Zillow Advice RSS: Question-Discussion-Guide,Home Buying,MO

If a first time home buyer obtains an FHA loan and puts 3.5% down on a house, does the PMI apply?

Sat, 31 Oct 2009 20:07:00 GMT

Just some clarification........

There is an up front mortgage insurance premium equal to 1.5% of the loan amount that is paid at settlement.

Its actually 1.75% on purchases. And, it can be financed into the loan.

you will pay an annual mortgage insurance premium of 0.5% of the loan amount in monthly installments

Its actually 0.55% with <5% down, which the OP has 3.5%

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How do I purchase a property on your list.

Mon, 06 Dec 2010 12:18:00 GMT

Your question is rather vague, but if you see a property on Zillow that intersts you the first thing I'd do would be find a local Buyer Broker to sit down with, ask them about the property that interests you, ask them to help you get prequalified for a mortgage (unless you're able to pay cash) and go from there.

Good Luck!

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Is buying a condo a smart investment?

Fri, 11 May 2012 20:17:00 GMT

BIGGEST SCAM IS MORTGAGE, YOU BUY A HOUSE FOR 200K AND IT WILL COST YOU AROUND 600K WHEN YOUR DONE PAYING! I DONT KNOW WHY LOAN OFFICERS AND REALTORS DON'T TELL THIS WHEN SELLING A HOUSE! #2 THE THEORIY IN GENERAL IS IN AMERICA A HOUSE IS NEVER YOURS UNLESS YOU PAY CASH AND DONT GET IN SOME MEDICAL DEBT OS SOME ACCIDENT WHERE YOU OWE ALOT OF MONEY ! BECAUSE WHAT WILL HAPPEN IS YOU WILL GET A SINGLE LETTER SAYING WERE TAKING YOUR HOUSE AND THERE IS NO ONE TO PUNCH IN THE FACE! ITS ALL PAPERS IN THE MAIL AND YOU HAVE TO LEAVE THE HOUSE! #3 I FEEL CONDO IS GOOD AS LONG AS ITS FACING NICE VIEW AND IS IN GOOD NEIGHBOR HOOD AND IF YOU PAY CASH AND FORGET ABOUT IT ITS GREAT, GOOD CONDOS ARE GREAT! THEY HAVE SECURITY THEY HAVE POOL THEY ARE SAFER, AND AFTER ALL A HUMAN NEEDS A SHOEWER,A PLACE TO SLEEP AND SOME FOOD AND COFFE IN THE MORNING, BUYING A HOUSE AND HAVING MORTGAGE WILL MAKE YOU NOT BE AT HOME AND WORK HARD TO PAY THE MORTGAGE, AND IF YOU LOOSE JOB YOUR DONE! SO GET SHOP GOOD FOR GOOD CONDO WITH GOOD VIEW ,BALKONY TO HAVE SOME GOOD TIMES,AND THE STYLE OF BUILLDING AND NICE AREA, PAY IT CASH AND DONT WORRY ABOUT MORTGAGE AND , BE MORE FREE AND DO MORE TRAVELING THEN SITTING IN YOUR HOME AND WORRYING ABOUT YOUR MORTGAGE AND TONS OF OTHER BILLS AND GOING TO BED WITH STRESS, NO DEBT, PAY OFF CONDO CASH, AND SLEEP LIKE A BABY AND TRAVEL SOMETIMES TO OPEN MIND TO SEE GREAT PLACES IN THE WORLD!

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freddie mac

Wed, 11 Feb 2009 15:30:00 GMT

i want to buy a foreclosed house that freddie mac owns the mortgage. they are asking too much (230,000). how firm are they on their prices. thx.

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Attention investors, would you recommend a 2 family or a 4 family? I have an investor curious...

Mon, 25 Jul 2011 21:23:00 GMT

Become a live-in owner, and you want have to worry about mortgage and you will have fabulous tenants.

You have seen the pros and cons listed, mostly a tradeoff in 'chances of an issue coming up' with monthly income.

But no matter what you do, be a responsible investor. Too many people buy these buildings for money and forget that these are homes in a neighborhood, where people live. Just because somebody can pay you rent doesn't mean you have to rent to them. It is not illegal to not rent to unscrupulous characters. There are many grounds you can decide to deny renting. Take the tenant prospect interviews seriously because your decision affects the whole community.

The punks who ruin safety in Chicago (and probably most cities) almost always, if not always, live in buildings run by absentee landlords. Please think carefully about who you allow to live in your future investment. It will protect you and the residents of that area.

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I would like to a have a home. I have steady and high income but need help for a low payment. Where

Fri, 25 Mar 2011 02:29:00 GMT

Please help. i new information about low cost or no low payment for a mortgage?

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Can you qualify for a home loan with a credit score in the 600-650 range?

Mon, 11 Mar 2013 00:51:00 GMT

You can absolutely qualify, I would check with a mortgage broker first before going to the larger banks. Coming from that industry it's sometimes harder to get a loan.

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When do you need a Realtor?

