Zillow Advice RSS: Question-Discussion-Guide,Mortgage Types,MA http://www.zillow.com/advice/MA/mortgage-mortgage-types/question-discussion-guide/mortgage/?s=0 Zillow Advice search results | Zillow Real Estate Looking for mortgage lenders in Mass with 80/10/10 loans http://www.zillow.com/advice-thread/Looking-for-mortgage-lenders-in-Mass-with-80-10-10-loans/542778/ 4 replies Tue, 27 May 2014 21:03:00 GMT http://www.zillow.com/advice-thread/Looking-for-mortgage-lenders-in-Mass-with-80-10-10-loans/542778/ 2014-05-27T21:03:00Z Looking into USDA home loan. Meet qualifications. Anyone know what the interest rate is, fees? txs http://www.zillow.com/advice-thread/Looking-into-USDA-home-loan-Meet-qualifications-Anyone-know-what-the-interest-rate-is-fees-txs/393160/ In general, the USDA loan is better than conventional mortgages - especially if you are putting less than 20% down. You must meet the income requirements, and the house you are purchasing must also qualify.<br/><br/>In general, rates for USDA loans are slightly higher then conventional mortgages. <br/><br/>You will need to contact a mortgage lender or broker who does USDA loans to get an update on current interest rates.<br \><br \>0 replies Thu, 31 Mar 2011 18:47:00 GMT http://www.zillow.com/advice-thread/Looking-into-USDA-home-loan-Meet-qualifications-Anyone-know-what-the-interest-rate-is-fees-txs/393160/ 2011-03-31T18:47:00Z Why Reverse Mortgages Are Popular http://www.zillow.com/advice-thread/Why-Reverse-Mortgages-Are-Popular/374403/ Recent legislation and changes in the marketplace are increasing the use of reverse mortgages. Here are three factors that make reverse mortgages an improved retirement-planning tool.<br/><br/><strong>1. Fees are lower.</strong> The government, with support from lenders, has revised how reverse mortgages are structured.<br/><br/><strong>2. Loans are more flexible.</strong> New loans let borrowers take money as they need it instead of all at once.<br/><br/><strong>3. Selling isn't always feasible.</strong> Reverse mortgages generally don't pay as much as selling a house outright, but these days selling a house can be very difficult.<br/><br/>Source: <a href="http://www.realtor.org/RMODaily.nsf/pages/News2010110202?OpenDocument" rel="nofollow">National Association of Realtors&reg;</a><br \><br \>5 replies Wed, 10 Nov 2010 02:13:00 GMT http://www.zillow.com/advice-thread/Why-Reverse-Mortgages-Are-Popular/374403/ 2010-11-10T02:13:00Z 10% Jumbo Construction Mortgages Available? http://www.zillow.com/advice-thread/10-Jumbo-Construction-Mortgages-Available/531394/ Most likely no.&nbsp;<br/><br/>It is possible to purchase an existing home (with a jumbo range mortgage)&nbsp;with an 80/10/10 mortgage.<br \><br \>0 replies Sun, 09 Mar 2014 14:56:00 GMT http://www.zillow.com/advice-thread/10-Jumbo-Construction-Mortgages-Available/531394/ 2014-03-09T14:56:00Z mortgage types http://www.zillow.com/advice-thread/mortgage-types/485761/ what are the 20/80 split options for a person with credit score around 705 and income of 86,000 year. Can you do this split with an FHA or MA Housing or do you have to do a traditional mortgage. I do have money to put down but not a ton and am looking at my options&nbsp;<br \><br \>2 replies Mon, 01 Apr 2013 16:25:00 GMT http://www.zillow.com/advice-thread/mortgage-types/485761/ 2013-04-01T16:25:00Z Tear down construction loan question http://www.zillow.com/advice-thread/Tear-down-construction-loan-question/402818/ Funny you should ask :) I feel more comfortable with modular construction - their estimates seem to have less margin for error. Now if the banks agree with that, is another question. <br/><br/>For the non-owner occupied co-borrower, I feel comfortable with both parents to be on the mortgage and being co-investors.