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Financing in Glassboro : Real Estate Advice

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  • Local Info3
  • Home Buying8
  • Home Selling2
  • Market Conditions1

Activity 10
Thu Feb 20, 2014
Cara Castrataro answered:
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 is a great way to gain homeownership. There are also other programs that can give you down payment assistance if you are interested in an area that is not USDA eligible.

Please give me call for more information.

Cara Castrataro
Realtor Associate
Century 21 Rivera Realty
Office: 856.404.9260, ext. 198
Mobile: 856.896.8078
Email: caracastrataro@gmail.com
... more
0 votes 10 answers Share Flag
Fri Aug 9, 2013
Cara Castrataro answered:
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 proof that your family has grown (birth certificate for example) you can definitely obtain another FHA mortgage. I live in Glassboro myself. If you would like to talk to me about renting or selling your current home and finding a home more suitable, please give me a call.

Cara Castrataro
Sales Associate
Century 21 Rivera Realty
Office: 856.404.9260, ext. 198
Cell: 856.896.8078
Email: CaraCastrataro@gmail.com
... more
0 votes 2 answers Share Flag
Wed May 1, 2013
Gregorio Denny answered:
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% equity in the vacated property if they plan on using the rents generated as a means to qualify for the new property. If you can qualify for the new mortgage without benefit of rental income it doesn't matter what your equity position is in the property you are vacating. ... more
0 votes 8 answers Share Flag
Wed Jan 16, 2013
Ines De La Cruz answered:
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 should you decide to sell.
Is it in NJ or Illinois?
Let me know if you have other questions.
Good luck!
Ines De La Cruz, Realtor, ABR, CRS
RE/MAX Connection
To view all the homes in NJ visit www.inesdelacruz.com
... more
0 votes 6 answers Share Flag
Fri Aug 10, 2012
Gregorio Denny answered:
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 borrower(s) will not occupy the property as his/her
primary residence."

Therefore HUD HUD 4155.1 2.A.2, states that you are allowed maximum financing (3.5% down) since you meet one of the following criteria:

"...maximum financing, as described in HUD 4155.1 2.A.2, is available for

• borrowers related by blood, marriage, or law, such as
− spouses
− parents-children
− siblings
− stepchildren
− aunts-uncles, and
− nieces-nephews, or

• unrelated individuals who can document evidence of a longstanding,
substantial family-type relationship not arising out of the loan transaction. "

Answer:
Assuming he qualifies as a non-occupant coborrower, you should be fine.
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0 votes 3 answers Share Flag
Sun Aug 1, 2010
. answered:
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 could contact thr FHA and explain your hardship to see if they would wave the requirement due to your circumstances, but I wouldn't count on it. ... more
0 votes 2 answers Share Flag
Thu May 6, 2010
David Lang answered:
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 statistics that are currently available. Because your unit has not sold yet, the numbers (for approval) are not in your favor. In the past, exceptions to guidelines could be made with the right compensating circumstances existed; but now, rarely are exceptions to financing guideline made. Good luck!

David Lang
Keller Williams Realty
239-677-8780
... more
0 votes 4 answers Share Flag
Fri Nov 6, 2009
CCC answered:
Hi, do you own another home?

Check with another Mortgage consultant.
0 votes 7 answers Share Flag
Thu Oct 15, 2009
Dan Chase answered:
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 you need to rent until you sell the old house. Otherwise you are likely to be making 2 house payments for years to come. The market is not one that guarantees you will SELL anything in a reasonably short time frame.

Please, withdraw the offer based on lack of getting a loan. Then after you have sold your house and have the cash in hand buy the next one then and only then. It is to easy for something to go wrong when selling a house to depend on it at least for now.

If you end up having a hard time paying rent and mortgage you can always go back to the house you have the title to.
... more
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