Tue, 21 Dec 2010 22:10:00 GMT

Michael, at this point I seriously wonder what lenders are reputable.
A reputable lender would not offer arms, interest only, and other exotic bound to fail (like balloon) mortgages.

I would not use the listing agent on a property except in very limited circumstances.

The biggest reason I need a real estate agent is that unless I buy a forsalebyowner property I am stuck in a system that makes me use one.

I know what kind of deed I want at closing.

Can I make HUD or Fannie or Freddie give me a warranty deed? No, they will give a quit claim deed and I can not get them to offer anything else. What realtor could?

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Extend or Not to Extend that is the Question

Fri, 09 Oct 2009 11:35:00 GMT

Not only should the bribe be allowed to expire, but the mortgage interest tax deduction should be repealed, Fannie & Freddie should be shut down and the FHA should stop guaranteeing loans.

I don't see why the government should be encouraging (and paying for) home deptorship the way it does.

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Firt time home buyer program..

Thu, 15 Dec 2011 21:52:00 GMT

It is always best to consult a realtor to help you find the what matches to your needs and possibly contact other professionals (like lenders, etc.) that can get you going with your dreams of buying home a reality.

Its the best time to make that move now since we have low mortgage rates and the house prices are at low. Just for an instance, here in LV, you can find one of the best markets offering reasonable home prices and many home buyers, not to forget, investors are jumping on that opportunity.

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I am a first time home buyer. When should I meet with a real estate agent & loan officer?

Tue, 05 Mar 2013 12:24:00 GMT

Shop around for a mortgage broker that can explore all your financing options and give you a pre approved letter for the amount that you can afford. At this point, you are ready to select your real estate agent.
Due to HOA restrictions, goverment lending mortgage. insurance requirements and appraisal policies, it is important that your real estate agent understands the exact details and restrictions of your pre approval letter before placing any offers on properties that you like.
Best of Luck,

Maria Cipollone

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What kind of closing gifts do customers like to receive?

Sun, 08 Jan 2012 06:11:00 GMT

First mortgage payment ;-)

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Financing Questions

Fri, 17 Aug 2012 14:00:00 GMT

Try to contact at least two mortgage brokers and probably a credit union and ask them what your options are. Good luck!

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i put an address in zillow to see how much a house was sold and it says address not found. how come?

Tue, 24 Nov 2009 20:56:00 GMT

Hi Sunny. Our area is still not well-covered by Zillow or Google maps. My own home did not show up on the maps for five years after we built it. Our population is smaller so it is taking longer to get to us. As the others have suggested, you can ask any realtor, or any mortgage person with MLS access and they can look it up for you. You can also contact the county recorder of deeds. I hope this helps. Thanks!

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I'm also interested in purchasing a house or condo fairly soon here in St. Louis. My middle score is

Wed, 21 Sep 2011 16:31:00 GMT

I think that your best option, at this point, would be to work with a good motgage lender to determine what steps you can take to qualify for a loan. I like Mark Anderson at Cornerrstone Mortgage. He has helped many of my clients and done wonders with helping them get where they need to be to buy. His phone number is [edited by Zillow moderator to remove phone number. Please refer to Good Neighbor Policy]. Good luck!

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How does one go about trading a house instead of selling it since prices are so low?

Fri, 24 Jun 2011 20:12:00 GMT

Do you own your home without a mortgage? If you have a mortgage, your lender may have something to say about that idea.
Do you really think you will find someone who likes your home and you like theirs? And both of the lenders would agree to the idea?
Sorry to be a little discouraging, but I'd put the odds at at about 1,000,000 to 1 of finding the right circumstances for that to work.
Relative values between homes hasn't changed at all. The difference between the home you want to downsize to and the home that you live in has the same delta that it did at any other year on record.
How would trading homes change that?

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Do Mortgage companies take benefits from social security into account when looking at annual income

Fri, 08 Mar 2013 17:12:00 GMT

Yes Lenders will look at this as income, I would definitely get ahold of a mortgage lender and talk with them.

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WHO ORDERS THE FHA APPRAISAL?? IS IT THE BUYER'S REAL ESTATE AGENT, THE BUYER OR THE SELLER??

Thu, 17 Jun 2010 00:16:00 GMT

When buying the property the mortgage broker places the order for the appraisal. So techinically on the buyers behalf the mortageg broker will order the appraisal. Hope this helps!

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When should I know if my loan request is approved? 1-week before closing? Two?

Mon, 14 Jun 2010 21:46:00 GMT

It sounds like there has been plenty of time for your lender to make a decision. If your L.O. is not responding then he/she clearly does not want your business. The good news is that if you move quickly you could get another lender. I would suggest to stay clear of the big national banks because they often have a difficult time rushing loans. Try a small local FDIC bank or contact a mortgage broker in your area (Brokers tend to cost a little more but they get the job done). Good luck!

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should you move in without a septic tank available? and how much would it be to install one?

Thu, 17 Jan 2013 03:09:00 GMT

You do not have to worry about that, if you are getting a mortgage, the property will not qualify unless all systems are operational. If you are paying cash, then contact a few septic installers and get an estimate.

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