Zillow Advice RSS: Question-Discussion-Guide,Mortgage Types,MA http://www.zillow.com/advice/MA/mortgage-mortgage-types/question-discussion-guide/ 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 I'm looking for a rehab loan for investment properties. http://www.zillow.com/advice-thread/I%27m-looking-for-a-rehab-loan-for-investment-properties/535638/ I recently started a real estate investment company. I want to purchase a 2 family home, and my target acquisition cost is about $260k with an ARV of $350. I have $30K for down payment. Is there any program out there that I can use?<br \><br \>5 replies Tue, 08 Apr 2014 17:35:00 GMT http://www.zillow.com/advice-thread/I%27m-looking-for-a-rehab-loan-for-investment-properties/535638/ 2014-04-08T17:35:00Z Jhillsop, Home Buyer in Chestnut Hill, MA Options for financing tear-down rebuild of small 3 BR in http://www.zillow.com/advice-thread/Jhillsop-Home-Buyer-in-Chestnut-Hill-MA-Options-for-financing-tear-down-rebuild-of-small-3-BR-in/537618/ I live on a desirable street that is undergoing several tear-downs and have been offered 600-620k from developers. Typical rebuilds have been selling for $1.6 million. I own my house outright and would like to finance the construction using my equity as collateral. How likely is it to get a construction loan using my equity as a down payment. I am basically looking for an asset-based mortgage since my income is basically social security.<br/>Details: I am a retired engineer and am very experience with construction and development of large scale industrial projects. I have also successfully completed several condo flips and one 30 unit apartment flip. I have about 800k in savings and IRAs plus the 600k in equity. My income however for the last few years was just my social security and investment income as I took a break from flipping. My credit score is over 800.<br \><br \>1 reply Wed, 23 Apr 2014 13:12:00 GMT http://www.zillow.com/advice-thread/Jhillsop-Home-Buyer-in-Chestnut-Hill-MA-Options-for-financing-tear-down-rebuild-of-small-3-BR-in/537618/ 2014-04-23T13:12:00Z 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 10% Jumbo Construction Mortgages Available? http://www.zillow.com/advice-thread/10-Jumbo-Construction-Mortgages-Available/531394/ Are there any lenders in MA doing 10% Jumbo construction mortgages for borrowers with 800 credit and strong DTI?<br \><br \>2 replies Sat, 08 Mar 2014 00:23:00 GMT http://www.zillow.com/advice-thread/10-Jumbo-Construction-Mortgages-Available/531394/ 2014-03-08T00:23:00Z Selling for less than you owe http://www.zillow.com/advice-thread/Selling-for-less-than-you-owe/529355/ My husband and I are beginning the process of selling our house and looks like we will not be able to sell for what we owe.&nbsp; We can make the payments fine but are running out of room for our growing family.&nbsp; The most recent comparative sold for about 17k less than what we owe.&nbsp; We do have money for a down payment saved up and would be willing to part if need be.&nbsp; Is it possible to sell the house for less than we owe and just bring the difference to closing?&nbsp; Would this affect our credit?<br \><br \>4 replies Fri, 21 Feb 2014 16:40:00 GMT http://www.zillow.com/advice-thread/Selling-for-less-than-you-owe/529355/ 2014-02-21T16:40:00Z Are any reputable banks doing piggyback loans? http://www.zillow.com/advice-thread/Are-any-reputable-banks-doing-piggyback-loans/527521/ My wife is just out of school and we are looking for a home in Sharon.&nbsp; We have very little to put down but our combined Income is 175k+ after bonuses is in the 200's.&nbsp; We talk to mortgage professionals that tell us what we can afford to have a home payment of 4600&nbsp;and after doing the math assuming 12000 in taxes a year and 2400 home insurance.&nbsp; We would be able to afford an 850k dollar home.&nbsp; only problem is we don't have a down payment that size to do that.&nbsp; We are looking for a 500k to 600k home in which we can put about 5% down and don't want to weight the options of PMI vs piggyback.&nbsp; We definetly want to be fixed rate we have a person saying we can get a 7/1 arm at 3.5 caped at 2 per year to a max of 5 with as little as 5% down but really looking for a better fixed rate option.&nbsp; We are not against PMI but want to make a smart decision.&nbsp; Any options out there?<br \><br \>8 replies Fri, 07 Feb 2014 16:12:00 GMT http://www.zillow.com/advice-thread/Are-any-reputable-banks-doing-piggyback-loans/527521/ 2014-02-07T16:12:00Z 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 Construction to permanent loan question http://www.zillow.com/advice-thread/Construction-to-permanent-loan-question/525963/ Hello,<br/><br/>I'm looking for a 10% down construction to perm loan. Looking to buy an old house in natick/framingham area, tear it down and build a new one. Total budget is around 700-750K. Total budget includes cost of buying an old house plus paying the builder to build the new house. Does anyone know of any banks that provide a 10% down loan? I have excellent credit history and income.