“If You Don’t Know the Product Don’t Talk about it”



“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.”

 Thanks Tom


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

Email: joe@righttracfg.com



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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.

Equal Housing Statement: We are pledged to the letter and spirit of U.S. policy for the achievement of equal housing opportunity throughout the Nation. We encourage and support an affirmative advertising and marketing program in which there are no barriers to obtaining housing becuase of race, color, religion, sex, handicap, familial status, or national origin.

Comment balloon 31 commentsJoe Petrowsky • August 24 2015 06:26AM


Hi Joe.  Don't you just love nimrods like that loan originator

Posted by Conrad Allen, Webster, Ma, Realtor (Re/Max Professional Associates) almost 4 years ago

Good Morning Joe: Conrad Allen used nimrod. Thus, I will use dimwits. They hang out together.

Posted by Maria Gilda Racelis, Home Ownership is w/in Reach. We Make it Happen! (Home Buyers Realty, LLC-Manchester, Bolton. Vernon,Ellington) almost 4 years ago

There really seems to be a lot of misinformation out there.  Glad he found you.

Posted by Debbie Gartner, The Flooring Girl & Blog Stylist -Dynamo Marketers (The Flooring Girl) almost 4 years ago

 That's an interesting one...OR is the potential homeowner just confused ? 

Posted by Sally K. & David L. Hanson, WI Realtors - Luxury - Divorce (EXP Realty 414-525-0563) almost 4 years ago

Not only will he be a home owner soon who can stop paying rent but he will also be able to stop talking to ignorant loan officers and just talk to the one who knows the process - Joe Petrowsky ! 

Posted by Lise Howe, Assoc. Broker and Attorney Licensed in DC, MD, VA, (Keller Williams Capital Properties) almost 4 years ago

I hope the customer just misunderstood his previous lender.  Otherwise, there's a serious problem with that loan officer.

Posted by Gabe Sanders, Stuart Florida Real Estate (Real Estate of Florida specializing in Martin County Residential Homes, Condos and Land Sales) almost 4 years ago

Joe Petrowsky ~ good morning, Joe... lots of misinformation passed around out there and not just by lenders, but by real estate agents, as well, who don't understand certain contract terms, laws, etc. I spend a lot of time explaining to people that what they've been told isn't quite right.

Posted by Nina Hollander, Your Charlotte/Ballantyne/Waxhaw/Fort Mill Realtor (Coldwell Banker Residential Brokerage ) almost 4 years ago

Uh oh...he seems to not have taken basic lending class 101 Joe!

Posted by Ginny Gorman, Homes for Sale in North Kingstown RI and beyond (RI Real Estate Services ~ 401-529-7849~ RI Waterfront Real Estate) almost 4 years ago

Good morning Joe. If your conclusion were true, there would be a lot of silence I suspect.

Posted by Sheila Anderson, The Real Estate Whisperer Who Listens 732-715-1133 (Referral Group Incorporated) almost 4 years ago

Good morning Joe.  Can't tell you the number of times people has spoke about something they had little or no idea of what they were talking about.

Posted by James Dray, Exceptional Agents, Outstanding Results (Fathom Realty) almost 4 years ago

When I hear some of the people I work with talk about furniture, I want to scream.  Some have no idea what they are talking about.

Posted by Roger D. Mucci, Lets shake things up at your home today! (Shaken...with a Twist 216.633.2092) almost 4 years ago

Good morning Joe, we could probably write several books on misinformation, sometimes, I wonder if it's the consumer who misunderstands or there are some out there who really don't know what they're talking about.

Posted by Beth Atalay, Cam Realty of Clermont FL (Cam Realty and Property Management) almost 4 years ago

It drives us all nuts when someone is told something that is definitely wrong. Good thing that person came to you to get the story correctly!

Posted by Kat Palmiotti, The House Kat (Grand Lux Realty, Monroe NY, 914-419-0270, kat@thehousekat.com) almost 4 years ago

It is easy to understand that the borrowers are confused but the lenders need to kow their products or pass on making any representations.

Posted by Debbie Reynolds, Your Dedicated Clarksville TN Real Estate Agent (Platinum Properties) almost 4 years ago

This was a lucky client...he found the right answer from you!

Posted by Lawrence "Larry" & Sheila Agranoff. Cell: 631-805-4400, Long Island Home and Condo Specialists (The Top Team @ Charles Rutenberg Realty 255 Executive Dr, Plainview NY 11803) almost 4 years ago

Good morning Joe,

It is a problem when you know a little and try to stretch it like a fisherman!

