Zillow Advice RSS: Question-Discussion-Guide,Mortgage Types,OR http://www.zillow.com/advice/OR/mortgage-mortgage-types/question-discussion-guide/ Zillow Advice search results | Zillow Real Estate Jumbo loan with 5% down in Oregon http://www.zillow.com/advice-thread/Jumbo-loan-with-5-down-in-Oregon/585286/ My partner and I are planning to purchase a condo in Oregon. &nbsp;In our areas of interest we are not particularly excited about available 417k or less options. &nbsp;We are both recently out of graduate school and only have ~ 15-20k available for a down payment. &nbsp;Are there any lenders offering jumbo mortgage products with 5% down? &nbsp;10% down? &nbsp;My partner is a PharmD if any relevant products are tailored to medical professionals that would include pharmacists.<br/><br/>Our credit scores are 700+, with combined annual income of ~ 215k.<br \><br \>8 replies Sat, 02 May 2015 21:28:00 GMT http://www.zillow.com/advice-thread/Jumbo-loan-with-5-down-in-Oregon/585286/ 2015-05-02T21:28:00Z how much money do I have to put down on an $80.000 home? I have a very good credit score http://www.zillow.com/advice-thread/how-much-money-do-I-have-to-put-down-on-an-80-000-home-I-have-a-very-good-credit-score/586026/ 6 replies Fri, 08 May 2015 02:53:00 GMT http://www.zillow.com/advice-thread/how-much-money-do-I-have-to-put-down-on-an-80-000-home-I-have-a-very-good-credit-score/586026/ 2015-05-08T02:53:00Z Buying multi-unit property w/ owner-occupied rate http://www.zillow.com/advice-thread/Buying-multi-unit-property-w-owner-occupied-rate/223266/ I am looking to buy a multi-unit property (ideally a fourplex) and live in one unit. I currently live with my husband in a house that he alone owns. We are getting a legal separation that will be finalized within a week. I'm staying with him until I find a property to buy.<br/><br/>The <a href="http://www.zillow.com/directory/real-estate-agents/">real estate agent</a> I've been working with thinks I'll have a hard time convincing a <a href="http://www.zillow.com/directory/lenders/">lender</a> to give me an owner-occupied rate. Is this typical? I have a 790 credit score and income around $110K/yr. I'm looking at properties in the $300K range. I have the 20% downpayment, but don't want to put 25-35% down as would be required of an investment property, or pay the higher rate.<br/><br/>Another complicating factor is that the majority of the properties I'm looking at have all of the units rented. Can I just give the tenants their 30 days notice to vacate when I take ownership, or do I typically have to move immediately after closing?<br/><br/>TIA.<br/><br \><br \>16 replies Tue, 14 Apr 2009 01:47:00 GMT http://www.zillow.com/advice-thread/Buying-multi-unit-property-w-owner-occupied-rate/223266/ 2009-04-14T01:47:00Z How do you "Deed" a house to someone? http://www.zillow.com/advice-thread/How-do-you-Deed-a-house-to-someone/579141/ My father-in-law lives with me and my family, in a house that he bought w/ a VA loan. We are about to start the application to assume that loan. The mortgage broker we used for the VA loan said that, although the loan is certainly assumable, my father-in-law can also just "deed" it to me and my wife. The broker said that would be simpler than assuming the VA loan. How does that work? Is there a document or a website that explains the deed process, and the pros/cons and the costs? We are in Oregon.<br/><br/>Thanks.