Zillow Advice RSS: Question-Discussion-Guide,Mortgage Types,PA http://www.zillow.com/advice/PA/mortgage-mortgage-types/question-discussion-guide/ Zillow Advice search results | Zillow Real Estate What are Investor Mortgage guidelines? http://www.zillow.com/advice-thread/What-are-Investor-Mortgage-guidelines/419705/ Looking to purchase a property as a rental but only have 10% of the purchase price down. Are there any lenders doing 10% down for rental purchase properties?&nbsp; I have reasonably good credit (740+).&nbsp; The price of the property is $65K.<br \><br \>3 replies Tue, 18 Oct 2011 16:21:00 GMT http://www.zillow.com/advice-thread/What-are-Investor-Mortgage-guidelines/419705/ 2011-10-18T16:21:00Z What are Investor Mortgage guidelines? http://www.zillow.com/advice-thread/What-are-Investor-Mortgage-guidelines/419705/ Looking to purchase a property as a rental but only have 10% of the purchase price down. Are there any lenders doing 10% down for rental purchase properties?&nbsp; I have reasonably good credit (740+).&nbsp; The price of the property is $65K.<br \><br \>3 replies Tue, 18 Oct 2011 16:21:00 GMT http://www.zillow.com/advice-thread/What-are-Investor-Mortgage-guidelines/419705/ 2011-10-18T16:21:00Z How long does the process for a assume morgage take http://www.zillow.com/advice-thread/How-long-does-the-process-for-a-assume-morgage-take/565341/ 1 reply Tue, 04 Nov 2014 04:50:00 GMT http://www.zillow.com/advice-thread/How-long-does-the-process-for-a-assume-morgage-take/565341/ 2014-11-04T04:50:00Z How long does the process for a assume morgage take http://www.zillow.com/advice-thread/How-long-does-the-process-for-a-assume-morgage-take/565341/ 1 reply Tue, 04 Nov 2014 04:50:00 GMT http://www.zillow.com/advice-thread/How-long-does-the-process-for-a-assume-morgage-take/565341/ 2014-11-04T04:50:00Z What is the best way to incorporate rehab costs into a mortgage for an investment property? http://www.zillow.com/advice-thread/What-is-the-best-way-to-incorporate-rehab-costs-into-a-mortgage-for-an-investment-property/536438/ Hello,&nbsp;<br/><br/>I am planning on purchasing an investment property for $115,000, putting $35k into it for repairs and either flipping it or renting out. I would be all in at $150k and could have a positive cash flow if rented out. Is there a way I could incorporate the $35k repair costs into the mortgage rather than using my own cash. If I was able to do so, I could use my cash for another investment property.&nbsp;<br/><br/>I thought about fronting the repair costs then refinancing for the total amount spent to get my money back, then rent out. I was told you can only refinance after 1 year&nbsp;which I didn't want to wait that long. I've also heard about 203K loans, but it seems like a lot of work getting contractors approved, estimates, etc...&nbsp;<br/><br/>Anyone have any advice on what to do?<br/><br/>Thanks!<br \><br \>11 replies Mon, 14 Apr 2014 22:41:00 GMT http://www.zillow.com/advice-thread/What-is-the-best-way-to-incorporate-rehab-costs-into-a-mortgage-for-an-investment-property/536438/ 2014-04-14T22:41:00Z ANY MORTGAGE LENDERS THAT LEND LESS THAN $50,000 http://www.zillow.com/advice-thread/ANY-MORTGAGE-LENDERS-THAT-LEND-LESS-THAN-50-000/516361/ <p>I AM AN INVESTOR, AND I NEED TO BORROW MONEY..$35000/$40,000 TO PURCHASE AND $25/30,000 TO FIX UP AND SELL OR RENT...THERE IS NO LENDER THAT DOES THAT... IF THEY DO LEND LESS THAN $50000, THEY WANT YOU TO GO LIVE ON IT....... THE LAST 2 YEARS I BUILT AND SOLD MY HOUSES BUT I USED ALL MY CASH AND CREDIT CARDS... I DONT WANT TO DO IT THAT WAY ANYMORE.... CAN YOU HELP... THANKS MIKE&nbsp;&nbsp; <a href="mailto:DEDIP7@HOTMAIL.COM" rel="nofollow">DEDIP7@HOTMAIL.COM</a></p><br \><br \>8 replies Wed, 23 Oct 2013 11:54:00 GMT http://www.zillow.com/advice-thread/ANY-MORTGAGE-LENDERS-THAT-LEND-LESS-THAN-50-000/516361/ 2013-10-23T11:54:00Z Looking to purchase land/financing options http://www.zillow.com/advice-thread/Looking-to-purchase-land-financing-options/548811/ I am looking to purchase 14 acres of land to eventually build on in Northeastern PA. What types of financing options are available to me? &nbsp;<br \><br \>3 replies Tue, 08 Jul 2014 03:39:00 GMT http://www.zillow.com/advice-thread/Looking-to-purchase-land-financing-options/548811/ 2014-07-08T03:39:00Z Can additional money be included in a mortgage to add a specific amenity? http://www.zillow.com/advice-thread/Can-additional-money-be-included-in-a-mortgage-to-add-a-specific-amenity/542877/ This additional money would be earmark for an inground pool and the landscaping to incorporate it into the existing lot.