Zillow Advice RSS: Question-Discussion-Guide,Mortgage Types,NJ http://www.zillow.com/advice/NJ/mortgage-mortgage-types/question-discussion-guide/ Zillow Advice search results | Zillow Real Estate What are other loan options other than a 203k that allow money for repairs? Not structural. http://www.zillow.com/advice-thread/What-are-other-loan-options-other-than-a-203k-that-allow-money-for-repairs-Not-structural/569214/ We are interested in a bank owned home which will only accept a conventional loan. The house needs mostly cosmetic work, some siding, appliances, and an A/C unit which was taken by previous owners. The house is in liveable condition and there is no structural damage. Thank You!<br \><br \>10 replies Wed, 10 Dec 2014 00:47:00 GMT http://www.zillow.com/advice-thread/What-are-other-loan-options-other-than-a-203k-that-allow-money-for-repairs-Not-structural/569214/ 2014-12-10T00:47:00Z Will a construction loan cover the cost to buy the land? http://www.zillow.com/advice-thread/Will-a-construction-loan-cover-the-cost-to-buy-the-land/401872/ My husband and I are looking to buy a piece of land and then build on it.&nbsp; We dont have the money necessary to buy the land outright.&nbsp; So, my question is, can we get a construction loan that covers buying the land as well??&nbsp; If not, does anyone have any ideas as to how this could be done?? Thanks for any help.<br \><br \>5 replies Sat, 04 Jun 2011 22:45:00 GMT http://www.zillow.com/advice-thread/Will-a-construction-loan-cover-the-cost-to-buy-the-land/401872/ 2011-06-04T22:45:00Z Any lenders who can provide a piggyback mortgage (80-10-10) in NJ http://www.zillow.com/advice-thread/Any-lenders-who-can-provide-a-piggyback-mortgage-80-10-10-in-NJ/525960/ Im currently about to sign my contract and am looking for lenders in the NJ area who will do piggyback mortgages in order to get rid of the PMI payments. <br/><br/><br \><br \>7 replies Sun, 26 Jan 2014 15:35:00 GMT http://www.zillow.com/advice-thread/Any-lenders-who-can-provide-a-piggyback-mortgage-80-10-10-in-NJ/525960/ 2014-01-26T15:35:00Z Is it possible to buy a 2 Family Home in NJ with a 5% down conventional loan. http://www.zillow.com/advice-thread/Is-it-possible-to-buy-a-2-Family-Home-in-NJ-with-a-5-down-conventional-loan/491274/ I keep hearing that you need 20% down for a multi-family (2 family) in NJ. &nbsp;Do any lender allow for a conventional loan with 5% down (no special 80 / 10 / 10 programs) &nbsp;Just a regular conventional 30 year fixed loan. &nbsp;<br \><br \>6 replies Wed, 08 May 2013 03:26:00 GMT http://www.zillow.com/advice-thread/Is-it-possible-to-buy-a-2-Family-Home-in-NJ-with-a-5-down-conventional-loan/491274/ 2013-05-08T03:26:00Z should I look for another option other than FHA? http://www.zillow.com/advice-thread/should-I-look-for-another-option-other-than-FHA/559317/ FHA loan? Hi, currently I have a house under contract and home inspection done, I am approved with a FHA loan with a 3.875% interest and 5.481% APR with 3.5% down and $3000 credit to closing through NJ lenders .&nbsp; The financed mortgage insurance on the FHA loan is $4,813.94 which I think is a little high. What other options do I have to avoid or have a Lower PMI, current loan with nj lenders. 1)&nbsp; Is the interest/apr on the fha fair? 2)&nbsp; should I search for a better deal? I can pay up to 5 percent down payment. 3) Any bank offering 5% down conventional with no PMI? My credit score is about 720 and will be using a co-barrower with a Lower credit score since my wife goes to college. She started working full time about 4 month ago and was told that I can not used her on the loan. Thank you guys for your help.