Zillow Advice RSS: Question-Discussion-Guide,Home Buying,AR http://www.zillow.com/advice/AR/home-buying/question-discussion-guide/mortgage/?s=0 Zillow Advice search results | Zillow Real Estate Is the only way to buy a foreclosure is to pay cash?? http://www.zillow.com/advice-thread/Is-the-only-way-to-buy-a-foreclosure-is-to-pay-cash/567577/ If it is in a foreclosure auction, then yes, cash is needed. If the bank has taken the home back, some homes can be purchased with a mortgage depending on its condition. A good buyer broker experienced in REo homes sure can help or ask the listing agent direct if the home can be purchased with a mortgage and what types.<br \><br \>0 replies Sat, 22 Nov 2014 21:20:00 GMT http://www.zillow.com/advice-thread/Is-the-only-way-to-buy-a-foreclosure-is-to-pay-cash/567577/ 2014-11-22T21:20:00Z I would like to own a house, however I got student loans debt, problem? program to help? http://www.zillow.com/advice-thread/I-would-like-to-own-a-house-however-I-got-student-loans-debt-problem-program-to-help/358813/ You can always talk with a Mortgage banker....they can run&nbsp; your credit and explain what problems you may have and help with advice on how to fix your credit......also, you might try to find someone who will owner finance or a Lease with an option to purchase, however you may need a good sum of cash as a deposit to show you are serious.<br \><br \>0 replies Mon, 26 Jul 2010 15:37:00 GMT http://www.zillow.com/advice-thread/I-would-like-to-own-a-house-however-I-got-student-loans-debt-problem-program-to-help/358813/ 2010-07-26T15:37:00Z First Time Buyer http://www.zillow.com/advice-thread/First-Time-Buyer/531441/ Mike,<br/>Just from what I am reading, you should be able to qualify for a loan. Find a loan officer to help preapprove you for the home loan. Check with local banks, credit unions and/or mortgage companies. I recommend that you talk to more than one so that you can compare rates. Once you have the ball rolling on the preapproval, do some research- use the "find a pro" tab here, and find a buyers agent in your area. They can do a search for you based on your criteria and guide you through the entire process..&nbsp;<br/>Best of luck to you!<br \><br \>0 replies Sat, 08 Mar 2014 15:53:00 GMT http://www.zillow.com/advice-thread/First-Time-Buyer/531441/ 2014-03-08T15:53:00Z What can I do to get more (or better) quotes for my loan request ZR-BXKXPBR? http://www.zillow.com/advice-thread/What-can-I-do-to-get-more-or-better-quotes-for-my-loan-request-ZR-BXKXPBR/490792/ Ask a local Mortgage officer. &nbsp;Visit 3 banks in your city and go over your situation with them.&nbsp;<br \><br \>0 replies Sat, 04 May 2013 12:32:00 GMT http://www.zillow.com/advice-thread/What-can-I-do-to-get-more-or-better-quotes-for-my-loan-request-ZR-BXKXPBR/490792/ 2013-05-04T12:32:00Z short sale http://www.zillow.com/advice-thread/short-sale/513851/ <p>A short sale can be an excellent solution for homeowners who need to sell, and who owe more on their homes than they are worth. In the past, it was rare for a bank or lender to accept a short sale. Today, however, due to overwhelming market changes, banks and lenders have become much more negotiable when it comes to these transactions. Recent changes in corporate policy and the Obama administration have also improved the chances of getting a short sale approved.<br/></p><p><br/>But to be technical, here's a more official definition:</p><ul class="bulleted"><li style="list-style: outside url(http://www.cdpe.com/assets/images/old/arrow.png); line-height: 22px; margin-left: 25px;">A homeowner is 'short' when the amount owed on his/her property is higher than current market value.</li><li style="list-style: outside url(http://www.cdpe.com/assets/images/old/arrow.png); line-height: 22px; margin-left: 25px;">A short sale occurs when a negotiation is entered into with the homeowner's mortgage company (or companies) to accept less than the full balance of the loan at closing. A buyer closes on the property, and the property is then 'sold short' of the total value of the mortgage.</li></ul><p>For homeowners to qualify for a short sale, they must fall into all of the following circumstances:</p><ul class="bulleted"><li style="list-style: outside url(http://www.cdpe.com/assets/images/old/arrow.png); line-height: 22px; margin-left: 25px;"><u><strong>Financial Hardship</strong></u>&nbsp;&ndash; There is a situation causing you to have trouble affording your mortgage.