Zillow Advice RSS: Question-Discussion-Guide,FHA Loans,

Am trying to do an FHA 203K loan, combined with an EEM (energy efficiency mortgage).

Sun, 06 Dec 2009 05:42:00 GMT

and my lender is telling me that I cannot qualify for the extra $8000 in energy upgrades. Also, looking for green renovator in the Chicago area.

0 replies

I was denied loss mitigation on an fha loan with pmi. I had 1 year left on a 15 year mortgage.

Wed, 02 Dec 2009 09:48:00 GMT

They would not return my calls. I lost two pensions and family money and inheritances. I have 2 houses on one lot. I rent the second one out. I want my homes back. They were my investment for my future and my daughters future as well. I was remodling my rental home unaware they foreclosed. I didn't even own it any more!
The new programs were not in place as I was one of the Oct.2008 foreclosures.

7 replies

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Sat, 05 Dec 2009 03:06:00 GMT

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0 replies

FHA loans

Wed, 02 Dec 2009 23:42:00 GMT

What fees could I expect to pay on an FHA loan? Are rates on FHA loans usually more than non-FHA loans? Is there anything to look out for when considering FHA loan? Thanks in advance.....

6 replies

Does FHA mean low standards?

Mon, 30 Nov 2009 15:46:00 GMT

I'm being relocated and I've been looking at houses for a few months in the new area. I've found a new development that I like with a couple of possibilities. There are many empty lots and I'm worried about the economy and the builders stability.

The houses are in the $200k range, moderate for this area, but now I see that the builder is advertising 100% FHA qualifying for the houses. Does this mean that they are starting to lower the standards to attract more buyers? I'm concerned that as the development builds out that they won't maintain the same high standards and I'll lose value of my property.

15 replies

My Chap 13 was discharged on 3/2008. My fico is 661 and gross $150k per year.

Mon, 30 Nov 2009 22:48:00 GMT

I'm a first time home buyer, do I qualify for a loan yet, or do I need to wait at least two years. I have no debt, only a car payment of $420 per month, single, no kids.

6 replies

I did not get any quotes on my loan request (ZR-QWDFQSG). Can someone help me figure out why?

Tue, 01 Dec 2009 03:44:00 GMT

I keep hearing that FHA loans are not based on credit scores. I'm recently divorced (1year) and ex ruined my credit (currently FICO 583). I will be able to pay off majority of a 170K house loan within 1-2 years. I would put 45K down. Is there any other way to get a home loan? I'm running out of time. My combined yearly salary (with child support) is 79K per year. I have a rental property in my name that would net at least 100K. 25K in 401K. NO DEBT!

2 replies

How does having a high (780) credit score benefit you when opting for an FHA loan???

Wed, 02 Dec 2009 09:43:00 GMT

4 replies

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Mon, 30 Nov 2009 06:01:00 GMT

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0 replies

Question on repairs for home w/ 203k loan. Home also in estate, how should I structure the offer?

Thu, 05 Nov 2009 16:04:00 GMT

A few factors to consider that I want to make sure will all work together before jumping in.

1. Home is in estate, not currently being taken care of and it has some issues, including leaking roof and some basement seepage. Also would need some fairly considerable upgrades including kitchen renovation and possibly bathrooms, which is why we're interested in 203k.
2. The home also has a 3 car garage off alley with a 1 bed apartment over it that has been used as a rental unit, which also has a leaking roof and minor updates needed. So I think this would be considered a 2-unit property.

We were planning on offering $200k with a $12k roof allowance, but since we want to do 203k (to upgrade the kitchen and maybe bath), from what I can tell, we couldn't include it in the offer that way since FHA doesn't permit allowances. Should we just ask for sellers to pay the max 6% closing costs, since that equates to $12k anyway?

Will the home even pass the initial review by the HUD Fee Consultant based on the roof problem? Can I roll in the costs of the roof and the kitchen/bath renovations to the total repair estimate for the escrow of funds?

