Zillow Advice RSS: Question-Discussion-Guide,Mortgage Types,NY

VA Loan Second-Tier Entitlement

Tue, 13 Mar 2012 14:54:00 GMT

I currently live in my main home purchased using a VA Loan. I have used $55,600 of my entitlement on this home. I am relocating out of state due to a job transfer. Unfortunately, market conditions are preventing me from selling my home because I will take an approximate $30K loss by selling it. I will have a renter in my home that will cover my entire mortgage payment(principle/taxes/insurance). I am trying to figure out how to use my second-tier entitlement to obtain a second VA loan to purchase a home where I am relocating. How can I determine if I am eligible and how much loan I can get?

15 replies

How to find if it's mixed-use house?

Tue, 30 Apr 2013 00:46:00 GMT

Hello, Today while talking to mortgage agent he said the property I'm interested in is mixed-use. The owner in meantime told me it's no any mixed-use so I'm totally confused. Do you have any idea where are the records and what to look for if it is or not commercial use? Also I've heard the down-payment is increased for mixed-use buyers as well as loan % ? Thanks for answering

1 reply

I'm wondering if anybody offers no docs loans anymore.

Fri, 27 Apr 2012 02:28:00 GMT

I have excellent credit. I'm looking to buy a 1 or 2 bedroom condo or small house and would need a mortgage in the range of $60k to $90k. I will probably be putting 20% down.
I'm also wondering what the rate would be?

12 replies

Looking for alternatives to an FHA loan for a home in the $550K range in Suffolk County, New York.

Mon, 22 Apr 2013 19:18:00 GMT

We can put 5% down and have excellent credit.

1 reply

What exactly is MI buy out?

Tue, 26 Feb 2013 23:25:00 GMT

Trying to buy a home in New York and our DTI is too high because of MI. We are only looking to put 3% down. I've heard of the MI buy out but I don't really know how it works. Can anyone explain it to me. Thanks!

5 replies

Can I get financed for a short sale property?

Tue, 15 Jan 2013 21:30:00 GMT

4 replies

How does USDA determine your max borrowing amount?

Sun, 17 Feb 2013 13:18:00 GMT

My wife and I are looking into a USDA loan here in Orange County, NY. After doing some research of my own it looks as if the USDA does not have max amount for the guaranteed loans. When looking at the website it states "There are no maximum purchase limits. The applicant debt ratio and maximum income limit for the county will determine the amount of loan in which they qualify." With an income of 85k and income to debt ratio of only 9% I am trying to determine the max amount I would be approved for before starting the process. Any insight would be greatly appreciated.

3 replies

What is a piggyback loan?

Sat, 09 Feb 2013 03:16:00 GMT

2 replies

Does anyone know of a lender who offers a "piggyback loan". I am in need of down payment assistance.

Fri, 08 Feb 2013 16:04:00 GMT

The home we are looking to buy is 205k, and will require PMI. As the monthly payment is affordable, the down payment is not. We are also not considered low income, and this is a second time home purchase for us. We are feeling discouraged, and do not want to continue renting. The home we found is our "dream home". Does anyone have any suggestions?

5 replies

New York Queens Best Rate? 30/15/20yr

Wed, 23 Jan 2013 04:18:00 GMT

My mom's looking to buy with 760+ credit, 50k+ income, no debt, 20% down on a co-op. What are the better rates to settle at nowadays in NY Queens?

She's looking for conventional 30, 15 or 20 year fixed. Anyone know what the three types stack up against another in %?

Many thanks.

3 replies

What can I do to get more (or better) quotes for my loan request ZR-DSLSNYN?

Wed, 23 Jan 2013 00:25:00 GMT

1 reply

Self Employed and can't get Bank Approval

Fri, 11 Jan 2013 14:34:00 GMT

I'm a self employed minister working with a small local church. So small that I receive income from other churches.

How can I get banks on board? I do not have a regular W-2.
Is there a self-employed mortgage program I should look for?

3 replies

Mortgage Advice, 10% or 20% Down?

Wed, 02 Jan 2013 20:00:00 GMT

I am a first time buyer and shopping for a mortgage. I know about PMI if i put down less than 20%. I have excellent credit and just under 20% down saved with little debt. (10k student loans)

My plan was to put 10% down and also pay closing costs out of pocket and not roll it into my mortgage. I should have a decent amount left for furniture and small renovations.

Are rates completely different when you put 10% vs 20% down on a conventional mortgage?

Should i go for an FHA mortgage?

Will I have a hard time getting a mortgage with 10% down?

Thanks in advance!

3 replies

non-occupant co-borrower in NYC

Fri, 07 Dec 2012 04:59:00 GMT

Hi everyone,
I am looking to buy a co-op with my boyfriend who lives out of state, in a condo we own together there. We are buying in the city. To qualify, we both need to be on the loan, but banks are telling us he has to be a non-occupant co-borrower. I do not have DTI on my own to buy, so we need to do it together. There seem to be very limited options for this type of loan.

To add to the story, his job technically only requires him to be there tuesday-thursday, so he could live in the city 4/7 days a week, more than 50% of the time. Could he be a typical co-borrower then? what are the limits of a "occupant"? or if he has to be a non-occupant co-borrower, what options are out there?

Thanks!

1 reply

Where can I get a 30K mortgage, recent bankrcptcu and work in another state

Fri, 09 Nov 2012 23:38:00 GMT

Work in Ny want to buy in PA. Mortgage under 30K, short term, just had bankruptcy discharged Mar 2011. Lenders making me wait?

1 reply

Financing for overseas purchase

Wed, 31 Oct 2012 07:17:00 GMT

Where can we obtain a mortgage for purchasing land overseas and build a Deltec Home on it?

1 reply

203K vs Mortgage Loan

Wed, 10 Oct 2012 11:52:00 GMT

How does one find the lowest 203K loan rate? Must a 203K loan be bundled with the same lender for the mortgage? Since a mortgage loan is cheaper than a 203K loan, I am trying to opt for the best deal.

4 replies

What is the best mortgage for buying a fixer-upper?

Tue, 04 Sep 2012 21:10:00 GMT

I would like to buy a 1928 home in Staten Island. The home appears to have good bones, but still relies on oil for heating. It does not have central air. I would like to add geothermal to save on energy bills in the long run. What loan programs do you recommend for a purchase + renovation? Thanks.

1 reply

is it possible to get a USDA loan if I currently have a FHA loan?

Mon, 03 Sep 2012 04:18:00 GMT

2 replies

OKAY BAD CREDIT DUE TO DIVORCE AND HAVENT BEEN ABLE TO CORRECT IT BECAUSE ALL THE CARDS WERE IN MY

Sat, 01 Sep 2012 23:34:00 GMT

1 reply