Zillow Advice RSS: Question-Discussion-Guide,Mortgage Types,CO http://www.zillow.com/advice/CO/mortgage-mortgage-types/question-discussion-guide/ Zillow Advice search results | Zillow Real Estate is it possible for foreigner in the US. to get a mortgage? http://www.zillow.com/advice-thread/is-it-possible-for-foreigner-in-the-US-to-get-a-mortgage/558961/ Hi, <br/>I am interested in knowing if it is possible for us to get a mortgage in the U.S. We live in Colorado Springs, we are both on F1 visas, we have social security numbers, but are non residents. I have 9 months worth of credit, and my significant other has a year worth of credit, both with good credit scores. We have different types of income,&nbsp;and at 20-30 percent down payment is not an issue. <br/>anyone?<br/><br/>Thank you in advance. <br/>Sofia<br \><br \>4 replies Fri, 12 Sep 2014 04:57:00 GMT http://www.zillow.com/advice-thread/is-it-possible-for-foreigner-in-the-US-to-get-a-mortgage/558961/ 2014-09-12T04:57:00Z Combinging Loans - Vacant Land to Construction http://www.zillow.com/advice-thread/Combinging-Loans-Vacant-Land-to-Construction/547141/ We have a complicated situation.&nbsp; We found our dream property but unfortunately it has a purged pre-HUD mobile home on it where the owners added "wings".&nbsp; We have been unable to find financing for it due the fact is is pre-1976 and singlewide, but are pursuing another avenue.&nbsp; We think we might be able to get the current owners to demolish and then we could purchase as vacant land.&nbsp; However, we do want to rebuild, and the utilites would already be on the property.&nbsp; We are thinking we might want to just get a cedar home shell built (to be weather tight) and gradually finish the interior.<br/><br/>What sort of land to construction loans would be available (if at all) in this scenario?<br \><br \>2 replies Wed, 25 Jun 2014 16:03:00 GMT http://www.zillow.com/advice-thread/Combinging-Loans-Vacant-Land-to-Construction/547141/ 2014-06-25T16:03:00Z Looking for. Portfolio lender that would finance someone with a 3 yr old foreclosure http://www.zillow.com/advice-thread/Looking-for-Portfolio-lender-that-would-finance-someone-with-a-3-yr-old-foreclosure/541128/ Without FHA<br \><br \>3 replies Fri, 16 May 2014 23:18:00 GMT http://www.zillow.com/advice-thread/Looking-for-Portfolio-lender-that-would-finance-someone-with-a-3-yr-old-foreclosure/541128/ 2014-05-16T23:18:00Z When buying a second home or a rental property - do you have to put 20% down if you finance it? http://www.zillow.com/advice-thread/When-buying-a-second-home-or-a-rental-property-do-you-have-to-put-20-down-if-you-finance-it/536226/ 6 replies Sun, 13 Apr 2014 05:33:00 GMT http://www.zillow.com/advice-thread/When-buying-a-second-home-or-a-rental-property-do-you-have-to-put-20-down-if-you-finance-it/536226/ 2014-04-13T05:33:00Z Can I get owner financing with 10K down and a 620 credit? http://www.zillow.com/advice-thread/Can-I-get-owner-financing-with-10K-down-and-a-620-credit/515067/ I'm not picky,&nbsp; but I'd like to live in the North of Wheat Ridge and South of Boulder County...<br/><br/>Banks won't give me a loan due to medical bill bankruptcy two years ago.<br/><br/>Any suggestions?<br \><br \>10 replies Sat, 12 Oct 2013 21:26:00 GMT http://www.zillow.com/advice-thread/Can-I-get-owner-financing-with-10K-down-and-a-620-credit/515067/ 2013-10-12T21:26:00Z How many years can you finance empty lots for http://www.zillow.com/advice-thread/How-many-years-can-you-finance-empty-lots-for/525361/ 1 reply Wed, 22 Jan 2014 01:14:00 GMT http://www.zillow.com/advice-thread/How-many-years-can-you-finance-empty-lots-for/525361/ 2014-01-22T01:14:00Z Had short sale 2 years ago, which lenders do not have an overlay? http://www.zillow.com/advice-thread/Had-short-sale-2-years-ago-which-lenders-do-not-have-an-overlay/486233/ Running into a three year overlay by lenders over FM 2 year guideline.