<br/><br/>How does credit score of the spouse affect "total" score? Is lowest of the two taken or average?<br \><br \>0 replies Sun, 12 Jun 2011 17:15:00 GMT http://www.zillow.com/advice-thread/Tear-down-construction-loan-question/402818/ 2011-06-12T17:15:00Z Is it possible to get a mortgage with (very) low income but high asset availability? http://www.zillow.com/advice-thread/Is-it-possible-to-get-a-mortgage-with-very-low-income-but-high-asset-availability/529228/ Hi there,<br/><br/>Because I am currently a full-time grad student, my income (based on a service-based stipend for teaching intro college classes) is pretty rock bottom. But I do have quite a bit of money in assets that can be used for a solid down payment (at least 20%) and towards monthly mortgage payments, I have excellent credit and have zero debt. <br/><br/>While I could potentially pay cash for a first home, I don't want to liquidate all of that and would rather leave what isn't needed for a down payment invested. But I'm running into the problem that on paper, my DTI is too high to get approved for a mortgage. Are there any ways to get around this issue so that the assets that I do have can be considered and not just my low annual income?&nbsp;<br/><br/>I really appreciate any advice anyone can provide.<br/><br/>C<br \><br \>4 replies Thu, 20 Feb 2014 19:49:00 GMT http://www.zillow.com/advice-thread/Is-it-possible-to-get-a-mortgage-with-very-low-income-but-high-asset-availability/529228/ 2014-02-20T19:49:00Z Can I buy a second two family owner occupied home for less than 20% down? http://www.zillow.com/advice-thread/Can-I-buy-a-second-two-family-owner-occupied-home-for-less-than-20-down/434782/ Hi Ed,<br/><br/>Thanks for taking the time to reply.<br/>I've asked a couple of brokers and&nbsp;gone directly to the bank that we have the mortgage with&nbsp;and both said you need 20% - 25% down for a second owner occupied home.<br/><br/>This is our second year in our home.<br/>Would you perhaps have some other direction I could check out?<br/><br/>Thanks again!<br/>D<br \><br \>0 replies Mon, 12 Mar 2012 12:49:00 GMT http://www.zillow.com/advice-thread/Can-I-buy-a-second-two-family-owner-occupied-home-for-less-than-20-down/434782/ 2012-03-12T12:49:00Z What kind of bank has no money? http://www.zillow.com/advice-thread/What-kind-of-bank-has-no-money/203068/ a <a href="http://www.zillow.com/mortgage/">mortgage</a> bank<br \><br \>0 replies Wed, 25 Feb 2009 22:06:00 GMT http://www.zillow.com/advice-thread/What-kind-of-bank-has-no-money/203068/ 2009-02-25T22:06:00Z I have the 20% down to put down, but the home needs repairs..can I qualify for HELOC right away? http://www.zillow.com/advice-thread/I-have-the-20-down-to-put-down-but-the-home-needs-repairs-can-I-qualify-for-HELOC-right-away/364878/ You should talk with your mortgage professional about the possiblites of a 203K loan. They can go over the criteria but basically it's a rehab loan to assist with capital improvements with the property. Might be worth checking into.<br/><br/>Hope that helps,<br/><br/><br/><br \><br \>0 replies Thu, 02 Sep 2010 15:00:00 GMT http://www.zillow.com/advice-thread/I-have-the-20-down-to-put-down-but-the-home-needs-repairs-can-I-qualify-for-HELOC-right-away/364878/ 2010-09-02T15:00:00Z Cash only financing options http://www.zillow.com/advice-thread/Cash-only-financing-options/534003/ I'm interested in a house which is cash only. I could come up with the cash but it would bind more of my liquid capital than I like and I would have to sell shares which I would like to hold at the moment for tax reasons. Also, buying in cash would remove advantages like the tax deductions for mortgage payments which I want to make use of.