“We can Absolutely do another FHA Mortgage for this Client”

“We can Absolutely do another FHA Mortgage for this Client”

 

 

 

Good morning Joe, hope all is well.

 

 This couple we did bought a home in Springfield a couple of years ago. They are now asking me about purchasing in Hamden or Wilbraham and how much money they would need to come up with. For sure they want to use you for their mortgage again. Just so you know they thought the world of you.

We’d have to sell their place in Springfield which I couldn’t imagine being a problem. I’m being proactive coming to you they haven’t ask to go that far yet. Would they be able to do another FHA 3.5% down loan or will it change this time around?

 

Norm

 

 

You cannot have two FHA loans at the same time but as they are planning on selling their current home, there is no issue. By the way there are exceptions to the guideline of not having two FHA loans at the same time. Let me know if you want to know the exceptions.

 

There is this misconception that you must be a first-time home buyer to be able to obtain an FHA loan, which is totally NOT true.

 

 

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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

www.righttracfg.com

www.joepetrowsky.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 2 commentsJoe Petrowsky • May 15 2018 02:20PM

Comments

Interesting. I didn't know you could only have one FHA loan at a time, nor that there are exceptions to that rule. This hasn't ever come up in my business, but now I have more info in the event it does!

Posted by Kat Palmiotti, The House Kat (Grand Lux Realty, Monroe NY, 914-419-0270, kat@thehousekat.com) 3 months ago

Good morning Joe. The use of government backed loans requires understanding the process and rules. Few do. Call Joe! Enjoy your day!

Posted by Wayne Martin, Real Estate Broker - Retired (Wayne M Martin) 3 months ago

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