2 replies

Is it easy to change contractors on a 203k after closing?

Wed, 18 Nov 2009 20:04:00 GMT

I would like to fire my contractor...he has started demo, but has not come back to do anything else because he has no money. ( Initially, he had lines of credit, but they mysteriously vanished once I closed on the loan. My loan is scheduled to be sold to BOA and my mortgage company says that I can not change contractors until it is sold to BOA. Is this a simple process?

6 replies

with a 720 fico score,14 mos out of a cptr 7 bankrupcy can i get a home loan

Sat, 28 Nov 2009 06:40:00 GMT

1 reply

Just got out of Bankruptcy about six months am I able to purchase a house?

Sat, 28 Nov 2009 15:02:00 GMT

1 reply

Solid work history, good income, no down payment.

Sat, 21 Nov 2009 16:39:00 GMT

We're looking for any program that offers a very low down payment option or at least a program that lets us include the down payment as part of the loan. Loan amount is $500K. Property is in Northern California. Credit scores between 650 & 680 with no derogatory info. Good secure job with an annual income of $140k / stay @ home wife by choice. Unfortunately we learned the benefits of saving for a rainy day a little too late. Any one know of a good mortgage broker that can help us? A friend recommended an FHA loan with something called an "ACCESS" loan!!!!! Thanks.

6 replies

Can closing costs be rolled into a FHA loan if the purchase price is already at the max LTV(96.5)?

Fri, 20 Nov 2009 20:56:00 GMT

Meaning, if the loan amount is already at the maximum FHA limit, financing 96.5% of the purchase price, can closing costs be rolled into the loan? I know FHA limits purchase prices to the appraised value of the home, so if you roll in the closing costs, then the loan amount could be higher than the appraised value.

8 replies

can my husbands income be considered for a FHA loan if he isn't a co-borrower?

Mon, 23 Nov 2009 16:48:00 GMT

the mortgage will be in my name only, he had a bankruptcy before we were married. my income is a lot more than his anyway, we can qualify based just on my income but for not quite as much as we want to borrow.

10 replies

I don't have a much of a credit score because my credit was mixed with someone else. Need a loan bad

Fri, 27 Nov 2009 03:15:00 GMT

My husband and I walked away from a house and things over 15yrs ago but we paid things as well as we could some where forgiven. We figured a few years ago that we would try to start getting credit and we have been trying since 2002 at least. and we couldnt get anything.We went to buy a truck and they just said no and we did get a letter from the credit report company but we had never gotten very many straight answers. well my daughter told me to go to annual credit report and lo and behold they had my credit mixed with someone else and they have gone wild. I did everything ti dispute things and after months of back and forth I think it is taken care of now I have really no credit score and I want a loan my husband diesnt have a real credit score either. we have jobs we have both been at for over 10yrs and I can get the 3.5 for an fha loan but the bank in my area said they can not do a loan with a low score. I really want to buy instead of rent we have a slum lord lets put it this way we need a roof and he has known scince July and nothing and forget renters rights they give you the run around. awhy should I take and put down on a rental that I could put down on a house I could own. It's not like we didn't try to get any credit but no one would give it I wish it was the good ol days when you went in and said I paid this person and they checked with them. As I said any help getting a loan would be gratefull .

2 replies

How do i know if a broker is going to treat me right? With an FHA can I trust any lender?

Thu, 21 May 2009 05:27:00 GMT

31 replies

Can you get an fha loan on a foreclosure that is lender owned?

Fri, 02 Oct 2009 00:32:00 GMT

I'm prequalified for an FHA loan and found a great place but it's lender owned. I would rather do an FHA than a conventional loan (which I would do if I absolutely had to). What are my options?

14 replies

My lender locked my floating FHA rate without my permission. The rate has dropped; help?

Mon, 02 Nov 2009 21:17:00 GMT

62 replies