<br \><br \>10 replies Wed, 28 May 2014 12:10:00 GMT http://www.zillow.com/advice-thread/Can-additional-money-be-included-in-a-mortgage-to-add-a-specific-amenity/542877/ 2014-05-28T12:10:00Z Loans for a Bank Owned http://www.zillow.com/advice-thread/Loans-for-a-Bank-Owned/540691/ I wanted to buy a home in Philadelphia that is bank owned and cost $26,000. I am pretty sure I can put a down payment of at least 35% or $9100. This means I would need less than 50k to purchase this particular home. Based on others opinions and rumors, it is very hard if not impossible to get a loan for that amount. Is this true? What could I do? And is it possible to get more to do repairs and upgrades to this particular bank owned home?<br \><br \>5 replies Wed, 14 May 2014 11:28:00 GMT http://www.zillow.com/advice-thread/Loans-for-a-Bank-Owned/540691/ 2014-05-14T11:28:00Z Owner builder construction loan in pa http://www.zillow.com/advice-thread/Owner-builder-construction-loan-in-pa/529449/ Ok, here is the whole story.<br/>I own a 3 acre property I paid cash for 13mos ago (33k plus closing)<br/>It had a "house" on it I have almost torn down<br/>It has a working well and septic system<br/>I am a general contractor in business for 15yrs with extensive experience.<br/>I plan on doing the majority of work myself. 12 mo construction schedule is not a problem. My wife and I have 650 credit<br/>Using a bank work sheet I have a projected $237k evaluation with $140k loan with puts me about 50k to the good at %80 These are based on real world, worst, worst case scenario numbers backed by estimates by reputable suppliers. We own our home now with a current equity position of about 40k to the good based on the lowest of three realtor appraisals. Sorry to be so wordy, but I wanted to paint an accurate picture.<br/>Do I have a chance of finding the mortgage "unicorn" that is the Owner- builder construction loan given these parameters?&nbsp;<br/>Thank you in advance.<br/><br/><br/><br/><br/><br/><br \><br \>1 reply Sat, 22 Feb 2014 02:22:00 GMT http://www.zillow.com/advice-thread/Owner-builder-construction-loan-in-pa/529449/ 2014-02-22T02:22:00Z Can I finance an owner occupied 3-unit property with 5% down? http://www.zillow.com/advice-thread/Can-I-finance-an-owner-occupied-3-unit-property-with-5-down/527458/ I am looking into buying a 3 unit property.&nbsp; My wife and I would live in 1 and rent the other 2, so this is my primary residence.&nbsp; Can I get a conventional mortgage with 5% down?<br \><br \>14 replies Thu, 06 Feb 2014 22:33:00 GMT http://www.zillow.com/advice-thread/Can-I-finance-an-owner-occupied-3-unit-property-with-5-down/527458/ 2014-02-06T22:33:00Z Purchasing a home http://www.zillow.com/advice-thread/Purchasing-a-home/525032/ My husband and I have been renting a home for the last 12 years and unfortunately&nbsp; have not been able to save any money for a down payment. We used what we had&nbsp;for a couple of hard times we experienced. However with that said we earn a decent income approx.&nbsp;$75, 000 a year and pay all of our expenses each month. Is it possible to purchase a house and not have any down payment. We are really over the renting thing.<br \><br \>10 replies Sun, 19 Jan 2014 20:38:00 GMT http://www.zillow.com/advice-thread/Purchasing-a-home/525032/ 2014-01-19T20:38:00Z FHA or Conventional? What is our better option? http://www.zillow.com/advice-thread/FHA-or-Conventional-What-is-our-better-option/523643/ My wife and I are looking to buy in the Pittsburgh and surrounding area.&nbsp; <br/>We've been looking at properties since this past summer and have even put in a couple of offers.&nbsp; When we're browsing online we pay careful attention to the numbers that the various site apporximate as our potential mortgage payment.&nbsp; However, for the couple of times that we've placed an offer the projected payments end up being almost $150 - $200 higher due to the MIP.<br/><br/>We're trying to keep our mortgage payments as close to what we're used to paying in rent but because of the PMI are finding it near impossible w/o having to compromise the area that we would like to live.<br/><br/>We've been strongly considering an FHA loan due to the lower down payment, however the 1.75%&nbsp;MIP is making it ever so difficult.&nbsp; So, my question is: which would be a better fit for us, and are there any other optionns within FHA loans that can lower the MIP?