Zillow Advice RSS: Question-Discussion-Guide,Mortgage Types,KY http://www.zillow.com/advice/KY/mortgage-mortgage-types/question-discussion-guide/ Zillow Advice search results | Zillow Real Estate Can someone explain an offer letter mortgage? http://www.zillow.com/advice-thread/Can-someone-explain-an-offer-letter-mortgage/555406/ My family is looking to move back to the US and buy a home. Most of the mortgages I have found say they need at least one month of paystubs but I did find mention of something called an offer letter mortgage. Are there any restrictions to whom these are given? Is there anyone in the Louisville area that knows more about them?<br/><br/>We have a few reason why we looking for an immediate home purchase. We will be moving from Germany so if we wait for a month or two we have to pay for movers and other costs twice within a year. We have three pets that will be coming with us and most apartments only accept two. And we also have a daughter that will need to start school and we would rather not have her start one school and then move to another one after a few months. &nbsp;One of us starting early while the rest of our family remains in Germany will not be possible.<br/><br/>So would this option be available to us?<br \><br \>7 replies Tue, 19 Aug 2014 07:04:00 GMT http://www.zillow.com/advice-thread/Can-someone-explain-an-offer-letter-mortgage/555406/ 2014-08-19T07:04:00Z USDA Home Loan or FHA Home Loan or 203k http://www.zillow.com/advice-thread/USDA-Home-Loan-or-FHA-Home-Loan-or-203k/540477/ After jumping through many hoops, my husband was finally pre-approved for an FHA or a USDA loan. We are only pre-approved for 90,000 and don't want to go anywhere near that. In our area, most houses in the 70,000 range are repos. The problem here is they need some type of work, mostly minor issues, a leak here, a missing cabinet door.. something that would be easily fixed. We have looked at several of these houses and always come to an answer by the real estate agent that the house will not qualify for our financing. The company we are pre-approved through, does not offer 203 k financing. I was told by the loan officer not to have my husbands credit pulled or apply for anything etc. because his credit score was right on the verge of the cut off point. Since then, I have paid off one of his main debts in the hopes that his credit score would come up a few points to take us off that edge. His situation is that he didn't have any credit, I added him to some of CC's to help with that and he finally got approved.&nbsp;<br \><br \>3 replies Tue, 13 May 2014 03:04:00 GMT http://www.zillow.com/advice-thread/USDA-Home-Loan-or-FHA-Home-Loan-or-203k/540477/ 2014-05-13T03:04:00Z Anyone know of any bank or lender who will only require 10% down or less on Construction Loans? http://www.zillow.com/advice-thread/Anyone-know-of-any-bank-or-lender-who-will-only-require-10-down-or-less-on-Construction-Loans/515834/ 10 replies Sat, 19 Oct 2013 00:12:00 GMT http://www.zillow.com/advice-thread/Anyone-know-of-any-bank-or-lender-who-will-only-require-10-down-or-less-on-Construction-Loans/515834/ 2013-10-19T00:12:00Z Anyone know of any bank or lender who will only require 10% down or less on Construction Loans? http://www.zillow.com/advice-thread/Anyone-know-of-any-bank-or-lender-who-will-only-require-10-down-or-less-on-Construction-Loans/515834/ 10 replies Sat, 19 Oct 2013 00:12:00 GMT http://www.zillow.com/advice-thread/Anyone-know-of-any-bank-or-lender-who-will-only-require-10-down-or-less-on-Construction-Loans/515834/ 2013-10-19T00:12:00Z Made the mistake of buying a home with a friend that had bad credit. Put her name on deed only all http://www.zillow.com/advice-thread/Made-the-mistake-of-buying-a-home-with-a-friend-that-had-bad-credit-Put-her-name-on-deed-only-all/499763/ financial responsibilities are on me.