</li><li style="list-style: outside url(http://www.cdpe.com/assets/images/old/arrow.png); line-height: 22px; margin-left: 25px;"><strong><u>Monthly Income Shortfall</u></strong>&nbsp;&ndash; In other words: "You have more month than money." A lender will want to see that you cannot afford, or soon will not be able to afford your mortgage.</li><li style="list-style: outside url(http://www.cdpe.com/assets/images/old/arrow.png); line-height: 22px; margin-left: 25px;"><strong><u>Insolvency</u></strong>&nbsp;&ndash; The lender will want to see that you do not have significant liquid assets that would allow you to pay down your mortgage.</li></ul><br \><br \>0 replies Thu, 03 Oct 2013 20:24:00 GMT http://www.zillow.com/advice-thread/short-sale/513851/ 2013-10-03T20:24:00Z Young Working Professional with No Debt looking to buy a house with new job offer http://www.zillow.com/advice-thread/Young-Working-Professional-with-No-Debt-looking-to-buy-a-house-with-new-job-offer/505903/ Your Best Option: Get in touch with a mortgage loan officer - and get "Pre-Qualified". You can do this with simply a phone call. Then you'll know for sure what price point you'll be wanting to look at and when you can start seriously looking for your "just right" home. Depending on the type of loan that's best for you, you'll likely have to wait until you've received a certain # of pay-stubs from the new position. Only a loan officer can tell you exactly where you stand, based on your specific situation, credit score, etc. We like Bank of Little Rock, Tina Hendrix, she does a great job of answering &amp; returning phone calls even evenings &amp; weekends and she has many loan types available. If it's in Arkansas, she will be of Great help. There are on-line lenders, but be aware that you may not have the "smoothest" possible closing, (it may not happen on time), and you may not be able to get in touch with anyone at these companies by phone. You want someone knowledgeable about home loans in Arkansas and someone who will stay in touch with you through the closing day.<br \><br \>0 replies Thu, 08 Aug 2013 20:30:00 GMT http://www.zillow.com/advice-thread/Young-Working-Professional-with-No-Debt-looking-to-buy-a-house-with-new-job-offer/505903/ 2013-08-08T20:30:00Z What order should I buy 2 houses in? http://www.zillow.com/advice-thread/What-order-should-I-buy-2-houses-in/447988/ You&nbsp;are in a wonderful position because of the access to funds from your settlement. Before purchasing any property I would sit down with a CPA or financial advisor &amp; then speak with a local mortgage company. There are a number of loan types that you may qualify for. You'll want to select a loan product that will be beneficial to you long term. <br/><br/>You are also in a great market for a vibrant inventory of homes &amp; competitive pricing. Once you speak with a financial advisor &amp; mortgage company select a local agent that will be able to meet your needs &amp; expectations.<br/><br/>Best of luck!<br/>Julann Carney<br \><br \>0 replies Sun, 01 Jul 2012 16:55:00 GMT http://www.zillow.com/advice-thread/What-order-should-I-buy-2-houses-in/447988/ 2012-07-01T16:55:00Z how do we get pre-approved http://www.zillow.com/advice-thread/how-do-we-get-pre-approved/381155/ Feisty - speak with a mortgage lender - you can go to your local bank just to get started. You can also reach out to a local&nbsp;Realtor who can give you a list of lenders. Another option is to check out the lenders listed here on Zillow. <br/><br/>You will be asked to provide financial information - bank statements and income verification. Your credit scores will be checked at that time.<br/>&nbsp;Anyone you speak with will tell you what options there are in regard to a loan. Much will depend on your credit scores, income and down payment.<br/><br/>Make sure you don't overextend yourself, either! Just because you might qualify for a certain amount, doesn't mean you should borrow that total&nbsp;amount! Make sure you factor in your lifestyle and other expenses.<br/><br/>If you choose to work with an agent for your home search, he or she can give you an overview of the process, and help you organize the various steps so that it's not so overwhelming.<br/><br/>Best wishes in your home search!