Zillow Advice RSS: Question-Discussion-Guide,Mortgage Types,VA http://www.zillow.com/advice/VA/mortgage-mortgage-types/question-discussion-guide/mortgage/?s=0 Zillow Advice search results | Zillow Real Estate for 5/1 adj. interest only how much is min. down percentage http://www.zillow.com/advice-thread/for-5-1-adj-interest-only-how-much-is-min-down-percentage/373650/ Fannie Mae has drastically restricted use of Interest Only mortgages by requiring three things:<br/><br/>1) 30% down, 2) Borrower must have 24-months of PITI in liquid funds for post closing reserves, 3) Minimum FICO of 720<br/><br/>Freddie Mac has discontinued purchase of any I/O mortgage product.&nbsp;<br/><br/>While continuing to offer I/O's Fannie Mae's intent is to restrict their use to very well qualified borrowers who are using them for cash flow tools and to prevent them from being used by borrowers to stretch to afford a home. &nbsp;<br \><br \>0 replies Thu, 04 Nov 2010 13:41:00 GMT http://www.zillow.com/advice-thread/for-5-1-adj-interest-only-how-much-is-min-down-percentage/373650/ 2010-11-04T13:41:00Z refi of neighbor hood club house http://www.zillow.com/advice-thread/refi-of-neighbor-hood-club-house/327121/ Couple of questions - <br/><br/>Who has the obligation for the payment of the <a href="http://www.zillow.com/mortgage/">mortgage</a> currently ? And who holds the title to the clubhouse ? An what is the rate on the current <a href="http://www.zillow.com/mortgage/">loan</a> ?<br/><br/>This would not normally fall under 30 year, fixed rate residential guidelines, since it is not a residence. <br/><br/>If this is owned&nbsp; by a neighborhood association, and dues are collected from the homeowners, this will be a commercial loan of some sort. These generally are not fixed for 30 year terms, but could have a 15, 20,&nbsp; 25, or 30 year <a href="http://www.zillow.com/mortgage-glossary/Amortization/">amortization</a> on a shorter term loan. Even though the term of the loan is not 30 years, the amortization schedule can help reduce the payments if it is longer than what you now have.<br \><br \>0 replies Mon, 22 Feb 2010 16:09:00 GMT http://www.zillow.com/advice-thread/refi-of-neighbor-hood-club-house/327121/ 2010-02-22T16:09:00Z Portfolio Lender http://www.zillow.com/advice-thread/Portfolio-Lender/564617/ I live in Charlottesville Virginia and own nine rental units in Southern California, only three of the units have mortgages. I am looking for a portfolio lender that I can prepare financing for my investments in my new home,&nbsp;Charlottesville Virginia.&nbsp;<br/><br/>Does anyone have portfolio resources in that area?<br/><br/>Thanks!<br \><br \>7 replies Tue, 28 Oct 2014 18:42:00 GMT http://www.zillow.com/advice-thread/Portfolio-Lender/564617/ 2014-10-28T18:42:00Z Is there a waiting period after foreclosure for conventional loan? http://www.zillow.com/advice-thread/Is-there-a-waiting-period-after-foreclosure-for-conventional-loan/474835/ Your best option will be contacting a mortgage broker that can explore your financial options and advice accordingly with the results of your credit report, employment history and circunstances that concluded into the foreclosure.<br/><br/>Maria Cipollone<br \><br \>0 replies Fri, 18 Jan 2013 14:56:00 GMT http://www.zillow.com/advice-thread/Is-there-a-waiting-period-after-foreclosure-for-conventional-loan/474835/ 2013-01-18T14:56:00Z Requires a homepath mortgage a certain income? http://www.zillow.com/advice-thread/Requires-a-homepath-mortgage-a-certain-income/403974/ My buyers agent told me so but I couldn't find anything about that.&nbsp;<br \><br \>2 replies Sat, 18 Jun 2011 20:13:00 GMT http://www.zillow.com/advice-thread/Requires-a-homepath-mortgage-a-certain-income/403974/ 2011-06-18T20:13:00Z I am in desperate need to refi a jumbo mortgage loan of $1.6 M at 90%LTV. Good ratios and credit http://www.zillow.com/advice-thread/I-am-in-desperate-need-to-refi-a-jumbo-mortgage-loan-of-1-6-M-at-90-LTV-Good-ratios-and-credit/575430/ 1 reply Thu, 12 Feb 2015 04:11:00 GMT http://www.zillow.com/advice-thread/I-am-in-desperate-need-to-refi-a-jumbo-mortgage-loan-of-1-6-M-at-90-LTV-Good-ratios-and-credit/575430/ 2015-02-12T04:11:00Z I am a foreigner and want to buy a house in Virginia. Can I get a mortgage with a big down payment? http://www.zillow.com/advice-thread/I-am-a-foreigner-and-want-to-buy-a-house-in-Virginia-Can-I-get-a-mortgage-with-a-big-down-payment/506694/ Hi everyone-<br/><br/>I have been living in U.S. since 2007. I came here as a student and right now I am working with OPT. It expires on 2015 and my company will start my H1-B sponsorship next year. I have been living in a the same rental for a long time and the homeowner decided to sell it to me for $140,000. Right now, I have $100,000 down payment and I only need to loan $40,000. First, can I purchase it as a foreigner? Second, will bank loan me any money? Third, is there any other money loaning options for $40,000? And can you guys please recommend me any agent with international owner home sales?