Hello: Advice about FHA loan potential, home prices in Beacon/Garrison area.
Hello. We are seriously considering making a move from the Northern Westchester area to Garrison/Beacon. We know this area well, as we have been living in No. Westchester for a couple of years. Here are the things we'd like advice on. 1. We will be renting our current property and want to determine how difficult it will be to secure a FHA loan for the second property. We plan to be in contract with a renter before moving forward with a new home purchase and seeking a loan. 2. A friend of ours recently rented their home and moved to a new one with a FHA loan. We have excellent credit scores and make a good income. How difficult would it be to secure a loan? Should we begin the loan process before or after we rent the property? 3. We have noted that there are many good homes in this area listed for $320 (3 bd, 1 baths, >.75 acres) or so, but would love to purchase something for $300 K or under. Is this realistic? We plan to start looking in late Sept. and move in by Dec.
Hi, we believe that FHA would require you to show that your property was leased and most likely would only include 75% of the rental income in calculating what they would loan you. We use a very good loan officer at Wells Fargo who can answer this with much more detail, his name is Eamon McKeon and he can be reached on his cell 914-282-7310, let him know we referred you to him. There are a lot of nice homes in the Garrison/Beacon area. We would suggest starting your search by using "Listing Book" which provides excellent search capabilities not found anywhere else. It is free, you must register but emails are not sold or shared. Register at http://www.YourHouseListingBook.com. We can assist you in renting your property and finding a new home feel free to call 914-406-5291. We are Noreen and Wayne and work full time in real estate. We are also members of both the Westchester/Putnam Multuple Listing Service and the Mid Hudson Listing Service which covers property throughout Dutchess County.
Associate Brokers
Noreen and Wayne
914-406-5291
Better Homes and Garden Rand Realty
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