<br/><br \><br \>3 replies Sun, 26 Jan 2014 16:09:00 GMT http://www.zillow.com/advice-thread/Construction-to-permanent-loan-question/525963/ 2014-01-26T16:09:00Z Can i get loan for a brand new construction? http://www.zillow.com/advice-thread/Can-i-get-loan-for-a-brand-new-construction/522310/ I will like to buy a land and build 6 apartment. How much money, for down payment i will need and what other advice you can give me.&nbsp;<br \><br \>4 replies Mon, 23 Dec 2013 17:28:00 GMT http://www.zillow.com/advice-thread/Can-i-get-loan-for-a-brand-new-construction/522310/ 2013-12-23T17:28:00Z 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/ Purchase price - $200k<br/>Available downpayment - 20%<br/>Foreign derived income, verifiable, filing taxes for past couple of years<br/>Credit score of about 700.<br/><br/>What are my chances?<br/><br/>Tx,<br/><br/>Tucker<br \><br \>8 replies Mon, 30 Sep 2013 17:45:00 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/ 2013-09-30T17:45:00Z 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 there such thing as a Down Payment Assistance Program anymore, Besides the 100% USDA Loan for Mas http://www.zillow.com/advice-thread/is-there-such-thing-as-a-Down-Payment-Assistance-Program-anymore-Besides-the-100-USDA-Loan-for-Mas/498295/ 1 reply Fri, 21 Jun 2013 14:00:00 GMT http://www.zillow.com/advice-thread/is-there-such-thing-as-a-Down-Payment-Assistance-Program-anymore-Besides-the-100-USDA-Loan-for-Mas/498295/ 2013-06-21T14:00:00Z 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 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 What can I do to get more (or better) quotes for my loan request ZR-GRVJNDP? http://www.zillow.com/advice-thread/What-can-I-do-to-get-more-or-better-quotes-for-my-loan-request-ZR-GRVJNDP/484340/ This property needs a commercial loan but I will be living there too with a small business<br \><br \>2 replies Sat, 23 Mar 2013 09:25:00 GMT http://www.zillow.com/advice-thread/What-can-I-do-to-get-more-or-better-quotes-for-my-loan-request-ZR-GRVJNDP/484340/ 2013-03-23T09:25:00Z Down Payment $ http://www.zillow.com/advice-thread/Down-Payment/478284/ <p>What is the best option or smartest approach to come up with 60k of cash for down payment in 5 months? Would I best served to take a loan from one set of parents or do we just explore gift options from both? Or&nbsp;should we just have&nbsp;one set of parents sign is non-occupant&nbsp;borrowers?&nbsp;My wife and I make a combined 250k per year and both have credit scores of 750+. We currently owe 355k on a house that will sell (FSBO) for roughly 400k... hopefully netting us 45k towards down payment. We'll have 25k in cash come this summer and have caught wind of a house that we can buy without realtor in town. The purchase price of the house will be around 600k. I have already leveraged a loan against my 401k for down payment on our 2nd home so that is not an option. We have been looking / waiting for the "right house" for 3 years now. Other than saving for a few more months or years how can I creatively and in the least costly way borrow these funds to come up wtih a "legit" down payment in the eyes of a lender. I realize the caps involved with gifted monies so obviously there is a cap there to deal with. Are there such loan offerings&nbsp;that would allow non-occupancy coborrowers to put half of the down payment?</p><br \><br \>3 replies Tue, 12 Feb 2013 04:44:00 GMT http://www.zillow.com/advice-thread/Down-Payment/478284/ 2013-02-12T04:44:00Z I have about 30,000.00 in credit card debt. http://www.zillow.com/advice-thread/I-have-about-30-000-00-in-credit-card-debt/469856/ What i was hoping to maybe be able to do is to buy a house in foreclosure or short sale seeing that normally you buy for much less than what the house is worth and hopefully getting a home equity line of credit to pay off the outstanding credit.&nbsp; Is that possiblility at all.&nbsp; I don't know enough about this process to know.&nbsp;<br/><br/>Thanks Jeff&nbsp;<br \><br \>6 replies Thu, 29 Nov 2012 17:08:00 GMT http://www.zillow.com/advice-thread/I-have-about-30-000-00-in-credit-card-debt/469856/ 2012-11-29T17:08:00Z masshousing purchase and rehab vs fha 203k http://www.zillow.com/advice-thread/masshousing-purchase-and-rehab-vs-fha-203k/445626/ 1 reply Tue, 05 Jun 2012 17:23:00 GMT http://www.zillow.com/advice-thread/masshousing-purchase-and-rehab-vs-fha-203k/445626/ 2012-06-05T17:23:00Z