<br \><br \>12 replies Mon, 15 Sep 2014 14:35:00 GMT http://www.zillow.com/advice-thread/should-I-look-for-another-option-other-than-FHA/559317/ 2014-09-15T14:35:00Z what mortgage can I get for a fixer upper and put and addition on the house? http://www.zillow.com/advice-thread/what-mortgage-can-I-get-for-a-fixer-upper-and-put-and-addition-on-the-house/554937/ I found a house located in new jersey that has been gutted down to the studs. &nbsp;I would like to put a decent addition on the building changing the foot print of the building. &nbsp;I am having trouble trying to find a mortgage to fit my specific needs. &nbsp;I am not sure if I can get a mortgage for an as is house. most banks and brokers i spoke to say that i cant get a loan if i change the footprint of the house. any help would be appreciated&nbsp;<br \><br \>4 replies Fri, 15 Aug 2014 16:35:00 GMT http://www.zillow.com/advice-thread/what-mortgage-can-I-get-for-a-fixer-upper-and-put-and-addition-on-the-house/554937/ 2014-08-15T16:35:00Z Is Quicken Loansa reputable mortgage loan co? http://www.zillow.com/advice-thread/Is-Quicken-Loansa-reputable-mortgage-loan-co/553315/ <p>What is the average price for a condominium in the Maplewoods Condo association in Piscataway, NJ 08854</p><br \><br \>8 replies Wed, 06 Aug 2014 01:03:00 GMT http://www.zillow.com/advice-thread/Is-Quicken-Loansa-reputable-mortgage-loan-co/553315/ 2014-08-06T01:03:00Z Less than 20% Down on Single Family for Investment http://www.zillow.com/advice-thread/Less-than-20-Down-on-Single-Family-for-Investment/547330/ I am looking to purchase a SF home as an investment property in New Jersey.&nbsp;<br/>Any lender who can offer investment loan with 15% down on SF. I am also open to HomeStyle renovation loan.<br \><br \>6 replies Thu, 26 Jun 2014 16:18:00 GMT http://www.zillow.com/advice-thread/Less-than-20-Down-on-Single-Family-for-Investment/547330/ 2014-06-26T16:18:00Z Can I qualify for a loan other than FHA? http://www.zillow.com/advice-thread/Can-I-qualify-for-a-loan-other-than-FHA/547198/ I am looking to purchase a new home (Two Family) and was curious as to what type of loans I could qualify for. I am single with a credit score of 784 with no bad marks and an income of $90,000 base salary and $20,000 - $25,000 bonus salary. My monthly debt is ~$305 dollars and I have $45,000 to put as a down payment. I ask this question because I approached a lender in my area, Hudson County, NJ, and was told I only qualified for an FHA loan. Is this accurate? I apologize if this sounds like an absurd question but I've been told by two loan officers in this location that an FHA loan was the only loan for me.<br \><br \>11 replies Wed, 25 Jun 2014 20:32:00 GMT http://www.zillow.com/advice-thread/Can-I-qualify-for-a-loan-other-than-FHA/547198/ 2014-06-25T20:32:00Z Mortgage Advice ? Hoboken, New Jersey http://www.zillow.com/advice-thread/Mortgage-Advice-Hoboken-New-Jersey/542380/ <strong>Greetings</strong>:<br/><br/>I'm looking to purchase a 1BR condo in Hoboken, NJ before my lease expires in mid-December within the price range between $360,000 - $380,000. Thing is, my credit score isn't excellent (660/670) and I don't have a full 20% - I'm at $34,000 and expect to have $44,000 when it's time to begin my search in September. With a salary of $130K plus bonus and no debt, saving the remaining ~8/9% wouldn't take long but would certainly prevent me from purchasing this year.