<br/><br/>What are my options here?<br/><br/>A home equity loan is not fully tax deductible (up to 100k from what I read). I'd be ok with the 100k but for some reason they also have a substantially higher interest rate (30y fixed differs by ~1%), so no.<br/><br/>It seems to be possible to get a purchase mortgage even after the purchase if prepared carefully in advance with certain lenders. However, the house needs fixes. I would have to apply the fixes before I get the appraisal which would cost time and money. Time is critical because from what I read from the IRS the mortgage has to be finalized 90 days after the purchase in order to qualify. Money is critical because the fixes cost money and thus even more of my capital than the purchase price would be bound for this time.<br/><br/>I also read about 203k rehab loan. What are the advantages/disdvantages of<br/>this option? Do they have the same tax status?&nbsp;&nbsp;&nbsp;<br/><br \><br \>7 replies Thu, 27 Mar 2014 13:22:00 GMT http://www.zillow.com/advice-thread/Cash-only-financing-options/534003/ 2014-03-27T13:22:00Z How does a non-usa resident without a SSN get a mortgage in MA? http://www.zillow.com/advice-thread/How-does-a-non-usa-resident-without-a-SSN-get-a-mortgage-in-MA/513598/ 8 replies Mon, 30 Sep 2013 21:41:00 GMT http://www.zillow.com/advice-thread/How-does-a-non-usa-resident-without-a-SSN-get-a-mortgage-in-MA/513598/ 2013-09-30T21:41:00Z is $570,000.00 considered a jumbo mortgage in Plymouth County, MA? http://www.zillow.com/advice-thread/is-570-000-00-considered-a-jumbo-mortgage-in-Plymouth-County-MA/179277/ I believe so. it's not the town/county that determines JUMBO category, it's the <a href="http://www.zillow.com/directory/lenders/">lenders</a> specifications. You should check with your <a href="http://www.zillow.com/directory/lenders/">mortgage broker</a> or local bank to see what they are offering.<br \><br \>0 replies Fri, 19 Dec 2008 18:11:00 GMT http://www.zillow.com/advice-thread/is-570-000-00-considered-a-jumbo-mortgage-in-Plymouth-County-MA/179277/ 2008-12-19T18:11:00Z Isn't it standard operating procedure to apply mortgage payments to interest and then principal? http://www.zillow.com/advice-thread/Isn%27t-it-standard-operating-procedure-to-apply-mortgage-payments-to-interest-and-then-principal/493145/ 7 replies Mon, 20 May 2013 17:22:00 GMT http://www.zillow.com/advice-thread/Isn%27t-it-standard-operating-procedure-to-apply-mortgage-payments-to-interest-and-then-principal/493145/ 2013-05-20T17:22:00Z Can you modify loan that is 30y. fixed, with 1st 10 years interest only, plus PMI? http://www.zillow.com/advice-thread/Can-you-modify-loan-that-is-30y-fixed-with-1st-10-years-interest-only-plus-PMI/187600/ <p>My husband and I working. We are making payments on time, <a href="http://www.zillow.com/mortgage/">mortgage</a> first the rest later, it is getting harder and harder. While my husband was unemployed and I was home with little ones, we were using money from the sale of other house (which wasn't a lot). Now, it all had catch up with us. Depend on our salaries. It is hard,&nbsp;and scary to look in the future. We don't have much of other credit debt, about $2500. One of the <a href="http://www.zillow.com/mortgage/">loan</a> officers from Countrywide told me that in order to be considered for <a href="http://www.zillow.com/loan-modification/">loan modification</a> we have to be late on the payment, which we never were. Not nesessarily 30 days, but at lease 15 so it won't affect credit. And he also mentioned that we can ask Countrywide to modify the rate and leave the terms as is. I will try.