Financing in 08028 : Questions & Answers

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Cara Esposito…, Real Estate Pro in Glassboro, 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 Glassboro, 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
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
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
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
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
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