“If You Don’t Know the Product Don’t Talk about it”
“Also based on my income the last guy told me I was eligible for a 203 K. Does this apply for you too? Not that I want to spend that much but I might need a little more than $200,000.”
Tom was referred to me by another mortgage company. I have been coaching him through some credit issues that are currently prohibiting him from getting a mortgage. He really wants to be a homeowner so is totally committed to do whatever is necessary.
The previous loan officer told him that because of his income he would be able to get an FHA 203 K loan. After speaking with him about his particular email above he told me that the loan officer informed him that he had to make over a certain income level, which is totally crazy. Sure income is a factor but the truth is anyone can get this type of loan.
There are two types of FHA 203 K loans, a streamline version which means that the renovations need to be under $35,000 and involve no structural changes and a full 203 K version which has no dollar limit, other than the county limits for total loan size.
Before too long Tom will be a homeowner and can stop paying rent.
Image courtesy of Tiramisustudio/freedigitalphotos.net
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Joe Petrowsky, NMLS #6869
Right Trac Financial Group, Inc. NMLS #2709
110 Main St.
Manchester, Ct. 06042
Office: 860 647-7701 x116
Fax: 860 647-8940
Cell: 860 836-9294
Joe Petrowsky does not guarantee nor is in any way responsible for the accuracy of the information provided herein, and provides said information without warranties of any kind, either expressed or implied.
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