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 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 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 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 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 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 Looking for Advice http://www.zillow.com/advice-thread/Looking-for-Advice/485620/ Does the single loan have mortgage insurance. &nbsp;You may want to look at a single loan with no MI option as well. &nbsp; The split mortgage is not a bad option but you would need to worry about the prime rate raising and the fact your payments are interest only.<br \><br \>0 replies Sun, 31 Mar 2013 13:21:00 GMT http://www.zillow.com/advice-thread/Looking-for-Advice/485620/ 2013-03-31T13:21:00Z Can a parent use a HELOC to finance the mortgage for a child to pruchase their home http://www.zillow.com/advice-thread/Can-a-parent-use-a-HELOC-to-finance-the-mortgage-for-a-child-to-pruchase-their-home/287243/ 5 replies Sun, 11 Oct 2009 00:12:00 GMT http://www.zillow.com/advice-thread/Can-a-parent-use-a-HELOC-to-finance-the-mortgage-for-a-child-to-pruchase-their-home/287243/ 2009-10-11T00:12:00Z 80/10/10 loan in northern Virginia http://www.zillow.com/advice-thread/80-10-10-loan-in-northern-Virginia/414285/ Yes, our bank offers these. &nbsp;We are a community bank in Rockville. &nbsp;You would want to run numbers both ways to see the differences of a loan with MI vs the second mortgage. &nbsp;But the main benefit of the 10% second is that you can pay it off at anytime and be left with a much lower overall mortgage payment as compared to a single 90% loan with MI, plus the 2nd is tax deductible. &nbsp;I would be happy to go over options with you.<br \><br \>0 replies Mon, 05 Sep 2011 15:09:00 GMT http://www.zillow.com/advice-thread/80-10-10-loan-in-northern-Virginia/414285/ 2011-09-05T15:09:00Z Homestyle Approved Lenders in Richmond, VA? http://www.zillow.com/advice-thread/Homestyle-Approved-Lenders-in-Richmond-VA/524103/ There is still mortgage insurance on homestlye. Only loan that there is not is homepath but the rates are higher and the mortgage insurance is sort of priced into the loan. I'm licensed and do homestyle loans often. Feel free to reach out.<br \><br \>0 replies Sat, 11 Jan 2014 17:34:00 GMT http://www.zillow.com/advice-thread/Homestyle-Approved-Lenders-in-Richmond-VA/524103/ 2014-01-11T17:34:00Z If I put $10,000 towards my mortgage payment, will that reduce my monthly payment? http://www.zillow.com/advice-thread/If-I-put-10-000-towards-my-mortgage-payment-will-that-reduce-my-monthly-payment/472855/ If the current mortgage is from 2007 then you may qualify for one of the HARP programs out there.&nbsp; That could possibly allow you to refinance into the 3's and really save some money.&nbsp; Do you know if your loan is backed by Fannie Mae or Freddie Mac?<br \><br \>0 replies Wed, 02 Jan 2013 16:31:00 GMT http://www.zillow.com/advice-thread/If-I-put-10-000-towards-my-mortgage-payment-will-that-reduce-my-monthly-payment/472855/ 2013-01-02T16:31:00Z My wife and I want to buy my mother's house, since she can no longer afford it and still let her liv http://www.zillow.com/advice-thread/My-wife-and-I-want-to-buy-my-mother%27s-house-since-she-can-no-longer-afford-it-and-still-let-her-liv/492468/ You should check into Reverse Mortgage Loans for her.<br \><br \>0 replies Wed, 15 May 2013 19:37:00 GMT http://www.zillow.com/advice-thread/My-wife-and-I-want-to-buy-my-mother%27s-house-since-she-can-no-longer-afford-it-and-still-let-her-liv/492468/ 2013-05-15T19:37:00Z How can I get help with closing cost? Seller won't pay for it. http://www.zillow.com/advice-thread/How-can-I-get-help-with-closing-cost-Seller-won%27t-pay-for-it/508157/ With the home loan mortgage pricing, you may be ask the mortgage lender for above par pricing which would give you a certain amount of credit to go to towards closing costs.&nbsp; When you think of mortgage pricing, it is like a ladder of rates with points, no points, and above par pricing.&nbsp; In exchange for taking a higher rate you get a certain percentage or credit amount which can help pay the closing costs. Speak to a mortgage person in your area to see if they have pricing for the particular mortgage program you seek with this.<br \><br \>0 replies Sat, 24 Aug 2013 13:39:00 GMT http://www.zillow.com/advice-thread/How-can-I-get-help-with-closing-cost-Seller-won%27t-pay-for-it/508157/ 2013-08-24T13:39:00Z