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Financing in Hartford County : Real Estate Advice

  • All15
  • Local Info1
  • Home Buying8
  • Home Selling2
  • Market Conditions0

Activity 42
Fri Oct 28, 2016
Jaywalexander answered:
Get pre-qualified right away, so that you know how much you can spend. You can also ask for an estimated break down on on costs associated with that loan amount- down payment, escrow fees, your monthly payment.
Contact your bank, credit union, or whichever institution you intend to use and get pre-qualified. It costs you nothing, and then you can begin to shop and can make an offer once you find the home of your dreams!
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Fri Jun 3, 2016
Samuel asked:
Mon May 18, 2015
Tony Grech answered:
Hi Michael

That's not nearly enough information to determine if you could qualify for a mortgage.

SSI is acceptable as a source of income as long as it is likely to continue going forward.

As a disabled vet, you'd probably have access to the VA loan program, which is a really great loan.

But the other things that will be looked at by every bank are your credit scores, the amount of debt you have, and the amount of income you receive. Lenders are going to want to make sure that you make enough income to afford a new house payment and also your current monthly debts.

It's best to speak directly to a loan officer who can help you determine if you qualify.

Feel free to send me an email or call me if you need assistance with this!
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Mon Jul 14, 2014
Karen Tanguay asked:
Present home and a pre-qual for our new home. The problem is our credit is fair. Are there lending companies that would help us????
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Fri Apr 4, 2014
Lisa Orme answered:
I see below that Jill (the only Connecticut lender who has answered your question so far) says that you may be able to get another mortgage of your own. There are many variables that come into play to answer that question with total assurity, including your current income/earning history and credit scores to start with.

Even so, as long as your name remains on the other mortgage, no matter who is paying it right now, you remain liable for the debt. If your ex-girlfriend ever defaults for any reason, you will have to resume payments or it will also affect your credit rating. While you MAY be able to get a new loan with this one still existing, you need to really explore if that is really in your best interests. If she can prove that she has been making the payments on her own for more than 12 months, then she should probably be able at this point to get a new loan in her own name on the property.

If she defaulted, are you in a position to pay both mortgages? And if you could not, are you ready for that situation to impact your personal credit rating?

Just want to make sure you consider all the implications...Good luck...
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Fri Apr 26, 2013
Christina Hayes answered:
Subtracting 25% is the norm that many lender use when underwriting a mortgage with rental income. Not too many lenders use all 100% of the rental income.

Best of Luck;

Christina Solorzano;
CEO & SR Credit Repair Specialist at
Everlasting Credit Repair
Ex-Mortgage Banker of 10 years
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0 votes 8 answers Share Flag
Tue Mar 26, 2013
Lisa Long answered:
Hi! I am a mortgage banker in Wethersfield. I do a lot of first time homebuyer loans. CHFA offers the lowest rate for first time homebuyers. If you would like to schedule an appointment, I can help you qualify. My cell is 860-995-3513. Lisa Long ... more
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Fri Feb 1, 2013
kfrank1977 asked:
Have a condo/ investment property in CA that I would like to refi HARP 2.0. --- LTV aprox 135%, no lates in mtg in the last 12 months, no cash out, No cash-out refi, Freddie Mac (prior to…
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Wed Dec 19, 2012
Jennifer Barone answered:
Yes, our mortgage company works with a lender that will allow a stand alone second mortgage. If you have $140,000 to put down, your total financed would be $459,000. Your first mortgage could be for $417,000 to remain within the conventional limits. The second mortgage could be for $42,000. This would be the stand alone second mortgage. The minimum credit score requirments for this program are 700 and all properties financed under this program must be owner occupied.

Feel free to contact me for more information. Jennifer Barone. Executive Mortgage Banker. William Raveis Mortgage. NMLS # 700093. 860 227 4688.
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Mon Sep 17, 2012
Fran Rokicki answered:
Have you gone back to the bank that now holds the mortgage? I have had clients that have had success with their original mortgage holder, as long as they participate in the HARP program. Give them a call. ... more
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Sat Aug 4, 2012
Gregorio Denny answered:
When I combine your 2 questions, I believe the answer you are looking for is that in order to purchase the 2 - 4 unit non-owner occupied property when you already have 4 mortgages you will need to find a Fannie Mae direct lender and put 25% down. ... more
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Sat Aug 4, 2012
Gregorio Denny answered:
You can get up to 10 mortgages. Just find someone in your state who either is a Fannie Mae direct lender or brokers to a Fannie Mae direct lender.
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Wed Aug 1, 2012
Cassandra Ritone answered:

Looks like you got a lot of advice on this issue. Out of curiosity, what was your final decision?

0 votes 10 answers Share Flag
Wed Jun 27, 2012
Bfoster2600 answered:
I own a condo in Manchester, 2 bed 2,5 bath and same is up for rent starting 7/1 and would be willing to discuss a to own option. Give me a call to discuss at 314-660-9172 and ask for Beth ... more
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Wed Jun 20, 2012
Seth Winkleman answered:
Try Eric Gadarowski 860-7965596. He is the Mortgage Banker in our office. Please let me know if that helps
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Sat May 5, 2012
Paul Marzolla answered:
I've had tremendous success with HARP 2.0's, especially when they are multi-unit investment properties. Having a stellar credit score of 800 will be extremely helpful. It will really come down to whether Fannie or Freddie own it since each use different qualifying ratios.By ratios I'm referring to Debt-to-Income (DTI) and Combined-Loan-to-Value (CLTV). I know what to look for and can give you an accurate answer as to whether you qualify in a matter of minutes.

I'll be available throughout the weekend if you'd like to discuss your scenario in greater depth. I may be reached directly on either my office phone, (201) 203-2266, or my cell phone, (551) 486-0243. I look forward to helping.

Paul Marzolla
(201) 203-2266
(551) 486-0243
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Thu Oct 6, 2011
Shane Milne answered:
Gregorio brings up some excellent questions, the amount owed on your mortgage vs. it's $180k estimated value will impact your refinancing options (if any). If you are refinancing $180k, the difference between 4.875% & 4.000% is $93.22/mo, 10 years is 120 payments, or $11,186 saved over that time. Standard closing costs are not that much, but if you have to pay points to get that interest rate then the costs could potentially increase to that level - based on variables (credit, loan-to-value, occupancy type such as a condo, etc.) will determine how much the costs would be for a 4% interest rate. There is a list of information needed to determine if you can qualify for a mortgage in the web reference below, feel free to come back here and provide as little or as much as you'd like in order to get better feedback. ... more
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Fri Sep 23, 2011
Mjw answered:
It sounds like we'll have to save up a bit more for a down payment then as we could only do 10% right now. Thank you!
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Fri Sep 16, 2011
Fran Rokicki answered:
I would need to know more about the program, within CHFA, that this banker is offering to you. There are communitties, throughout Ct, that have what they title as, Pilot Programs. In this situation, the CHFA terms are a bit different. Some of the towns have offered to pay some of the expenses for the buyer, with additional stipulations on the homeownership. The rates are the lowest that they have ever been in the last thirty years. If you are able to buy a home now, you would be very fortunate to grab these low rates. ... more
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Wed Aug 3, 2011
Rudy McDowell answered:
Hi, Joe. As Shane has alluded to, that's a question best answered by a loan officer after he/she has reviewed your entire financial/mortgage situation.
0 votes 4 answers Share Flag
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