<br \><br \>7 replies Mon, 16 Mar 2015 22:24:00 GMT http://www.zillow.com/advice-thread/How-do-you-Deed-a-house-to-someone/579141/ 2015-03-16T22:24:00Z Physician loan options in Oregon? http://www.zillow.com/advice-thread/Physician-loan-options-in-Oregon/552873/ <br/>My husband is just out of medical residency and we are moving to Portland, Oregon. &nbsp;Are there any options for 100% financing in a physician loan program? &nbsp;We used one in Indiana 3 years ago to buy our house for residency, but the options look more limited in Oregon. &nbsp;Thanks<br \><br \>5 replies Sun, 03 Aug 2014 18:51:00 GMT http://www.zillow.com/advice-thread/Physician-loan-options-in-Oregon/552873/ 2014-08-03T18:51:00Z Physician loan options in Oregon? http://www.zillow.com/advice-thread/Physician-loan-options-in-Oregon/552873/ <br/>My husband is just out of medical residency and we are moving to Portland, Oregon. &nbsp;Are there any options for 100% financing in a physician loan program? &nbsp;We used one in Indiana 3 years ago to buy our house for residency, but the options look more limited in Oregon. &nbsp;Thanks<br \><br \>5 replies Sun, 03 Aug 2014 18:51:00 GMT http://www.zillow.com/advice-thread/Physician-loan-options-in-Oregon/552873/ 2014-08-03T18:51:00Z what is the minimum down payment on a second home http://www.zillow.com/advice-thread/what-is-the-minimum-down-payment-on-a-second-home/570461/ 4 replies Sat, 27 Dec 2014 03:26:00 GMT http://www.zillow.com/advice-thread/what-is-the-minimum-down-payment-on-a-second-home/570461/ 2014-12-27T03:26:00Z If the GFE states that the lender does NOT require an escrow account for taxes and home insurance, http://www.zillow.com/advice-thread/If-the-GFE-states-that-the-lender-does-NOT-require-an-escrow-account-for-taxes-and-home-insurance/567527/ I am using my local credit union for my mortgage loan. the loan officer told me and the GFE states that this credit union does not require me to have an Escrow to pay property taxes and home insurance Even if I may putting down only 10%. However when they prepare my itemized fee worksheet and my GFE they included the escrow account as if it were required. This credit union uses a third party to handle the loan after processing it. I called the third party and they said it is up to the credit union if they wanted Escrow or not. The credit union told me then I can have the escrow removed after 6 month. Can the credit union legally contradict the GFE and force me to establish an escrow even though they say they don't require it? How should tell them I don't want escrow because it is not required by them. The escrow adds over 2000 dollars to my closing costs. I want to be responsible for my own taxes and insurance. How do I tell them they are contradicting their GFE document by requiring me to establish Escrow?<br \><br \>4 replies Sat, 22 Nov 2014 07:26:00 GMT http://www.zillow.com/advice-thread/If-the-GFE-states-that-the-lender-does-NOT-require-an-escrow-account-for-taxes-and-home-insurance/567527/ 2014-11-22T07:26:00Z Anyone offering 5% down on 550k in Portland, OR? http://www.zillow.com/advice-thread/Anyone-offering-5-down-on-550k-in-Portland-OR/557998/ I'm looking for a 5% down single-family, 500-600k, owner occupied lender able to write in Portland, OR. Any suggestions or direction? Not interested in a 80/10/10.<br \><br \>9 replies Fri, 05 Sep 2014 04:29:00 GMT http://www.zillow.com/advice-thread/Anyone-offering-5-down-on-550k-in-Portland-OR/557998/ 2014-09-05T04:29:00Z Mortgage products for "commercial-mixed" zoning http://www.zillow.com/advice-thread/Mortgage-products-for-commercial-mixed-zoning/529281/ I am trying to get a mortgage for a property that is zoned "commercial-mixed" use.&nbsp; I intend to live there and operate a small business.&nbsp; However, commercial and SBA loans are proving very difficult to get and I don't think I would be approved for a residential loan because of the commercial component. <br/><br/>Does anyone have suggestions on options for mortgage products I should be considering?&nbsp; Thank you so much in advance.