&nbsp; What about Home Path...any different underwriting requirements for short sale and down payment?<br/><br/>Thank you.<br \><br \>9 replies Thu, 04 Apr 2013 04:16:00 GMT http://www.zillow.com/advice-thread/Had-short-sale-2-years-ago-which-lenders-do-not-have-an-overlay/486233/ 2013-04-04T04:16:00Z who does one time close construction loans in Colorado? http://www.zillow.com/advice-thread/who-does-one-time-close-construction-loans-in-Colorado/522253/ 5 replies Sun, 22 Dec 2013 16:38:00 GMT http://www.zillow.com/advice-thread/who-does-one-time-close-construction-loans-in-Colorado/522253/ 2013-12-22T16:38:00Z What type of morgage? http://www.zillow.com/advice-thread/What-type-of-morgage/519686/ I am a first time home buyer and am looking to purchase something in Colorado. &nbsp;I am not currently living in Colorado but would like to purchase something now before the housing prices &amp; interest rates rise and I am priced out of the market. &nbsp;I would like to purchase now and am planning on moving there in the next year or two. &nbsp;Would this be considered a primary residence mortgage or investment? &nbsp;I would potentially like to rent it out for a year but I have not decided yet. &nbsp;Thanks for the help. &nbsp;Excuse the typo in the title.<br \><br \>11 replies Thu, 21 Nov 2013 14:23:00 GMT http://www.zillow.com/advice-thread/What-type-of-morgage/519686/ 2013-11-21T14:23:00Z Loan for moving a home to raw land http://www.zillow.com/advice-thread/Loan-for-moving-a-home-to-raw-land/516002/ I have found a raw lot, as well as an existing&nbsp;house that needs to be moved from its current location.&nbsp; Are there any lenders in Metro Denver, Colorado, that will finance the purchase of the land and the move of the house to that land?<br \><br \>0 replies Sun, 20 Oct 2013 17:26:00 GMT http://www.zillow.com/advice-thread/Loan-for-moving-a-home-to-raw-land/516002/ 2013-10-20T17:26:00Z I have looked for a lender in colorado that will refi a mfg home http://www.zillow.com/advice-thread/I-have-looked-for-a-lender-in-colorado-that-will-refi-a-mfg-home/513596/ I have been in my home 7 years want to refi if possible. Want to use the time I have into this home towards another loan. Plus an interest rate under 6.%. If cant to either one than I am not refinancing. Any suggestions.<br \><br \>3 replies Mon, 30 Sep 2013 21:27:00 GMT http://www.zillow.com/advice-thread/I-have-looked-for-a-lender-in-colorado-that-will-refi-a-mfg-home/513596/ 2013-09-30T21:27:00Z Need help getting a loan, but paid on commission, and ideas? http://www.zillow.com/advice-thread/Need-help-getting-a-loan-but-paid-on-commission-and-ideas/421518/ So the situation is this. I have excellent credit, 740's up on all 3 bureaus, putting 20% down on $300k home. Problem is for years I have been in the same field/position, Finance Mgr at car dealership. Always been paid commission. Last April I left my job, formed my own corp. Things&nbsp;didn't&nbsp;go as planned and on paper I lost around 90k in 2010. As of July 1, I am back at a dealership, W2 employee, BUT paid commission. Income is consistent, but&nbsp;I'm&nbsp;being told that since I lost so much on taxes last year, I may not be able to get a&nbsp;mortgage&nbsp;for a couple years. We are renting a home and have agreed on purchase price to buy it from&nbsp;landlord, which is 10k under&nbsp;appraisal. Are there any <a href="http://www.zillow.com/mortgage-rates/">loan</a> options out there that do not have to be Fannie May/Freddie Mac approved since that apparently is the glitch? Blows my mind knowing that we&nbsp;probably&nbsp;arent the only people with means and desire to <a href="http://www.zillow.com/learnmore/what-zillow-offers-buyers.htm">buy a home</a>, but are being told NO. Help!