Home Buying in Norwalk>Question Details

Jennifer, Home Buyer in Norwalk, CT

I am interested in buying a single family home in Norwalk, CT but how would I know if it meets FHA approval guidelines?

Asked by Jennifer, Norwalk, CT Fri Jul 27, 2012

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8
Mary Ann Laurita’s answer
Hi Jennifer--We are currently working with a few people in that situation--so if you want to contact me and my partner/husband--we would be happy to help you.
Regards, Mary Ann Laurita, Prudential CT Realty, Westport
0 votes Thank Flag Link Sat Aug 11, 2012
Hi Jennifer,

I work with buyers in Norwalk seeking FHA financing regularly. Please contact me and I will be happy to assist you.

Sam Gabe
REALTOR
Halstead Property CT, LLC
sgabe@halstead.com
203.656.6518

Check out my current listings at the web reference link below
0 votes Thank Flag Link Tue Jan 29, 2013
Hey Jennifer,

Have you been able to find the help that you need?

Norwalk's most tech-savvy Realtor here, and pro with FHA mortgage programs.

Give me a call if you are still looking!
-Joe Balestriere
203-216-0670
https://www.facebook.com/FrankandJoeBalestriere
0 votes Thank Flag Link Tue Jan 29, 2013
Hi Jennifer:

Great questions! I would suggest you speak with a Mortgage broker who understand the business and understands what your needs are! I would recommend Ann Laltrella from Laltrella Mortgage.
If you would like to chat with me privately, my number is 203-682-4327.
Enjoy your day!
All the best!
Betty
0 votes Thank Flag Link Wed Aug 8, 2012
Good morning Jennifer,

FHA appraisal guidelines are very similar to Conventional guidelines these days. The notion that FHA appraisals are "strict" is quite outdated. I encountered this mistaken notion often when I originated loans in Connecticut (FHA is a fairly recent lending development in many CT communities; here in NY five boroughs, not so).

That having been said, FHA has "Health and Safety Standards" that an appraiser will report in the appraisal and may require to be addressed prior to closing.

Here's what I recommend:

1. Home Inspector: you can find a Home Inspector who is also an FHA "consultant." This inspector is well-versed in FHA guidelines. Home Inspection is a standard process when buying a home, so take that one step further an engage a Home Inspector who is also and FHA consultant. There's a fellow in Stamford who does this. I'm afraid I don't remember his name, but local Stamford Realtors can refer you, I'm sure. That's how I was introduced to him in 2009.

2. Meet with a Local Mortgage Banker to get prequalified for mortgage financing. The Mortgage Banker will review all facets of your loan request to answer your questions with regards to the types of loans and maximum loan amounts you could qualify for. Also, your Mortgage Banker can answer your questions about FHA guidelines. For my part, here in NY, I will sometimes visit the property in question on my client's behalf to personally inspect it. A good, experienced Mortgage Banker in CT will probably offer to do the same for you.

Mortgage Bankers in your community will provide you with a much higher quality of service and financing options than any "Big Bank." Local Mortgage Bankers have long been the source of excellent financing options for homebuyers. Further, Loan Originators who work at Mortgage Banks are LICENSED whereas Loan Originators who work for the "Big Banks" are only REGISTERED. There's a BIG difference.

Sit down face to face with your Mortgage Banker to be thoroughly prequalified. The Mortgage Banker will review all facets of your loan request to answer your questions with regards to the types of loans and maximum loan amounts you could qualify for.

Consumers have been led to believe---thanks to huge advertising budgets with the BIG BANKS---that they should go to their bank for a mortgage loan. This is the WORST place to get assistance with the BIGGEST PURCHASE of your life! These BIG BANKS are basically BIG CORPORATIONS. You're a number, at best. With a Local Mortgage Banker you will be treated like a friend and a client for life. You can't imagine the high quality of personalized service you will receive from a Mortgage Banker until you try.

As to price---rate and fees---competitive if not better than the BIG BANKS.

You can verify the License of any Licensed Mortgage Loan Originator at nmls.consumeraccess.org

Trevor Curran
NMLS #40140
0 votes Thank Flag Link Sat Jul 28, 2012
Hi Jennifer -
FHA loans have many strict guild lines, but the most important issue is the appraised value. I'm just working through an FHA 3.5% down property that has had its issues, but nothing insurmountable. I would be happy to share my experiences and give a few tips if it can help your situation. Having a good mortgage broker can also help the process too - I've got a good firm here too. Just let me know how I can help. Cheers -

Stephan von Jena
William Pitt Sotheby's International Realty
147 Rowayton Ave.
Rowayton, CT 06820
203-434-8472
svonjena@wpsir.com
http://www.stephanvonjena.com
P
0 votes Thank Flag Link Fri Jul 27, 2012
Hi Jennifer,


Are you asking about single family homes in general, or are you talking about a specific single family home?

Single family homes are easier to finance with FHA, compared to condos, etc. There are some particulars with a home that must meet FHA guidelines, but as a general rule you can consider most all single family homes on the market that are in working condition (mechanicals, etc) and average cosmetic condition.

Feel free to email me with any specific questions!


Sincerely,

Todd


http://www.Facebook.com/NorwalkRealEstate
http://www.NorwalkRealEstateTodd.com
0 votes Thank Flag Link Fri Jul 27, 2012
Hello Jennifer,

The short answer is work with an agent that knows.

Even a "fixer upper can be financed with a "FHA 203k" which allows you to put the cost of the work into your mortgage.

For the most part find a home that is move in ready with no broken windows, peeling paint or major safety issues. Even these issues can be solved by the seller if asked.

For a more detailed description or if you need any additional questions answered feel free to contact me at any time. We'll sit down and make your buying experience a perfect one.
0 votes Thank Flag Link Fri Jul 27, 2012
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