<br \><br \>4 replies Fri, 21 Feb 2014 00:27:00 GMT http://www.zillow.com/advice-thread/Mortgage-products-for-commercial-mixed-zoning/529281/ 2014-02-21T00:27:00Z Piggyback Loan http://www.zillow.com/advice-thread/Piggyback-Loan/545705/ I am looking for a lender that will do a piggyback loan (80/10/10) in OR for $800-900K. I have a 240K base, 740 median credit score, and plenty of liquid cash (6-8% of loan) left over after downpayment. I basically have 20% for a 600-700K but need to buy into $800-900k to get where we want to be.<br/><br/>Is this feasible?<br \><br \>5 replies Mon, 16 Jun 2014 15:00:00 GMT http://www.zillow.com/advice-thread/Piggyback-Loan/545705/ 2014-06-16T15:00:00Z Any HomePath Program Experts? http://www.zillow.com/advice-thread/Any-HomePath-Program-Experts/540589/ Does anyone know the specifics of the homepath program for investors? &nbsp;Fannie doesn't have a lot of useful information on their site. &nbsp;I need to know if I can purchase a homepath property for 10% down as an investor. &nbsp;I'd be interested in speaking with someone who knows this lending program and can connect me with a loan in Oregon.<br \><br \>4 replies Tue, 13 May 2014 19:14:00 GMT http://www.zillow.com/advice-thread/Any-HomePath-Program-Experts/540589/ 2014-05-13T19:14:00Z Possible to get a loan? http://www.zillow.com/advice-thread/Possible-to-get-a-loan/539177/ My wife and I moved to Oregon from Ca about a year ago because of a job change.&nbsp; We have owned our home in Ca since 2005, which we are now renting out.&nbsp; The house is valued at 40k less than what was paid.&nbsp; We owe 220k and the home is valued at 300k. We are looking to buy in Oregon, but have a few questions about being able to secure a loan.&nbsp; I'm not looking to take any "equity" out on the Ca house.&nbsp; The Or house I'm looking to purchase will be about 500k.&nbsp; My wife and I make a little more than 140k, and have credit scores in the 750+ range.&nbsp; First- how will the original mortgage be looked at?&nbsp; Will I need 6 mos of mortgage in addition to a down payment in the bank?&nbsp; Second, what is the min down payment I can put down and get a loan?&nbsp; I do have money in IRA's and 401k that can be used for a down payment... but I would rather not use any of those if I didn't have to.&nbsp; Is there a debt to income ratio that I should look at?&nbsp; Are there any hurdles that I will need to jump through in getting a loan?&nbsp; We would like to do this in the next 6 mos or less if possible.<br \><br \>7 replies Sun, 04 May 2014 03:50:00 GMT http://www.zillow.com/advice-thread/Possible-to-get-a-loan/539177/ 2014-05-04T03:50:00Z Jumbo Loan 10% Down http://www.zillow.com/advice-thread/Jumbo-Loan-10-Down/525614/ Hi There. &nbsp;I live in Oregon. &nbsp;I am wanting to purchase a home for 1m. &nbsp;I have $130,000 cash, a 710 median credit score, annual income of 240k. &nbsp;My current mortgage broker told me I don't have any options. &nbsp;Wondering if this is true or perhaps he isn't able to access options others might? Thanks in advance.<br/><br/><br/><br/><br \><br \>14 replies Thu, 23 Jan 2014 21:24:00 GMT http://www.zillow.com/advice-thread/Jumbo-Loan-10-Down/525614/ 2014-01-23T21:24:00Z Escrow account with conventional loan? Does it exist? http://www.zillow.com/advice-thread/Escrow-account-with-conventional-loan-Does-it-exist/533274/ I found a house that I really like (it's for sale online, through an auction website) and this house needs repairs to be considered livable. The house is a "sell as is" and <strong>the seller will</strong> <strong>only accept conventional loan</strong>. <br/><br/>My mortgage agent told me that they can't lend me the money for that house with a conventional loan (<strong>only FHA</strong>). Which means I can't buy it. <br/><br/>Someone told me about opening an escrow account, and I asked if I could open an escrow account (with the money for the repairs) and still get a conventional loan for that house, but my lender told me this wasn't possible, that the escrow account would only work with FHA (or something like that).