Make yourself a great day.

Posted by Raymond E. Camp, Licensed Real Estate Salesperson Greater Rochester (Howard Hanna Real Estate Services) almost 4 years ago

Joe, it is surprising how many know so little and try to be an authority. Enjoy your day! 

Posted by Wayne Martin, Real Estate Broker - Retired (Wayne M Martin) almost 4 years ago

Good morning, Joe -- it sounds as if the other lender was as knowledgeable about loans as Aunt Mary, Uncle Joe or Cousin Bob.   Information needs to be accurate and appropriate - you certainly know the ins and outs of mortgages.

Posted by Michael Jacobs, Los Angeles Pasadena 818.516.4393 almost 4 years ago

This is good advice for loan officers and real estate agents.

Much bad information is provided for the FHA 203(k) products.

Reverse mortgages are also products that are topics of poor advice.

Posted by Roy Kelley (Realty Group Referrals) almost 4 years ago

Joe - this is why building trust is so important and showing that you are doing the right analysis.  The other guy makes you job harder.

Posted by Grant Schneider, Your Coach Helping You Create Successful Outcomes (Performance Development Strategies) almost 4 years ago

Joe, It is sad but true, way too many people run their mouths about things they know nothing about.

Bill Roberts

Posted by Bill Roberts, "Baby Boomer" Retirement Planner (Brooks and Dunphy Real Estate) almost 4 years ago

Great advice Joe. You're the expert!

Posted by Paul McFadden, Pest Control, Seattle, WA. (Paratex) almost 4 years ago

Hello Joe Petrowsky 

Perfect title, perfect post...if we could only get everyone to follow this simple principle.

Posted by Lisa Von Domek, ....Experience Isn't Expensive.... It's Priceless! (Lisa Von Domek Team) almost 4 years ago

Many lenders who do not want to do certain types of loans often say things to discourage home buyers like you don't qualify for that loan, which doesn't mean they don't qualify but the lender is pushed to offer another type of loan and not the loan the customer is asking about. I've seen this disparaging quality quite a bit among mortgage lenders and brokers. 

Posted by Pamela Seley, Residential Real Estate Agent serving SW RivCo CA (West Coast Realty Division) almost 4 years ago


Some people talk and talk and know nothing, and that goes for all professions...Sad but true, and then there are gems like you...A

Posted by Ron and Alexandra Seigel, Luxury Real Estate Branding, Marketing & Strategy (Napa Consultants) almost 4 years ago

Unfortunately, there are too many in our industry that are ill-informed .. or not doing enough business to represent and service someone well, Joe Petrowsky. The amount of misinformation being provided is jaw-dropping ...


Posted by Gene Mundt, IL/WI Mortgage Originator - FHA/VA/Conv/Jumbo/Portfolio/Refi, 708.921.6331 - 40+ yrs experience (NMLS #216987, IL Lic. 031.0006220, WI Licensed. APMC NMLS #175656) almost 4 years ago

Joe, talking about things you don't have the facts on is a problem in every industry, but in our it can be more harmful than others.

Posted by George Souto, Your Connecticut Mortgage Expert (George Souto NMLS #65149 FHA, CHFA, VA Mortgages) almost 4 years ago

Brotha man if that were the case there would be many a folk not talking much at all, meaning if they had to know what they were talking about as a prerequisite lol

Posted by David Shamansky, Creative, Aggressive & 560 FICO - OK, Colorado Mtg (US Mortgages - David Shamansky) almost 4 years ago


Somepeople don't understand . . . . some don't listen . . . . And some get a professional mortgage broker that explains the mortgage process . . . . and gets them a mortgage . . . . Just saying.

Good luck and success.

Lou Ludwig

Posted by Lou Ludwig, Designations Earned CRB, CRS, CIPS, GRI, SRES, TRC (Ludwig & Associates) almost 4 years ago

At first I started to laugh to myself about him just needing a little over $200,00 but not as much as the 203K and then I thought to myself, how did that loan officer pass his state test?

Posted by Evelyn Johnston, The People You Know, Like and Trust! (Friends & Neighbors Real Estate) almost 4 years ago

And I guess the moral of the story is, what you don't know can hurt you - that's why you start with the Experts like Joe Petrowsky at Right Trac Financial Group in the first place!

Posted by Patricia Feager, MBA, CRS, GRI,MRP, Selling Homes Changing Lives (DFW FINE PROPERTIES) almost 4 years ago