&nbsp;<br/><br/>Thanks,<br \><br \>1 reply Tue, 13 Aug 2013 20:17:00 GMT http://www.zillow.com/advice-thread/I-am-a-foreigner-and-want-to-buy-a-house-in-Virginia-Can-I-get-a-mortgage-with-a-big-down-payment/506694/ 2013-08-13T20:17:00Z Which mortgage is right for us? http://www.zillow.com/advice-thread/Which-mortgage-is-right-for-us/460902/ My husband's salary is $150,000 and mine is $18,000. His credit score is 720; my credit score is higher. We are looking to purchase a home (around $600,000) and plan on living in this house for no more than 5-7 years. We will be putting down 5%. <br/><br/>What type of mortgage is best for us?<br \><br \>6 replies Fri, 21 Sep 2012 20:33:00 GMT http://www.zillow.com/advice-thread/Which-mortgage-is-right-for-us/460902/ 2012-09-21T20:33:00Z New_Mortgage_after_Shortsale http://www.zillow.com/advice-thread/New-Mortgage-after-Shortsale/458575/ <p class="MsoNormal">I'm curious if there are any programs out there that let a person get a new mortgage one year after shortsale is completed.<br/><br/>Credit is decent - purchased two brand new cars since shortsale<br/>Loan shows as paid in full on credit report<br/>Hardship was approved for shortsale<br/><strong>Missed payments leading up to shortsale</strong></p><br \><br \>6 replies Tue, 04 Sep 2012 20:24:00 GMT http://www.zillow.com/advice-thread/New-Mortgage-after-Shortsale/458575/ 2012-09-04T20:24:00Z Want to know the pros and Cons of two mortgage options http://www.zillow.com/advice-thread/Want-to-know-the-pros-and-Cons-of-two-mortgage-options/577721/ Buying with 10% down. &nbsp;I really have nothing to complain about, but, want to better understand pros and cons of each option.<br/><br/>Option 1: &nbsp;First Trust: $625,500 at 3.875 fixed for 30 years; Second Trust: &nbsp;153,000 HELOC at prime - 0.25%, floor of 4%. &nbsp;Interest only minimum payment<br/>Option 2: &nbsp;First Trust: $625,500 at 3.875 fixed for 30 years; Second Trust: &nbsp;153,000 at 4.375 Fixed for 30 years. &nbsp;<br/><br/>First option is around $330 less per month<br/><br/>Thank you -&nbsp;<br \><br \>7 replies Wed, 04 Mar 2015 15:31:00 GMT http://www.zillow.com/advice-thread/Want-to-know-the-pros-and-Cons-of-two-mortgage-options/577721/ 2015-03-04T15:31:00Z Va home improvement loans? http://www.zillow.com/advice-thread/Va-home-improvement-loans/408440/ Hi Shamrock,<br/><br/>Did you find a lender to do a fixer upper mortgage? &nbsp;I'm searching for one for a client right now... &nbsp;let me know if you found a lender... and I'll let you know if I find one.<br/><br/>All the best,<br/>Alma<br/><em>[website deleted by Zillow moderator.&nbsp; Please refer to our Good Neighbor Policy]</em><br \><br \>0 replies Tue, 25 Oct 2011 13:57:00 GMT http://www.zillow.com/advice-thread/Va-home-improvement-loans/408440/ 2011-10-25T13:57:00Z i have a property under the name of an LLC and there is no debt on it. What loan options are availab http://www.zillow.com/advice-thread/i-have-a-property-under-the-name-of-an-LLC-and-there-is-no-debt-on-it-What-loan-options-are-availab/440613/ <p>Hi Jsrd,<br/><br/>Two choices, commercial loan or, if the property is&nbsp;a residential property, then you can do an investment loan on the property through normal residential mortgage firms. Either way, these loans are harder to qualify for and typically require more down, or a lower LTV.<br/>Best wishes, Jim</p><br \><br \>0 replies Fri, 27 Apr 2012 20:53:00 GMT http://www.zillow.com/advice-thread/i-have-a-property-under-the-name-of-an-LLC-and-there-is-no-debt-on-it-What-loan-options-are-availab/440613/ 2012-04-27T20:53:00Z Construction to Permanent http://www.zillow.com/advice-thread/Construction-to-Permanent/572743/ Is it possible to find a Construction to permanent loan with a fixed rate (rate carries over to permanent mortgage) with .05% origination fee at current market rates? &nbsp;Currently 3.5% for a 30 year loan in my area.<br/><br/>Also, I was hoping to use the equity in my land as the required % downpayment.