<br/><br/>Having said that, I'm hoping for advice or strategy for lowering my potential long-term monthly payments and avoiding PMI since the intent of purchasing is to rent within three to four years. I've read that a 80-10-10 or similar might be my best option, but I also heard this would force my primary mortgage into a higher interest rate. Is this true? My idea was to obtain a 80-10-10 (really, 80-8-12), have a lower monthly payment on my primary mortgage, quickly pay the 8% within one year to 18 months, and rent the condo within another two years at a monthly rate lower than my mortgage payments.<br/><br/>Perhaps this strategy is flawed... maybe not. I'm new to all this and still learning, but also trying to absorb as much as possible before moving forward in August/September.<br/><br/>Thanks ahead of time for any thoughts or advice.<br/><br/>Dan<br \><br \>4 replies Sat, 24 May 2014 23:14:00 GMT http://www.zillow.com/advice-thread/Mortgage-Advice-Hoboken-New-Jersey/542380/ 2014-05-24T23:14:00Z Looking for a mortgage with 20% down for a 2 family investment property http://www.zillow.com/advice-thread/Looking-for-a-mortgage-with-20-down-for-a-2-family-investment-property/537050/ I want to purchase a 2 family home as an investment property in NJ but only have 20% down.&nbsp; Where can I get a mortgage with that loan to value ratio?&nbsp; Any ideas?<br \><br \>8 replies Fri, 18 Apr 2014 19:32:00 GMT http://www.zillow.com/advice-thread/Looking-for-a-mortgage-with-20-down-for-a-2-family-investment-property/537050/ 2014-04-18T19:32:00Z Rent to own mortgage http://www.zillow.com/advice-thread/Rent-to-own-mortgage/535981/ Houston based, have client that makes six figures. &nbsp;Credit &nbsp;should be good in couple of years. I heard on the radio of mortgage company that will purchase house then allow buyer to have own mortgage when they are approved. Any help?<br \><br \>1 reply Thu, 10 Apr 2014 21:54:00 GMT http://www.zillow.com/advice-thread/Rent-to-own-mortgage/535981/ 2014-04-10T21:54:00Z FHA vs. jumbo http://www.zillow.com/advice-thread/FHA-vs-jumbo/520682/ Hello - my wife and I are wanting to buy a house with a budget of $850k. &nbsp;We'll only have ~15% for a down payment and are trying to figure out what product might work best for us. &nbsp;Just to give you a quick background on us...we both have excellent credit scores (750+), no debt, and combined make $230k+ in income. &nbsp;<br/><br/>I understand the FHA to be an easier product to qualify for at the expense of higher premiums, but when I'm comparing the total $ spent over 5, 10, 15 year periods, it seems that I'd be spending less over time with the FHA...this intuitively doesn't make sense. &nbsp;What am I missing?<br/><br/>In addition, while we don't have 20% to put down today, we will have that amount within the next 12 months. &nbsp;Outside of a "gift" from a relative or friend, what path would you suggest we take today so that we're able to pay into 20% within 12 months and pay the lowest in fees possible? &nbsp;<br/><br/>Thanks in advance<br \><br \>15 replies Tue, 03 Dec 2013 15:38:00 GMT http://www.zillow.com/advice-thread/FHA-vs-jumbo/520682/ 2013-12-03T15:38:00Z How long is the uncontested foreclosure http://www.zillow.com/advice-thread/How-long-is-the-uncontested-foreclosure/519141/ Hi, I am in NJ and Wells Fargo about to serve a Notice Of Intent - I would like to stay as long as I could since I don't have a job. reading the process on google it seems straight forward with maximum 6 months. The home is under water although I put in considerable equity at the start. The banks wants a short sale or deed in lieu of foreclosure but that shortens my stay at my home and have no where else to go without finding a job. Regards<br \><br \>1 reply Fri, 15 Nov 2013 23:02:00 GMT http://www.zillow.com/advice-thread/How-long-is-the-uncontested-foreclosure/519141/ 2013-11-15T23:02:00Z How to find a cheap lawyer in NJ http://www.zillow.com/advice-thread/How-to-find-a-cheap-lawyer-in-NJ/514143/ 5 replies Fri, 04 Oct 2013 17:36:00 GMT http://www.zillow.com/advice-thread/How-to-find-a-cheap-lawyer-in-NJ/514143/ 2013-10-04T17:36:00Z 80-15-5 Loan in NJ?? http://www.zillow.com/advice-thread/80-15-5-Loan-in-NJ/496069/ <br/>Hi there,<br/>I was wondering if anyone knows if there are still any 80-15-5 loans in NJ.