&nbsp; My credit is mid 600's and my wife is mid to high 700's<br \><br \>7 replies Tue, 07 Jan 2014 18:35:00 GMT http://www.zillow.com/advice-thread/FHA-or-Conventional-What-is-our-better-option/523643/ 2014-01-07T18:35:00Z Buying a Condo for my Mom http://www.zillow.com/advice-thread/Buying-a-Condo-for-my-Mom/523533/ My husband and I are currently renting in the city and although we love our beautiful loft apartment, the rent is very high so saving a large sum for a house down payment is hard. &nbsp;<br/><br/>I have the idea to purchase a small and relatively inexpensive condo in the suburb that I grew up in. &nbsp;We can easily afford this and although it will be a sacrifice on space, in a year we will save enough to make it worth the effort. &nbsp;Another angle to this plan is that when we're ready to buy our house, I want to "rent" the condo out to my mom. &nbsp;She has had some financial issues in the past and has been renting for the last 18+ years so this would be a perfect way to get her into "her own" place and just have her cover the mortgage. &nbsp;<br/><br/>Can anyone let me know their thoughts on this situation? &nbsp;What kind of mortgage would be best? &nbsp;Will this be too tricky when we go to buy our house? &nbsp;Any feedback will be much appreciated! &nbsp;<br \><br \>3 replies Mon, 06 Jan 2014 21:52:00 GMT http://www.zillow.com/advice-thread/Buying-a-Condo-for-my-Mom/523533/ 2014-01-06T21:52:00Z Physician Loans? Pros and Cons please... http://www.zillow.com/advice-thread/Physician-Loans-Pros-and-Cons-please/399164/ My husband's a physician and we've just heard about this type of mortgage/loan and we're looking to get educated. &nbsp; I'm wondering if there's a catch. &nbsp;I've read that some won't allow for refinancing (in this market should that bother me?? Rates are SOOO low!). &nbsp;I'm also wondering if the rates are competitive and what would can find in a more traditional mortgage. &nbsp; &nbsp;We'll be looking for probably a 450K loan and are in Pennsylvania (Philadelphia). &nbsp;Thanks for any help!<br \><br \>8 replies Mon, 16 May 2011 16:18:00 GMT http://www.zillow.com/advice-thread/Physician-Loans-Pros-and-Cons-please/399164/ 2011-05-16T16:18:00Z Should I mortgage against a vacation home purchase or against my fully paid for home? http://www.zillow.com/advice-thread/Should-I-mortgage-against-a-vacation-home-purchase-or-against-my-fully-paid-for-home/520289/ I am buying a vacation home. Should I use it as collateral for the loan or should I take a mortgage against my fully paid for primary residence?<br \><br \>5 replies Wed, 27 Nov 2013 20:57:00 GMT http://www.zillow.com/advice-thread/Should-I-mortgage-against-a-vacation-home-purchase-or-against-my-fully-paid-for-home/520289/ 2013-11-27T20:57:00Z maybe a silly question http://www.zillow.com/advice-thread/maybe-a-silly-question/506321/ Can I get an FHA Loan with 5% down to buy an existing property for $400k and 6 months later tear it down and get another loan for $400k to build a new home? &nbsp;I have found a fantastic lot and don't want to lose it but I don't have 20% at the moment, but will have the funds in 6 months.<br \><br \>9 replies Sun, 11 Aug 2013 18:13:00 GMT http://www.zillow.com/advice-thread/maybe-a-silly-question/506321/ 2013-08-11T18:13:00Z Are there any banks that still offer piggyback or 100% mortgage? http://www.zillow.com/advice-thread/Are-there-any-banks-that-still-offer-piggyback-or-100-mortgage/511584/ We have good credit and good income but our cash reserves have been deleted so no money to put down.<br \><br \>5 replies Mon, 16 Sep 2013 19:24:00 GMT http://www.zillow.com/advice-thread/Are-there-any-banks-that-still-offer-piggyback-or-100-mortgage/511584/ 2013-09-16T19:24:00Z FHA 2 yr timeframe? http://www.zillow.com/advice-thread/FHA-2-yr-timeframe/498065/ Can you get a regular mortgage (not FHA) after BK with credit score of 640, no debts, 45,000 a year<br \><br \>2 replies Thu, 20 Jun 2013 13:31:00 GMT http://www.zillow.com/advice-thread/FHA-2-yr-timeframe/498065/ 2013-06-20T13:31:00Z Mortgage options? http://www.zillow.com/advice-thread/Mortgage-options/499115/ Hello,<br/>&nbsp;<br/>Long story short...I had to file for Chapter 7 Bankruptcy last May due to an ex wife that would not refinance our marital home per our Marital Settlement Agreement in 2010.&nbsp; I have begun to re-establish my credit and I know my Transunion score is currently around 670, but am unsure as to the others at this time.<br/><br/>I will be getting married in September, and my fiance currently has perfect credit in the 800s across all bureaus and makes about 41k/year. With this income, she would qualify for USDA mortgage (we are looking at an option with the least amount of money down at the moment).&nbsp; <br/><br/>I currently make 62k/year, so combined, we are just over 100k. Since I can't qualify for a mortgage for another year, would we be able to go the USDA route, or would my income prevent this, despite not being on the mortgage? If this is not an option, is there any way to qualify for a mortgage before 2 years post bankruptcy?<br \><br \>5 replies Wed, 26 Jun 2013 18:31:00 GMT http://www.zillow.com/advice-thread/Mortgage-options/499115/ 2013-06-26T18:31:00Z