<br \><br \>2 replies Mon, 19 Jan 2015 21:14:00 GMT http://www.zillow.com/advice-thread/Construction-to-Permanent/572743/ 2015-01-19T21:14:00Z Can I get a mortgage on a 700k house with 5% down in Loudoun County VA without PMI? http://www.zillow.com/advice-thread/Can-I-get-a-mortgage-on-a-700k-house-with-5-down-in-Loudoun-County-VA-without-PMI/588116/ My wife and I both have Credit scores of 780+. Combined income of 180k+. We are looking at buying a house in Loudoun county VA in the 700's and we have 5% down. We were looking to avoid PMI for the full term that comes with the FHA loan.<br \><br \>4 replies Sat, 23 May 2015 02:59:00 GMT http://www.zillow.com/advice-thread/Can-I-get-a-mortgage-on-a-700k-house-with-5-down-in-Loudoun-County-VA-without-PMI/588116/ 2015-05-23T02:59:00Z Buy land and building on it, is it possible to finance with less than 5% down? http://www.zillow.com/advice-thread/Buy-land-and-building-on-it-is-it-possible-to-finance-with-less-than-5-down/561881/ MVB Mortgage is the area leader in Construction Financing, and we can get to 75-80% LTV of the project when completed. This also allows for land acquisition in the same loan.&nbsp;<br/>It really is a fantastic product. During construction, you pay interest only, and only on the amount you have actually borrowed.<br/>Best wishes, Jim<br \><br \>0 replies Tue, 07 Oct 2014 22:43:00 GMT http://www.zillow.com/advice-thread/Buy-land-and-building-on-it-is-it-possible-to-finance-with-less-than-5-down/561881/ 2014-10-07T22:43:00Z I am looking to purchase a home this year, my credit is good - 730 - but I don't bring in much every http://www.zillow.com/advice-thread/I-am-looking-to-purchase-a-home-this-year-my-credit-is-good-730-but-I-don%27t-bring-in-much-every/474008/ Contact a couple of local mortgage lenders and I'm sure they will be able to help with your question. Good luck and take care. :)<br \><br \>0 replies Thu, 17 Jan 2013 07:56:00 GMT http://www.zillow.com/advice-thread/I-am-looking-to-purchase-a-home-this-year-my-credit-is-good-730-but-I-don%27t-bring-in-much-every/474008/ 2013-01-17T07:56:00Z Looking for local lender in northern virginia for non-warrantable condo http://www.zillow.com/advice-thread/Looking-for-local-lender-in-northern-virginia-for-non-warrantable-condo/532415/ Yes, I am a mortgage banker in Northern VA and can lend on Non-warrantable condos.&nbsp;<br/><strong><em><u>[Spam/contact information removed by Zillow moderator, see our Good Neighbor Policy]</u></em></strong><br \><br \>0 replies Wed, 30 Jul 2014 22:10:00 GMT http://www.zillow.com/advice-thread/Looking-for-local-lender-in-northern-virginia-for-non-warrantable-condo/532415/ 2014-07-30T22:10:00Z How can I get quotes specifically for USDA financing? http://www.zillow.com/advice-thread/How-can-I-get-quotes-specifically-for-USDA-financing/452439/ If you google, USDA eligibility map, you should get a return for the official website that will allow you to search eligible locations.<br/><br/>Something like this:<br/>http://eligibility.sc.egov.usda.gov/eligibility/welcomeAction.do<br/><br/>I would actually say it is fairly likely that your builder's lender is offering the best rate. Builders with their own mortgage firms often buy down rates as an incentive to buyers to utilize the builder's preferred company. They do this for a variety of reasons.<br/><br/>You should absolutely shop around, but in my market, builders routinely offer very favorable rates with their lenders.<br \><br \>0 replies Tue, 24 Jul 2012 20:37:00 GMT http://www.zillow.com/advice-thread/How-can-I-get-quotes-specifically-for-USDA-financing/452439/ 2012-07-24T20:37:00Z What can I do to get more (or better) quotes for my loan request ZR-NNHQBMT http://www.zillow.com/advice-thread/What-can-I-do-to-get-more-or-better-quotes-for-my-loan-request-ZR-NNHQBMT/427900/ I would recommend looking into our <a href="http://www.zillow.com/directory/mortgage-lenders/">professional directory</a> and reaching out to a professional they can point you into the right direction. <br/><br/>Thanks,<br/>Candace<br/>Zillow Mortgage Support<br \><br \>0 replies Tue, 10 Jan 2012 19:22:00 GMT http://www.zillow.com/advice-thread/What-can-I-do-to-get-more-or-better-quotes-for-my-loan-request-ZR-NNHQBMT/427900/ 2012-01-10T19:22:00Z What can I do to get more (or better) quotes for my loan request ZR-MHZWZFM http://www.zillow.com/advice-thread/What-can-I-do-to-get-more-or-better-quotes-for-my-loan-request-ZR-MHZWZFM/341563/ The FHA Streamline option is there for you as long as your mortgage is current and has not been late the last 12 months.<br \><br \>0 replies Thu, 08 Apr 2010 18:28:00 GMT http://www.zillow.com/advice-thread/What-can-I-do-to-get-more-or-better-quotes-for-my-loan-request-ZR-MHZWZFM/341563/ 2010-04-08T18:28:00Z