<br \><br \>8 replies Wed, 02 Nov 2011 18:24:00 GMT http://www.zillow.com/advice-thread/Need-help-getting-a-loan-but-paid-on-commission-and-ideas/421518/ 2011-11-02T18:24:00Z How do I structure a mortgage/interest deductions for a kiddie townhome http://www.zillow.com/advice-thread/How-do-I-structure-a-mortgage-interest-deductions-for-a-kiddie-townhome/488911/ I expect my kids to live in my investment property for 2 or 3 years before I rent it out<br \><br \>3 replies Sun, 21 Apr 2013 22:20:00 GMT http://www.zillow.com/advice-thread/How-do-I-structure-a-mortgage-interest-deductions-for-a-kiddie-townhome/488911/ 2013-04-21T22:20:00Z Mortgage 10-15% down payment for 750K house? http://www.zillow.com/advice-thread/Mortgage-10-15-down-payment-for-750K-house/488827/ We are looking at houses up to $750,000 and would like to put 10-15% down payment on a house. &nbsp;Is this possible? &nbsp;Who we are:<br/>Married<br/>300K combined yearly income<br/>740 Credit scores<br/><br/><br/><br/><br/><br \><br \>5 replies Sat, 20 Apr 2013 23:27:00 GMT http://www.zillow.com/advice-thread/Mortgage-10-15-down-payment-for-750K-house/488827/ 2013-04-20T23:27:00Z 80/20 Mortages or 3% down Conv - Are they out there? http://www.zillow.com/advice-thread/80-20-Mortages-or-3-down-Conv-Are-they-out-there/479317/ <p class="MsoNormal">We are looking to buy a condo/townhome in the $250K range and do not want to put money down - but want to avoid the pit fall off PMI.&nbsp; We have enough to put down 10-15% but we would rather&nbsp;keep our savings/nest egg/rainy day fund (35k)&nbsp;for security.&nbsp;<br/><br/> Our combined income is 135k&nbsp;with both of us having 800+ FICO scores.</p><p class="MsoNormal"><br/>We are not first time home buyers &nbsp;- we sold our home last April to downsize and have had a difficult time finding something we like --- but now that we have we want to move forward but want to be realistic as to the products offered currently.</p><br \><br \>10 replies Tue, 19 Feb 2013 20:46:00 GMT http://www.zillow.com/advice-thread/80-20-Mortages-or-3-down-Conv-Are-they-out-there/479317/ 2013-02-19T20:46:00Z Construction Loans in CO http://www.zillow.com/advice-thread/Construction-Loans-in-CO/479201/ Considering doing a pop the top in our Denver Home, as well as updating the main floor to bring it into the 20th century.....think closets and larger kitchen. &nbsp; When we bought the home we were paying down some large debt so we financed it via a portfolio loan @ 100% LTV with no PMI. &nbsp;Yes, there are still some lenders doing that. Unfortunately this bank is not too interested in a construction loan. &nbsp;&nbsp;<br/>I am looking for some lenders that might do a construction loan of up to perhaps $900000 with as little equity as possible. &nbsp; <br/>We currently have perhaps $75k equity in our $600K home, and will adding an additional 1500 sq. ft. &nbsp;We have a bunch of the money to accomplish this, but with rates so low, why would I pay cash on this when I can do better with it elsewhere. &nbsp; My only concern about the LTV is that it will be based on an appraisal which is made only after I have invested thousands of dollars to get drawings, plans, etc. to the lenders for approval. &nbsp;I just fear going into the appraisal of a 80% LTV construction loan and I get a horrible appraisal. &nbsp; I have experienced a difference of $75K between 2 appraisals. &nbsp; I would just feel more comfortable spending perhaps $5K to get to the appraisal if I knew I was required to bring less to closing. &nbsp;<br/>Credit Score and income are not an issue at all. &nbsp;&nbsp;<br \><br \>0 replies Mon, 18 Feb 2013 23:47:00 GMT http://www.zillow.com/advice-thread/Construction-Loans-in-CO/479201/ 