08028 : Advice

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Cara Esposito…, Real Estate Pro in Turnersville, NJ
Cara Esposito Castrataro answered:
Single mother who works and goes to school full time looking for a way to purchase a home with no money down in south jersey
Hello! I wanted to check with you to see if you had talked to anyone in about prequalifying for a mortgage? There are many areas in South Jersey that are USDA eligible. USDA financing i ... more
0 votes Share Flag Thu Feb 20, 2014 Financing in 08028
Cara Esposito…, Real Estate Pro in Turnersville, NJ
Cara Esposito Castrataro answered:
Have live in our house for over 10 years but refinanced FHA loan 10 months ago...can we rent out our current home...family size has increased..
You can purchase another home and still obtain an FHA mortgage. Most people believe you can only have one since it is for the purpose of a primary residence. As long as you can supply ... more
0 votes Share Flag Fri Aug 9, 2013 Financing in 08028
Cara Esposito…, Real Estate Pro in Turnersville, NJ
Cara Esposito Castrataro answered:
I am appealing my taxes on my house and a lot in Glassboro. Other than recent sales what are the best ways to argue the assessment. My taxes are ...
Good Morning Pete! I l live in Glassboro myself. I wanted to know how you were making out with your tax appeal? I know of communities in North Jersey, where the residents banded togethe ... more
0 votes Share Flag Sat Jul 6, 2013 Home Buying in 08028
Cara Esposito…, Real Estate Pro in Turnersville, NJ
Cara Esposito Castrataro answered:
I am looking for any leads to rentals that will accept a 2bedroom housing choice voucher for a 3 bedroom rental.
Good morning Tyshea.Since your voucher is for 2 bedrooms, I would think it would not be possible to use it for a 3 bedroom rental. There are 2 bedroom homes that may give you the space ... more
0 votes Share Flag Wed Jun 19, 2013 Rentals in 08028
Gregorio Den…, Real Estate Pro in San Diego, CA
Gregorio Denny answered:
FHA loan--Am I stuck?
Albert Young asks:
"But doesnt the owner need to have 25% equity in the 1st home to take out a second FHA loan?"
--------------------------

The answer is no. One only need have 25% ... more
0 votes Share Flag Wed May 1, 2013 Financing in 08028
Ines De La C…, Real Estate Pro in 08053
Ines De La Cruz, ABR, CRS answered:
I currently have a FHA loan on my house. We may be getting transferred to another state for work. Can we get out of our house without selling?
Hello Cwiesehuegel,
Thanks for your question.
You can rent or sell your home if you like after 1 year of ownership with an FHA mortgage. You can only have 1 FHA mortgage at this time ... more
0 votes Share Flag Wed Jan 16, 2013 Financing in 08028
Jane Hoffman, Real Estate Pro in Cherry Hill, NJ
Jane Hoffman answered:
I bought a tenant occupied house with FHA loan, Now tenant is reluctant to move out.But as per lease agreement tenant is on month-to-month lease with
I know it's been awhile, but I was interested in how this ever turned out. I do a tremendous amount of Property Management in the Glassboro area, as well as many other areas. 856-226-3 ... more
0 votes Share Flag Wed Aug 15, 2012 Home Buying in 08028
Gregorio Den…, Real Estate Pro in San Diego, CA
Gregorio Denny answered:
Can only one owner on an FHA loan occupy the property?
Technically, your husband would be a non-occupying coborrower:

4155.1 2.B.3.a
"A non-occupying borrower transaction involves two or more borrowers
where one or more of the borr ... more
0 votes Share Flag Fri Aug 10, 2012 Financing in 08028
Karen Everts…, Real Estate Pro in Princeton, NJ
Karen Evertsen answered:
Bought a condo via FHA, lived in it for 10 months and had to relocate b/c of a job. I've rented it the past 2 years and now the lender says I
When you receive a FHA mortgage, in the closing/mortgage documents you agree that you will use the property as your PRIMARY residence and not rent out the property. This said, especial ... more
0 votes Share Flag Wed Dec 22, 2010 Rentals in 08028
Corey Grushin, Real Estate Pro in Morris County, NJ
Corey Grushin answered:
When a house is bought at forclosure do you have to wait 90 days before you enter into a contract for a FHA loan?
Rc Joe Has answered your question to the t. The issue that presents itself and is not addressed by FHA mortgagee letters, though is that investors and banks may not want to do the loan ... more
0 votes Share Flag Thu Oct 14, 2010 Home Selling in 08028
Marc Paolella…, Real Estate Pro in Succasunna, NJ
Marc Paolella, Relo Director answered:
I'm about to get approvev for an FHA 401 K loan for a house. I don't want to live in the house. Can I assign the mortgage as a lease?
No. 401K expressly forbids that, and your agent should have told you that before getting approved. Cancel your application unless you plan on living in the property.

Good luck!

-M ... more
0 votes Share Flag Tue Oct 12, 2010 Home Selling in 08028
Voices Member,  in
Voices Member answered:
How long must you occupy your home with an FHA loan? I bought my house 6 months ago, my circumstances have changed and wonder if i can rent it out?
Sally,
Sorry, but the answer is one year as stated previously. Since you are in AZ and the southwest was hit hard by this downturn, I would be careful not to test the FHA rule. You ... more
0 votes Share Flag Sun Aug 1, 2010 Financing in 08028
David Lang, Real Estate Pro in Fort Myers, FL
David Lang answered:
Condo building will move from 49 to 51% owner occupied IF I sell my unit -- can the buyer get conventional financing?
Probably not. The lender will obtain this information through a "condo questionnaire" that will be completed by the management company. They will use the information and sta ... more
0 votes Share Flag Thu May 6, 2010 Financing in 08028
Laura Castel…, Real Estate Pro in Gloucester County, NJ
Laura Castellucci answered:
If I get an FHA loan, how far can the house be from my work location?
Hi Demillo, in general FHA doesn't have a location requirement, but there are some programs that do.
I specialize in researching the many different types of real estate financing ... more
0 votes Share Flag Tue Apr 13, 2010 Home Buying in 08028
Ron Bruce, J…, Real Estate Pro in Mullica Hill, NJ
Ron Bruce, Jr. answered:
I am trying to grt recent home sale prices in Glassboro, NJ ...08028... for multifamily residences. Any ideas?
The easiest way to find these prices would be to contact a Licensed Real Estate agent in the area who has access to the MLS. The MLS will allow the agent to bring up all homes (multifam ... more
0 votes Share Flag Thu Feb 11, 2010 Home Selling in 08028
Andrea Kappre, Real Estate Pro in Gloucester County, NJ
Andrea Kappre answered:
Where can I find free foreclosure listings in this area? They are public record right?
You can go to the Gloucester County Sheriff's website and find a list of sheriff sales in the county.

http://www.co.gloucester.nj.us/government/Departments/Sheriff/sheriffsales/ ... more
0 votes Share Flag Thu Jan 7, 2010 Foreclosure in 08028
CCC, Home Owner in San Diego, CA
CCC answered:
What is "reasonable commuting distance"?
Hi, do you own another home?

Check with another Mortgage consultant.
0 votes Share Flag Fri Nov 6, 2009 Financing in 08028
Dan Chase, Home Buyer in Texas City, TX
Dan Chase answered:
Is there an FHA industry-standard for 'reasonable commuting distance'? I've looked, including the hud.gov website, and can't
I will respond to one thing the others did not. you made a HUGE mistake. You put in an offer on one house BEFORE you sold the one you have now. I would tell you to be financially safe y ... more
0 votes Share Flag Thu Oct 15, 2009 Financing in 08028
Abe Mills, Real Estate Pro in Greenville, SC
Abe Mills answered:
My sister is buying my flip house. She gave notice on her apartment, then we found out there was a problem
I want to commend Ruth on her correct answer. It has been a rule with FHA for a very long time that if you have been residing there that you must've been there for a minimum of 6 m ... more
0 votes Share Flag Wed Aug 19, 2009 Home Selling in 08028
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