason for the Ch.7. Our home was included, but we stayed in the home making payments. From 2012-2013 Chase showed we were late each month, even though we made payments every month during the 2011 period we missed one payment and it set us back each month. So fast forward, we caught up that payment and have been on time for 1 full year, but now we will sell the home and the payments we make to chase are not being reported due to the fact we never reaffirmed advised by attorney. Considering that we have a 687 fico score, and payment history being reported is all on time, and we sell our home. What will prevent a new conventional or FHA loan approval. I want to make sure we cover all that we can in order to purchase a new home . Would re-fi to get payments reported be a option to aid in future approval, or does the score with a proof of selling home cover us for pre-aproval ? Thanks !<br \><br \>6 replies Wed, 07 Jan 2015 23:40:00 GMT http://www.zillow.com/advice-thread/Home-Loan-approval-after-4-years-of-a-ch-7-discharge/571549/ 2015-01-07T23:40:00Z If my Credit Score is lower than 620 can i get approved for 275K home? http://www.zillow.com/advice-thread/If-my-Credit-Score-is-lower-than-620-can-i-get-approved-for-275K-home/569204/ 18 replies Tue, 09 Dec 2014 23:33:00 GMT http://www.zillow.com/advice-thread/If-my-Credit-Score-is-lower-than-620-can-i-get-approved-for-275K-home/569204/ 2014-12-09T23:33:00Z