2013-02-18T23:47:00Z Physician Loans http://www.zillow.com/advice-thread/Physician-Loans/477758/ I have seen a lot of forums asking about physician loans. I am a <em>[deleted by Zillow moderator. Please see our Good Neighbor Policy about posting guidelines]</em><br \><br \>3 replies Thu, 07 Feb 2013 22:53:00 GMT http://www.zillow.com/advice-thread/Physician-Loans/477758/ 2013-02-07T22:53:00Z Presently have FHA loan since 1 year, can i convert it to conventional. Will it be possible to refin http://www.zillow.com/advice-thread/Presently-have-FHA-loan-since-1-year-can-i-convert-it-to-conventional-Will-it-be-possible-to-refin/440018/ 2 replies Mon, 23 Apr 2012 17:35:00 GMT http://www.zillow.com/advice-thread/Presently-have-FHA-loan-since-1-year-can-i-convert-it-to-conventional-Will-it-be-possible-to-refin/440018/ 2012-04-23T17:35:00Z Mortgage brokers in Denver? Other advice... http://www.zillow.com/advice-thread/Mortgage-brokers-in-Denver-Other-advice/430817/ My fiancee' and I are looking to buy our first home together in Colorado. We are looking to buy a new home in Parker and found a builder and model we really like. My plan was to put 20% down on the loan to not have to pay mortgage insurance. I had a bankruptcy discharged in 12/09 and now have a credit score in the high 600's and she has a score in the 720's. Between us we make really great money so getting pre-approved from the lender of the builder was not a problem but...I found out today that because my BK has not been 4 years since discharge that I ONLY qualify for an FHA loan. <br/><br/>I can get really good interest rates on an FHA loan but apparently they have different rules regarding the mortgage insurance and even if I put 20% down, I still have to pay it. The lender said the discount for mortgage insurance is capped at 10% so putting down more than that will not lower the monthly charge. Here's the amazing part...if we do a 15 year FHA loan with 10% down the price for the MI is $69/mo. If we do a 30 year FHA loan with 10% down the price for the MI is $307/mo!! <br/><br/>This seems incredibly crazy to me. I was told that they will not drop the MI on an FHA loan until you have paid 5 years of payments with no lates. So my question, has anyone else been in this position? I'd like to go with a conventional loan and avoid paying the MI or somehow find an FHA loan without the crazy MI pricing I was quoted from the builder's lender. My thought was to try to find a broker who can help get me a better deal. I love the idea of going with the builder's lender because they will pay all closing costs (approx 9k is what they said) and also give us a granite upgrade in the entire kitchen ($5500 is the value they stated). But paying an extra $300 a month for MI is insane!<br/><br/>Or, if anyone has any other ideas I should pursue please let me know.<br/><br/>Thanks!<br \><br \>11 replies Fri, 03 Feb 2012 15:30:00 GMT http://www.zillow.com/advice-thread/Mortgage-brokers-in-Denver-Other-advice/430817/ 2012-02-03T15:30:00Z Low down payment on a $475k loan http://www.zillow.com/advice-thread/Low-down-payment-on-a-475k-loan/419773/ I am building a new home and the purchase price is $475,000.&nbsp; I am looking to minimize the down payment on the purchase.&nbsp; So far the best option I have seen is an 80-10-10 where I take out a loan of 80% of the purchase price to avoid MI, and then 10% in a second, and then 10% cash down.&nbsp; I would really like to get closer to 5% down.&nbsp; Is anyone out there offering a program like this?&nbsp; I am not a military person so that route won't work..<br/><br/>Thanks!<br/>Mike<br \><br \>6 replies Tue, 18 Oct 2011 22:36:00 GMT http://www.zillow.com/advice-thread/Low-down-payment-on-a-475k-loan/419773/ 2011-10-18T22:36:00Z