Zillow Advice

Question:
We already completed the pre-approval process for an FHA loan but we are now re-thinking other loans

Advice:
Conventional (non-government) loans now require a minimum 10% down payment.  FHA is a great option if that is a challenge.
Also, you may want to look into your local and city and county first time homebuyer and down payment assistance [...]

Question:
How do I know if  I’m not over paying what the house is worth?
Answer:
The bank will not lend you more than the home is worth.  What is happening many times in this market is that once the appraisal is complete and if the value comes in lower than the sales price, the seller is lowering [...]

Question:
How long is the wait now? Short sale accepted by seller.

Answer:
That is a question that is better answered by the seller’s agent or the bank itself.  If the seller has submitted other offers to the bank there’s a good chance that it’s already “in process” and assigned to a loss mitigation rep.
The seller of the [...]

Question:
Regarding the 8k Tax Credit…What if you have a couple and one has ever owned a home. Qualify?
I have a friend who is engaged.  Her fiance owns but she never has. They want to buy a home together this year. Would she/they qualify for the 8k tax credit?  Would she need to qualify on her own merit?  [...]

Question:
How much would you expect to pay foreclosure in benicia?
Answer:
If you are speaking about a specific property that you are looking at and you are wondering what to offer?  That’s where an experienced Buyer’s Agent will help out tremendously.
Depending on where the seller of the home (bank) lists the home and what the buyers are [...]

Question:
How to get a Fair CMA???? Superior comps

Answer:
Your very best bet would be to have an experienced buyer’s agent helping you.  I am not an agent trying to solicit business here - this is just good, honest advice.
What offer you make depends on many factors - first and foremost, how much do you love the [...]

Question:
Can the 1.75 pts on a FHA loan be financed? If so, can it top the limit of 729k  w/o being  nonconforming

Answer:
The first place to start would be the HUD website to make sure that you’re in an area that will allow you to go to the maximum $729,750.
The loan maximum allowed LTV is calculated [...]

Question:
How much mortgage broker usually gets from the deal?
No matter if he/she is paid by bank or directly by the buyer. How my do they make usually? I googled it and see people saying that 1% is fair? Is that true? Is there any averages or ranges available somewhere?
Answer:
“Wow, 1.5% ti8 2.5%, that’s crazy!” - [...]

Question:
H4H lender is forcing me to use a lawyer in order to apply for an loan. If this wrong?

Answer:
Hope 4 Homeowners is not a lender or a company Okwjoe - it’s a loan modification company that is trying to trick you into paying an upfront fee.  Do more research, i can refer you to a [...]

Question:
Is there an interest -only five year loan available?
Answer:
Fannie Mae recently eliminated all interest only programs with an interest only period of less than 10 years.  That means that the 5/1 ARM must be interest only for 10 years even though the rate can adjust once a year beginning the 6th year.