&nbsp; She moved out 5 years ago, refuses to qquit claim, pay anything, and expects half of the proceeds should I sell.&nbsp; I can not refinance without her okay.&nbsp; 1)&nbsp; What can I do to get her off the deed?&nbsp; 2)&nbsp; What if any monies does she get if I sell the house?&nbsp; 3)&nbsp; If she is building a house can she use this home for financing without my knowledge?<br \><br \>2 replies Sun, 30 Jun 2013 22:28:00 GMT http://www.zillow.com/advice-thread/Made-the-mistake-of-buying-a-home-with-a-friend-that-had-bad-credit-Put-her-name-on-deed-only-all/499763/ 2013-06-30T22:28:00Z Construction loan Burlington, KY http://www.zillow.com/advice-thread/Construction-loan-Burlington-KY/469762/ My wife and I are looking to build I house in Burlington, KY. We have a lot on hold and are building with a local custom builder. We are trying to figure out the financing. The two options are us taking out a construction loan or our builder financing it and we buy it from him at the end. Obviously, the builder prefers for us to take out the construction loan because it's less risk to him. Him and our realtor also say that I will save money in closing costs if I do this. Here is the problem; the builder, myself, and our realtor have talked to several banks and mortgage companies in the Northern Kentucky area and are about out of resources. Very few offer construction loans to start with and the few that do require 20% down. I do not and will not have 20% to put down. Including house and lot, our goal is for a total cost of $200,000. I will have $20,000 to put down which is 10%. Does anyone know of a solution to this situation as the banks we have talked to cannot come down below 20%?<br \><br \>0 replies Wed, 28 Nov 2012 19:06:00 GMT http://www.zillow.com/advice-thread/Construction-loan-Burlington-KY/469762/ 2012-11-28T19:06:00Z What the minimum down payment I can put down on multi-family with a conventional loan? http://www.zillow.com/advice-thread/What-the-minimum-down-payment-I-can-put-down-on-multi-family-with-a-conventional-loan/453133/ <p>This home was a single family until the garage was converted into a cottage. FHA wont finance because there are no&nbsp;caparable homes within the area, as most multi-family homes are&nbsp;duplexes,&nbsp;or just one single&nbsp;structure. Their realtor said that only a conventional loan can be used and that means a 20% down payment. We dont have $25k laying around. So is there a better way?</p><br \><br \>2 replies Sun, 29 Jul 2012 03:41:00 GMT http://www.zillow.com/advice-thread/What-the-minimum-down-payment-I-can-put-down-on-multi-family-with-a-conventional-loan/453133/ 2012-07-29T03:41:00Z I want to buy a 2nd house and rent it out. What mortgage can I get, and how much down will need? http://www.zillow.com/advice-thread/I-want-to-buy-a-2nd-house-and-rent-it-out-What-mortgage-can-I-get-and-how-much-down-will-need/414362/ 5 replies Mon, 05 Sep 2011 01:02:00 GMT http://www.zillow.com/advice-thread/I-want-to-buy-a-2nd-house-and-rent-it-out-What-mortgage-can-I-get-and-how-much-down-will-need/414362/ 2011-09-05T01:02:00Z Do I get a new mortgage or refinance on a house I own with my ex-husband to become sole owner? http://www.zillow.com/advice-thread/Do-I-get-a-new-mortgage-or-refinance-on-a-house-I-own-with-my-ex-husband-to-become-sole-owner/255137/ My ex-husband and I own a house together we bought when we were married.&nbsp; I want to keep the house (my ex is fine with that).&nbsp; Do I apply for a new <a href="http://www.zillow.com/mortgage/">mortgage</a> or do I just need to <a href="http://www.zillow.com/refinance/">refinance</a> the current mortgage both of our names are on?&nbsp;<br \><br \>3 replies Sat, 11 Jul 2009 18:21:00 GMT http://www.zillow.com/advice-thread/Do-I-get-a-new-mortgage-or-refinance-on-a-house-I-own-with-my-ex-husband-to-become-sole-owner/255137/ 2009-07-11T18:21:00Z