<br \><br \>0 replies Mon, 17 Jan 2011 00:08:00 GMT http://www.zillow.com/advice-thread/how-do-we-get-pre-approved/381155/ 2011-01-17T00:08:00Z My bf and I are trying to get a loan to buy a house. I am a full time college student ( no job) http://www.zillow.com/advice-thread/My-bf-and-I-are-trying-to-get-a-loan-to-buy-a-house-I-am-a-full-time-college-student-no-job/484771/ To qualify for a mortgage loan both you and your friend would need to provide proof of income. Along with credit score of at least 640 is required, as well as sufficient funds for down payment and closing costs.<br \><br \>0 replies Tue, 26 Mar 2013 03:07:00 GMT http://www.zillow.com/advice-thread/My-bf-and-I-are-trying-to-get-a-loan-to-buy-a-house-I-am-a-full-time-college-student-no-job/484771/ 2013-03-26T03:07:00Z Do FHA (HUD) and PMI go hand in hand? http://www.zillow.com/advice-thread/Do-FHA-HUD-and-PMI-go-hand-in-hand/571215/ PMI is mortgage insurance on Conventional loans, PMI stands for Private Mortgage Insurance. FHA loans are self insured, the Mortgage Insurance is called MIP or Mortgage Insurance Premium. It really doesn't matter what it is called but there are stark differences between the two. If you put down 10% or more on an FHA loan, the monthly MI payments will stop after 11 years and no way to remove any earlier. You can not get around MI with a larger down payment, you could put down 80% and still pay for 11 years. In addition to the monthly mortgage insurance you will also pay another 1.75% Upfront Mortgage Insurance Premium. If you have good to excellent credit and 20% down go Conforming.&nbsp; &nbsp;<br \><br \>0 replies Mon, 05 Jan 2015 04:29:00 GMT http://www.zillow.com/advice-thread/Do-FHA-HUD-and-PMI-go-hand-in-hand/571215/ 2015-01-05T04:29:00Z I need a home loan and i have a cosigner but do not know where they will accept a cosigner on a home http://www.zillow.com/advice-thread/I-need-a-home-loan-and-i-have-a-cosigner-but-do-not-know-where-they-will-accept-a-cosigner-on-a-home/439258/ <p align="left">My first question is how do you know you need a cosigner? You would have to first apply for a home loan at a local bank or mortgage company (referrals from friends as to where to go would be great). Take the person with you that would be cosigning for you&nbsp; and discuss your options with the lender.<br/>Good luck</p><br \><br \>0 replies Mon, 16 Apr 2012 22:29:00 GMT http://www.zillow.com/advice-thread/I-need-a-home-loan-and-i-have-a-cosigner-but-do-not-know-where-they-will-accept-a-cosigner-on-a-home/439258/ 2012-04-16T22:29:00Z pre-qualification question http://www.zillow.com/advice-thread/pre-qualification-question/355200/ I keep seeing different prices posted.&nbsp; I am told that these prices that zillow is posting does not include mortgage taxes and insurance<br \><br \>1 reply Fri, 25 Jun 2010 07:07:00 GMT http://www.zillow.com/advice-thread/pre-qualification-question/355200/ 2010-06-25T07:07:00Z My credit rating is 644 currently. Is that too low to purchase home in Arkansas. http://www.zillow.com/advice-thread/My-credit-rating-is-644-currently-Is-that-too-low-to-purchase-home-in-Arkansas/501005/ <em>Talk with a Loan Officer and have them pull your credit report and has him/her if there is a&nbsp;way to improve your score over the next couple of months. You want to avoid an FHA loan becuse it's today's&nbsp;new sub-prime loan. It has high monthly mortgage insurance on top of the UFMIP of 1.75%. A 644 credit score will qualify you for an FHA loan but I'd work on improving your credit score if at all possible. It will save you money in the end!<br/><br/> GL</em><br \><br \>0 replies Tue, 09 Jul 2013 20:53:00 GMT http://www.zillow.com/advice-thread/My-credit-rating-is-644-currently-Is-that-too-low-to-purchase-home-in-Arkansas/501005/ 2013-07-09T20:53:00Z Good afternoon, Could someone comment on the availability of mortgages to foreigners in the LR area? http://www.zillow.com/advice-thread/Good-afternoon-Could-someone-comment-on-the-availability-of-mortgages-to-foreigners-in-the-LR-area/352075/ 2 replies Sun, 30 May 2010 14:38:00 GMT http://www.zillow.com/advice-thread/Good-afternoon-Could-someone-comment-on-the-availability-of-mortgages-to-foreigners-in-the-LR-area/352075/ 2010-05-30T14:38:00Z TAKE OVER MORTGAGE PAYMENTS http://www.zillow.com/advice-thread/TAKE-OVER-MORTGAGE-PAYMENTS/321282/ DOES ANY ONE HAVE A <a href="http://www.zillow.com/mortgage/">MORTGAGE</a> ON A NICE HOME THAT YOU WANT TO LET SOMEONE ELSE TAKE UP<br \><br \>1 reply Wed, 03 Feb 2010 14:59:00 GMT http://www.zillow.com/advice-thread/TAKE-OVER-MORTGAGE-PAYMENTS/321282/ 2010-02-03T14:59:00Z