Zillow Advice RSS: Question-Discussion-Guide,Mortgage Types,NV http://www.zillow.com/advice/NV/mortgage-mortgage-types/question-discussion-guide/ Zillow Advice search results | Zillow Real Estate Alt. Financing Options not using credit pull on income spouse? http://www.zillow.com/advice-thread/Alt-Financing-Options-not-using-credit-pull-on-income-spouse/549690/ Wife has good credit 740+, no negatives, but no income. I have income, but can't use my credit and don't want my name on the loan. I was considering having her do an MCM loan (Fannie Mae) on a 3-4 unit property using actual or projected rental income + boarder income (from me, another 1/2 a unit rent basically) to get under the 45% DTI ratio (we have no other debt payments so back end ratio is basically rental income relative to the mortgage). We can put 20% down to avoid PMI and decrease risk to the lender (although MCM calls for only 5% down on owner-occupied).<br/><br/>However, I think it's unlikely that this is going to work for a conventional/MCM mortgage as it requires manual underwriting and too many variables off of a "typical" mortgage app, all the banks I talked to are lazy and they don't want to look at it. Some bank private portfolios I heard offer 5-5.5% or similar rate loans, while most private lenders online seem to be 7-9% (but offer additional documentation flexibility).<br/><br/>Units in this area cost about 40-60k each and cash flow gross 800-1000/mo. If 1-2 units don't cash flow (vacancy or non-payment/squatter) then my income covers the gap, if THAT fails (job loss?) our school refunds can cover it, if all of that fails then the 20%+ equity basically eliminates most of the lender's risk in foreclosure anyway. In this situation, where there seems minimal risk to the lender, how can I obtain a rate under 6% without them pulling my credit or my guaranteeing the loan? I can pull my own actual credit reports data (all 3) if it makes them feel better and I can document my own income as supporting documents.<br \><br \>0 replies Tue, 15 Jul 2014 01:41:00 GMT http://www.zillow.com/advice-thread/Alt-Financing-Options-not-using-credit-pull-on-income-spouse/549690/ 2014-07-15T01:41:00Z USDA Loan Basics http://www.zillow.com/advice-thread/USDA-Loan-Basics/538382/ What is the bare minimum to qualify for a USDA loan? &nbsp;For the purpose of the example using a 200,000 loan. &nbsp;How much $ up front, minimum credit score, cash reserves, etc? &nbsp;Any major deal breakers on a loan not making it through underwriting?&nbsp;<br \><br \>5 replies Mon, 28 Apr 2014 18:18:00 GMT http://www.zillow.com/advice-thread/USDA-Loan-Basics/538382/ 2014-04-28T18:18:00Z Purchasing a Primary Residence After Short Selling Rental Property? http://www.zillow.com/advice-thread/Purchasing-a-Primary-Residence-After-Short-Selling-Rental-Property/464890/ We did a short sale on a rental property a year ago and just sold our primary residence in August. We want to get back into a house as soon as possible and have 20% we can put down. We are being told that we have to wait the two years because of the short sale. Is this the case even if it wasn't our primary residence we short sold? I can't find anything that talks about mortgages on a primary residence after short selling a rental property.<br \><br \>2 replies Fri, 19 Oct 2012 19:01:00 GMT http://www.zillow.com/advice-thread/Purchasing-a-Primary-Residence-After-Short-Selling-Rental-Property/464890/ 2012-10-19T19:01:00Z How long does a reverse morgtage take to process? http://www.zillow.com/advice-thread/How-long-does-a-reverse-morgtage-take-to-process/511365/ As in from start to closing, I'm dealing with a second company and still can't seem to get the case to close.<br \><br \>6 replies Sat, 14 Sep 2013 20:42:00 GMT http://www.zillow.com/advice-thread/How-long-does-a-reverse-morgtage-take-to-process/511365/ 2013-09-14T20:42:00Z 10% down programs for Las Vegas http://www.zillow.com/advice-thread/10-down-programs-for-Las-Vegas/496929/ Hello, Does anyone know of a 10% down program for nevada? We have signed a contract, purchase price is 690k, credit score is 810 and salary 200k.We have 1 program with no PMI, but it is capped at 600K.&nbsp; Please help!!!<br \><br \>2 replies Thu, 13 Jun 2013 17:46:00 GMT http://www.zillow.com/advice-thread/10-down-programs-for-Las-Vegas/496929/ 2013-06-13T17:46:00Z I would like to take out some cash to buy another property, but had BK discharged 11/2009. The hous http://www.zillow.com/advice-thread/I-would-like-to-take-out-some-cash-to-buy-another-property-but-had-BK-discharged-11-2009-The-hous/481858/ The house is paid off, would any lender work with me? Thanks.