Financing in Crown Point>Question Details

Koppers, Both Buyer and Seller in Crown Point, IN

My husband and I currently own a condo that we are renting out. We'd like to sell and purchase a new home. I have student loan debt. What about?

Asked by Koppers, Crown Point, IN Sun Jan 16, 2011

FHA?

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Answers

6
Koppers - Your question is somewhat vague as there is not enough details to actually give you an answer yes or no. If you are willing to talk to a Certified Mortgage Planner for 30 minutes to really discuss the details of you and your husband's personal financial situation, then you could feel confident about taking the next step.

By the way, I am a Certified Mortgage Planner and only 1 of 5 actively licensed in the state of Indiana. Furthermore, my office is right down town ni Crown Point and my team would love to speak with you and help you through the next stage of home ownership for your family.

Check out the site below and you can even complete a loan application to get you started from the comfort of your existing home during the Blizzard of 2011. Look forward to hearing from you soon.
Web Reference: http://yourFHAhomeloan.com
0 votes Thank Flag Link Tue Feb 1, 2011
Hello,

The best way to find out what your options are regarding purchasing a new home is to go through the pre-qualification process (http://www.luettmortgagegroup.com/start/). We do not charge for this service and are able to lend in Crown Point.

Regards,
Andrew
aluett@luettmortgagegroup.com
0 votes Thank Flag Link Mon Jan 17, 2011
You need to talk to a local loan officer to see if you qualify for a loan in your current situation. First you need to know if you can qualify for loan, given what your credit score and credit report may be. Let's assume you qualify on that basis, but what if you need to sell your condo before you can qualify for a new home loan. That's great info to know, if you need to sell your condo, you should list it for sale ASAP. (FYI, in general, condos take longer to sell than a house.) Don't worry about your student loan debt as long as you are not delinquent on your payments. FHA mortgage loans are available for owner occupied property. So an FHA loan is available for your new home, but not for your condo. Make sure you talk to the loan officer about the FHA credit requirements.
0 votes Thank Flag Link Sun Jan 16, 2011
Without your overall financial information, visit with any qualified loan officer(s), after reviewing your overall financial information, a determination on qualification can be made--the type of loan, how much, etc.; if for some reason you don't yet qualify, your loan officer may offer great suggestions as to what needs to be done in order to qualify in the very near future.
0 votes Thank Flag Link Sun Jan 16, 2011
You really need to sit down with a loan officer or mortgage broker who will review your credit scores, debt to income ratio, etc. If you need the name of someone, I'd be happy to help. Also, in order to sell and then buy, you really should have a Realtor working for you. I can also refer you to an experienced agent in your area. Just send me a note.

Sally
sally.grenier@coloradohomes.com
Web Reference: http://www.sallygrenier.com
0 votes Thank Flag Link Sun Jan 16, 2011
FHA loans are only for owner occupied units, not investment properties. You should talk with a mortgage lender to see what options are available.
0 votes Thank Flag Link Sun Jan 16, 2011
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