<br/><br/>My question is, are there conventional loans that allow to open an escrow account for repairs? Is it something that even exist? If so, and if possible which banks/institutions have this type of loan? (I looked up and couldn't find info on this).<br/><br/>Thank you,<br/><br \><br \>7 replies Fri, 21 Mar 2014 22:09:00 GMT http://www.zillow.com/advice-thread/Escrow-account-with-conventional-loan-Does-it-exist/533274/ 2014-03-21T22:09:00Z Rural land loans Oregon. http://www.zillow.com/advice-thread/Rural-land-loans-Oregon/514016/ &nbsp;My wife and I are looking at purchasing a rural land (70 acres) which currently has an older manufactured home sitting on it. However, I would like to remove the manufactured home and replace it with a new construction home. Our household income exceeds USDA loan limits and the only other land/construction loan that I could found would require a 30% down. We have a decent down payment saved, but not 30% worth. Any advice on other loan programs that may work for our purchase? Would an FHA construction to perm loan work in this instance?<br/><br/>Thank you for any info.<br \><br \>2 replies Thu, 03 Oct 2013 19:31:00 GMT http://www.zillow.com/advice-thread/Rural-land-loans-Oregon/514016/ 2013-10-03T19:31:00Z Home for Dad http://www.zillow.com/advice-thread/Home-for-Dad/520306/ We are considering buy a home for my 82 y/o dad.&nbsp; He is currently living in a remote location that is 40 minutes from a 911 response and 4 hours from us.&nbsp; We live in an adult community in Salem. A home for Dad in this community will probably be in the $150K range. He will get some cash out when he sells his current place and I have and 800 credit score and enough income to help buy a house.&nbsp; Would it be best for Dad to buy or rent?&nbsp; Would it make sense if I bought a house and used some of his cash form the sale for the down-payment?&nbsp; How can we work together to buy a house without creating a tangled mess when it comes to settling his estate with other family members?<br \><br \>5 replies Thu, 28 Nov 2013 00:45:00 GMT http://www.zillow.com/advice-thread/Home-for-Dad/520306/ 2013-11-28T00:45:00Z Are there any lenders offering an 80 10 10 jumbo mortgage in Oregon? http://www.zillow.com/advice-thread/Are-there-any-lenders-offering-an-80-10-10-jumbo-mortgage-in-Oregon/519975/ I have excellent credit and income and am looking at homes in the $1M-$1.3M price range. &nbsp;<br \><br \>3 replies Sun, 24 Nov 2013 19:28:00 GMT http://www.zillow.com/advice-thread/Are-there-any-lenders-offering-an-80-10-10-jumbo-mortgage-in-Oregon/519975/ 2013-11-24T19:28:00Z Is Assumable Mortgage Right For Us? http://www.zillow.com/advice-thread/Is-Assumable-Mortgage-Right-For-Us/500130/ My spouse &amp; I closed a short sale last year with some late payments. Before last year our credit score was good (mid-700's). We're now renting, and waiting for the 3-year FHA wait period to lapse. One of our parents, who is retired, moved in with us recently. This parent has a healthy retirement fund (and a good credit history) and wants to help us. Can this parent buy a house right now while the interest rates are low with an assumable mortgage, and when our 3-year wait is up, have us assume it? What might be a problem with this scenario? Who offers assumable mortgages? Thanks.<br \><br \>3 replies Wed, 03 Jul 2013 05:11:00 GMT http://www.zillow.com/advice-thread/Is-Assumable-Mortgage-Right-For-Us/500130/ 2013-07-03T05:11:00Z Construction to permanent loan? http://www.zillow.com/advice-thread/Construction-to-permanent-loan/493088/ What would be the best way to shop around for Construction to permanent loan deals in the Portland, OR area. Unlike regular mortgage there does not seem to be an easy way to do this. Any recommendations?<br \><br \>3 replies Mon, 20 May 2013 04:49:00 GMT http://www.zillow.com/advice-thread/Construction-to-permanent-loan/493088/ 2013-05-20T04:49:00Z