<br \><br \>1 reply Fri, 08 Mar 2013 05:12:00 GMT http://www.zillow.com/advice-thread/I-would-like-to-take-out-some-cash-to-buy-another-property-but-had-BK-discharged-11-2009-The-hous/481858/ 2013-03-08T05:12:00Z Can we buy a 2nd home in Henderson, NV using VA / FHA again, first home paid off? http://www.zillow.com/advice-thread/Can-we-buy-a-2nd-home-in-Henderson-NV-using-VA-FHA-again-first-home-paid-off/460676/ 4 replies Thu, 20 Sep 2012 13:51:00 GMT http://www.zillow.com/advice-thread/Can-we-buy-a-2nd-home-in-Henderson-NV-using-VA-FHA-again-first-home-paid-off/460676/ 2012-09-20T13:51:00Z Can I use FHA / VA for 2nd time purchase, first house paid off? http://www.zillow.com/advice-thread/Can-I-use-FHA-VA-for-2nd-time-purchase-first-house-paid-off/460677/ 3 replies Thu, 20 Sep 2012 13:53:00 GMT http://www.zillow.com/advice-thread/Can-I-use-FHA-VA-for-2nd-time-purchase-first-house-paid-off/460677/ 2012-09-20T13:53:00Z As Canadian investor, can I get a mortagage from US bank if I put 30% down? http://www.zillow.com/advice-thread/As-Canadian-investor-can-I-get-a-mortagage-from-US-bank-if-I-put-30-down/444503/ <p>i'm canadian and would like to consider investing on the real eastate market in the states. i would lilke to know if i can get mortagage from us bank if i put 30% down&#65311; whether the interest rate will be as same as the local residence or different? any extra fees involved? thank you!</p><br \><br \>2 replies Mon, 28 May 2012 03:40:00 GMT http://www.zillow.com/advice-thread/As-Canadian-investor-can-I-get-a-mortagage-from-US-bank-if-I-put-30-down/444503/ 2012-05-28T03:40:00Z Want to buy condo for elderly parents in another state, but 1st time home buyer http://www.zillow.com/advice-thread/Want-to-buy-condo-for-elderly-parents-in-another-state-but-1st-time-home-buyer/428891/ Hello,<br/>I need advice on how to purchase a condo for my elderly parents who live in another state. I currently live in Denver, CO with my bf, and my parents live in Reno, Nevada. I am interested in purchasing a small condo for them in the downtown area of Reno. I found a 2bdrm, 2 bath condo &nbsp;for 40K. I have never owned a home, and understand that I have to occupy the first house that I am buying if I plan to get a <a href="http://www.zillow.com/mortgage-rates/">loan</a>. Is there any way around this?&nbsp;<br \><br \>3 replies Mon, 16 Jan 2012 00:55:00 GMT http://www.zillow.com/advice-thread/Want-to-buy-condo-for-elderly-parents-in-another-state-but-1st-time-home-buyer/428891/ 2012-01-16T00:55:00Z Buying short sale with tenant due to exit in 3 months. We want an owner-occupied loan. Options? http://www.zillow.com/advice-thread/Buying-short-sale-with-tenant-due-to-exit-in-3-months-We-want-an-owner-occupied-loan-Options/373571/ 1 reply Wed, 03 Nov 2010 06:22:00 GMT http://www.zillow.com/advice-thread/Buying-short-sale-with-tenant-due-to-exit-in-3-months-We-want-an-owner-occupied-loan-Options/373571/ 2010-11-03T06:22:00Z Homepath Question http://www.zillow.com/advice-thread/Homepath-Question/366234/ About a year ago I was declined for financing three days away from closing because we discovered that my wife's ex-husband was in foreclosure, meaning SHE was in foreclosure, and being a wonderful community property state, I was essentially in foreclosure, so there went my FHA eligibility for three years.&nbsp; This morning I read up on Homepath, and it seems like a good product for me, but I can't find any information regarding my wife's foreclosure on her credit and that affecting my eligibility.&nbsp; Had it not been for the foreclosure, I would have cruised through underwriting, and in the past year my credit scores have improved, so I'm wondering where I stand for Homepath.&nbsp; Thanks!<br \><br \>18 replies Tue, 14 Sep 2010 15:13:00 GMT http://www.zillow.com/advice-thread/Homepath-Question/366234/ 2010-09-14T15:13:00Z Is a Jumbo 80%LTV primary home loan available in Henderson NV zip 89052? http://www.zillow.com/advice-thread/Is-a-Jumbo-80-LTV-primary-home-loan-available-in-Henderson-NV-zip-89052/335286/ Purchase price $695k.&nbsp; Down $140K.&nbsp; Are there still piggyback <a href="http://www.zillow.com/mortgage/">loans</a>, maybe a 75-5-20?<br \><br \>2 replies Thu, 18 Mar 2010 17:48:00 GMT http://www.zillow.com/advice-thread/Is-a-Jumbo-80-LTV-primary-home-loan-available-in-Henderson-NV-zip-89052/335286/ 2010-03-18T17:48:00Z Is it easier to qualify for Direct or Guaranteed USDA Loan? http://www.zillow.com/advice-thread/Is-it-easier-to-qualify-for-Direct-or-Guaranteed-USDA-Loan/326611/ If our income will allow us to go either way. I dont see anyone promoting going the direct <a href="http://www.zillow.com/mortgage/">loan</a> route...is it because its not through a <a href="http://www.zillow.com/directory/lenders/">lender</a> its not promoted so theres no commission? or is their a drawback?<br/><br/>I would like to know if the qualifying process is faster? is it easier to qualify? fund? close? etc?&nbsp; better rates either way?<br \><br \>6 replies Sat, 20 Feb 2010 22:05:00 GMT http://www.zillow.com/advice-thread/Is-it-easier-to-qualify-for-Direct-or-Guaranteed-USDA-Loan/326611/ 2010-02-20T22:05:00Z i am looking to quicken loans for a loan in nevada con they do it? david. http://www.zillow.com/advice-thread/i-am-looking-to-quicken-loans-for-a-loan-in-nevada-con-they-do-it-david/200597/ 5 replies Wed, 18 Feb 2009 02:17:00 GMT http://www.zillow.com/advice-thread/i-am-looking-to-quicken-loans-for-a-loan-in-nevada-con-they-do-it-david/200597/ 2009-02-18T02:17:00Z