</p><br \><br \>0 replies Sat, 17 Jan 2009 00:42:00 GMT http://www.zillow.com/advice-thread/Can-you-modify-loan-that-is-30y-fixed-with-1st-10-years-interest-only-plus-PMI/187600/ 2009-01-17T00:42:00Z I am in need of a Portfolio Lender in MA for a primary residence - was pre-approved http://www.zillow.com/advice-thread/I-am-in-need-of-a-Portfolio-Lender-in-MA-for-a-primary-residence-was-pre-approved/440093/ Try Greenpark Mortgage www.greenparkmortgage.com &nbsp;I believe they do some portfolio lending. &nbsp;&nbsp;<br \><br \>0 replies Tue, 24 Apr 2012 12:17:00 GMT http://www.zillow.com/advice-thread/I-am-in-need-of-a-Portfolio-Lender-in-MA-for-a-primary-residence-was-pre-approved/440093/ 2012-04-24T12:17:00Z Balloon Mortgage http://www.zillow.com/advice-thread/Balloon-Mortgage/379780/ I refinanced my home a while back with a balloon mortgage.<br/><br/>My problem now is I would like to switch to a conventional mortgage, but I can not verify my income. Is there way to get my existing bank to switch to conventional considering I am already paying them roughly the same amount?<br/><br/>Is there any program to help me out?<br/><br/><br/><br/><br \><br \>3 replies Thu, 06 Jan 2011 02:41:00 GMT http://www.zillow.com/advice-thread/Balloon-Mortgage/379780/ 2011-01-06T02:41:00Z Cash only condo http://www.zillow.com/advice-thread/Cash-only-condo/522726/ Im preapproved for a mortgage, but of course the place i like is a cash only short sale. Is there any type of loan that will give me cash up front?<br \><br \>4 replies Sun, 29 Dec 2013 22:08:00 GMT http://www.zillow.com/advice-thread/Cash-only-condo/522726/ 2013-12-29T22:08:00Z As a US citizen overseas, do I qualify for a loan to buy a house in MA? http://www.zillow.com/advice-thread/As-a-US-citizen-overseas-do-I-qualify-for-a-loan-to-buy-a-house-in-MA/513557/ <br/>Tucker,<br/><br/>Working with the right mortgage person should get you qualified for a loan. I would be happy to assist you.<br/><br/>Thanks,<br/>Justin Melo<br/>Bettencourt Real Estate<br/><br \><br \>0 replies Mon, 30 Sep 2013 17:58:00 GMT http://www.zillow.com/advice-thread/As-a-US-citizen-overseas-do-I-qualify-for-a-loan-to-buy-a-house-in-MA/513557/ 2013-09-30T17:58:00Z Where can I find an 80/20 mortgage or a 20/75/5 so I can avoid PMI? http://www.zillow.com/advice-thread/Where-can-I-find-an-80-20-mortgage-or-a-20-75-5-so-I-can-avoid-PMI/177750/ Mortgage insurance is tax deductable now, and you can likely qualify for a higher loan amount (if you want to), with <a href="http://www.zillow.com/mortgage/help/Private-Mortgage-Insurance.htm">mortgage Insurance</a> included in your payment.&nbsp; It used to be that we did 80/20's to avoid MI, but it was not tax deductable at that time (till 2008), and your payment is usually less with today's low MI rates than it would be if you did an 80/20.&nbsp; Also, the 2nd is harder to come by now, unless you have stellar credit.&nbsp; <br/><br/>Another option is to do an FHA loan.&nbsp;3.5% down is all that is required, and that can be gifted from a family member&nbsp;(if you are lucky enough to have someone who can gift this to you!)&nbsp;The rates are great today on mortgages, and the MI factor for an <a href="http://www.zillow.com/fha-loan/">FHA loan</a> is lower than if you&nbsp;went with&nbsp;a conventional loan.&nbsp; I am able to help with <a href="http://www.zillow.com/fha-loan/">FHA loans</a>, or conventional financing in Oregon and Washington. If you are buying or refinancing in one of those states, give me a call!<br \><br \>0 replies Wed, 17 Dec 2008 23:18:00 GMT http://www.zillow.com/advice-thread/Where-can-I-find-an-80-20-mortgage-or-a-20-75-5-so-I-can-avoid-PMI/177750/ 2008-12-17T23:18:00Z