I am looking for a mortgage broker who is familiar with and WILLING to go through the HRAP/DELAP process in order to get a condo in AC NJ fha approved

Asked by NJ, Atlantic City, NJ Mon May 7, 2012

Details: We are first time home buyers, would like to take advantage of the FHA loan for the 3.5% down and also to utilize the FHA 203k for upgrades to our new home. My fiance has a credit score on the lower end which will pretty much limit us to an FHA loan even though we have a very low debt to income ratio, steady employment and I have good credit. We want to purchase a condo in the lower chelsea area of AC, it is one out of 6 units. I believe the complex will meet all the FHA approval guidelines but we will still have to get the entire complex approved for FHA in order to purchase this place. THe real estate agent suggested that we look towards "traditional mortgages" but let's be honest, FHA is quickly becoming the "traditional mortgage." We are willing to pay a majority of the fees, do the leg work with the attorneys etc...I just need someone who knows what they are doing and are willing to walk us through it.

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Edward (Ned) Humphreys’ answer
Edward (Ned)…, , Ventnor City, NJ
Tue May 8, 2012
Contact Colleen Reed at Annie-Mac 609-363-2157 or 609-457-1835 (Cell)
if she can't to it no one can..Thanks, Ned Humphreys, Broker Associate
Argus Real Estate 609-3700 or 609-432-0460
0 votes
Ian A. Wolf, Agent, Morristown, NJ
Mon May 7, 2012
BEST ANSWER
Here is who I recommend, and he is familiar with process. However, the issue may be on the side of the association's. There are certain requirements like a deferred maintenance study, that cost money if they don't have it and they may not be willing to cooperate. But if there is cooperation on getting the paperwork filled out and the other required documents in order, my guy can get it done:

Jeremy Knapp
Loan Originator
Annie Mac
700 East Gate Drive, Suite 400
Mt. Laurel, NJ 08054
cell973-214-8311
fax866-897-2026
jknapp@annie-mac.com

Hope that helps.
0 votes
Jo Ann Daly, Agent, Margate, NJ
Tue May 8, 2012
I work with a mortgage rep who does loans on condos, where with 25% down, there isn't any questionaire to the Association. Which is somewhat more traditional. However, depending on the condition of the property, it would have to appraise at selling price for the Lender, and then you would need to do the repairs yourselves.
0 votes
Hi Jo Ann, thank you AGAIN for your answering another one of my questions. I have to ask, do you even read these questions before you post your uniformed, nonsensical responses? You should not be so eager to promote yourself and this mortgage rep because you end up making yourself look very unprofessional with these bizarre "solutions".
Flag Tue May 8, 2012
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