&nbsp; I am trying to avoid PMI.&nbsp; Thanks!<br \><br \>2 replies Sat, 08 Jun 2013 17:32:00 GMT http://www.zillow.com/advice-thread/80-15-5-Loan-in-NJ/496069/ 2013-06-08T17:32:00Z Ask our community... http://www.zillow.com/advice-thread/Ask-our-community/484773/ I did a short sale on a property in florida in April 2009. I fell behind in the payments but managed to work out a short sale with BOA and managed to sell the property. BOA agreed to write off the debt and I was able to move forward. 2 years on I am looking to buy another property, on my credit report it is being reported as a short sale. I recently went into contract on a property hoping to get a mortgage as my 2 year wait was now up. Having a 750 credit score I thought that I was in good shape. My offer was accepted however when we went to process the mortgage it was coming back as showing that the property went into foreclosure status while the short sale was pending. BOA have reported it as a short sale but also added foreclosure pending which is not visible on my credit score until you try to apply for a mortgage and it shows up. I am now not able to get a mortgage for the next 5 years. Is there anyone that can assist on this matter in helping me find a mortgage within the next 30 days, as i need to close on the property. I am putting down 20% of the $430 purchase price.<br \><br \>6 replies Tue, 26 Mar 2013 02:58:00 GMT http://www.zillow.com/advice-thread/Ask-our-community/484773/ 2013-03-26T02:58:00Z Conventional Loan 5% Down http://www.zillow.com/advice-thread/Conventional-Loan-5-Down/477127/ I currently have an FHA mortgage on a codo, which has a LTV of approximately 93%. I would like to rent this out and purchase a new primary residence. Because it seems that I cannot have more than two FHA mortgages, I am looking to do 1 of 2 things:<br/><br/>1. Refinance out of the FHA and purchase my new primary home with an FHA, or<br/>2. Purchase the new home with a conventional mortgage and no more than 5-7% down.&nbsp;<br/><br/>A litte more background, the home I am looking to purchase is around $265,000 and my condo was bought for $215,000. Since purchasing the condo, my household income has more than doubled. Do either of these options seem unrealistic? Would I have to have a renter in my condo for a certain period of time before I could qualify for a conventional mortgage? Any help or advice would be greatly appreciated.&nbsp;<br/><br \><br \>5 replies Sun, 03 Feb 2013 18:47:00 GMT http://www.zillow.com/advice-thread/Conventional-Loan-5-Down/477127/ 2013-02-03T18:47:00Z We have a VA Home Loan and want to purchase a second home, our first loan was 170K, we only owe 77K http://www.zillow.com/advice-thread/We-have-a-VA-Home-Loan-and-want-to-purchase-a-second-home-our-first-loan-was-170K-we-only-owe-77K/475125/ 6 replies Sun, 20 Jan 2013 19:02:00 GMT http://www.zillow.com/advice-thread/We-have-a-VA-Home-Loan-and-want-to-purchase-a-second-home-our-first-loan-was-170K-we-only-owe-77K/475125/ 2013-01-20T19:02:00Z How can I find out whose name is on a mortgage? http://www.zillow.com/advice-thread/How-can-I-find-out-whose-name-is-on-a-mortgage/473474/ 5 replies Mon, 07 Jan 2013 19:39:00 GMT http://www.zillow.com/advice-thread/How-can-I-find-out-whose-name-is-on-a-mortgage/473474/ 2013-01-07T19:39:00Z