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Financing in New Haven County : Real Estate Advice

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  • Local Info0
  • Home Buying8
  • Home Selling2
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Activity 23
Tue Jan 13, 2015
Heather Crabtree answered:
Yes you can. Although your income may be able to help debt t income ratios and get a better rate or qualify you for more (although this may push you out of your comfort zone). Your best bet is to speak directly to a reputable lender experienced in CHFA loans. I have closed several CHFA loans with Marion Szarzynski from Homebridge her cell is (203) 768-5098.
If you have more questions feel free to email me at heather.crabtree@cbmoves.com or call at (203) 558-7720.
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0 votes 1 answer Share Flag
Thu Aug 28, 2014
Michael Maynard answered:
Depending on credit, you may even be able to miss out on monthly mortgage insurance with just the 5% down.
0 votes 3 answers Share Flag
Thu Jan 30, 2014
Vasco Silva answered:
Hello, I would be more than happy to point you in the right direction. You can reach me at 203-217-3218. Thank you, Vasco
0 votes 2 answers Share Flag
Tue May 28, 2013
Darrell Hardy answered:
The best way to accomplish that is to contact a local lender regarding the CHFA DAP loan program. This program offered by the Connecticut Housing & Finance Administration has income and asset criteria that you must meet in order to be eligible. This of course is if you are in Connecticut but NJ and other states may offer something similar as a community lending program. ... more
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Sun Apr 14, 2013
Javier Meneses answered:
Rates do vary from one lender to another. I can also tell you that with your credit scores you should be n the neighborhood of 3.25% or so fixed for 30 years and paying ZERO points, in fact this rate often allows us to give you what's called lender credits which is money that can be used towards your closing costs. Rates and fees are different from one lender to another even if you're comparing two bankers or two brokers or a broker to a banker.

I always advise people to not only shop rates and fees, but rather a reliable and trust worthy Loan Officer. I want to advice you that in June of 2013, there will be HUGE changes to the FHA program that'll make it more expensive for you the buyer. Consider speaking to an FHA experienced Loan Officer to pre-approve you.

Feel free to contact me if you need help from a reliable Loan Officer. Good luck!

If my response was helpful, consider clicking BEST ANSWER!

Javier Meneses
Senior Loan Officer
NMLS #23130
STERLING NATIONAL BANK
310 Crossways Park Drive
Woodbury, NY 11797
jmeneses@snb.com
(516) 606-9648
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Mon Dec 31, 2012
Khalfaniajamu asked:
Fri Nov 2, 2012
Tara Stirk answered:
Hello Fairfieldtutor,
Check out http://www.chfa.org/Homeownership/for%20Homebuyers/FirstTimeHomebuyerGuide.aspx

I do not see anything on this website about renting. I only see about selling which in rare circumstances, CHFA mortgage loans may be subject to the Federal Recapture Tax at the time the property is sold. The tax might apply if a borrower sells his or her home within nine years of the purchase date, makes a profit on the sale and has an income that exceeds federal recapture tax limits at the time of the sale. I have also heard that you are not allowed to rent out a property with a CHFA loan however, I have also heard CHFA is being a little more empathetic with this because of the current conditions of the economy. I highly recommend that you either call your current lender or read through your mortgage documents from when you bought the house.

If you need any help with your rental, give me a call. Good luck to you!
Tara @ 203-650-3180
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1 vote 4 answers Share Flag
Mon Apr 30, 2012
Joseph Walters answered:
The last answer is incorrect. The FHA 203k program can be used to make improvements on a home you currently own. You can visit the webpage below. If you have any direct questions feel free to contact me @ 203-627-0495. Thanks Joe Walters Realtor & mortgae consultant ... more
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Wed Mar 7, 2012
Roshan answered:
A couple of you mentioned it will not have a negatvie affect for a limited amount of time. How much time would that be? Suppose we don't find a house we like within that timeframe, would we have to get pre-qualified again? And would it in turn ding our credit again? ... more
0 votes 6 answers Share Flag
Tue Feb 21, 2012
Scott McCauley answered:
Shelley,

As mentioned, 620 or so is the norm... but I do have options with scores as low as 580. So, please check my post below for contact info.

Rergards,
Scott McCauley
0 votes 5 answers Share Flag
Wed Feb 8, 2012
Matthew Kaman answered:
You should make contacts at some local banks, or with agents that serve in the areas that you want to buy and sell. You might find the deals your looking for as individual homes, short sale/HUD/bank owned etc. Good Luck! ... more
0 votes 1 answer Share Flag
Mon Oct 10, 2011
Peter Pappas answered:
Please contact Micheal Christoforo at Conn. Home Mortgage Company.

Michealchristoforo@CTHM.com

He is very helpful.
Peter
0 votes 2 answers Share Flag
Mon Apr 4, 2011
Milena Quinto answered:
Hi Ralph,

Don't rely on Zillow at all, they are not accurate in prices, I would say you have two options: you can hire an appraiser to see how much your home is worth it or you can talk to a Realtor to do a CMA on your house to do an estimate for your house. Good Luck.

Milena Quinto
Realtor, Broker
MQ REALTY
Phone: 203-214-2462
Email: milena.quinto@yahoo.com
LICENSED IN CT.
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0 votes 6 answers Share Flag
Tue Feb 15, 2011
Dp2 answered:
One typically negotiates these kinds of deals instead of finding them via MLS.
0 votes 1 answer Share Flag
Sun Dec 5, 2010
Joyce Skowronski-(203) 350-0771 answered:
It depends on the type of mortgage you're getting.Some are no money down or 3.5 % of the loan. There are all kinds of mortgages out there Go to a mortgage broker that handles all different types of mortgages. ... more
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Thu Aug 19, 2010
Elizabeth Herbert answered:
Do you have a social security number and a type of residency? I would advise my clients in a situation similar to yours to speak with their attorney.

I am a member of FIABCI/International Real Estate Federation so if I can be of further assistance feel free to contact me at elizabeth@elizabethherbert.com ... more
0 votes 1 answer Share Flag
Wed Aug 4, 2010
William James Walton, Sr. answered:
Stonefield Drive loops from Scott Road, right above the entrance to the Village at East Farms, but on the other side of the street and the entrance to Scott Gardens, back to Schraffs Drive, which is the first street on the left going up Scott Road. On the left hand side going up Stonefield Drive from Schraffs Drive are a series of condominiums, the ones closest to Scott Gardens having been built within the last three years. The hill is a steep one, but otherwise a decent area to live in, close to transportation, shopping (BJ's, Stop&Shop are nearby) and restaurants (Nino's Trattoria, Friendly's, McDonalds, and Burger King). ... more
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Thu Jan 14, 2010
Rudy McDowell answered:
Jhr1984

Follow Bill's advice and you'll be fine. The lender/LO you're currently/will be working with should/will know this as well. Its routine.
0 votes 8 answers Share Flag
Wed Jan 13, 2010
Dana Voelzke answered:
Hello Jhr1984,
The CHFA guidelines for condos are no longer used (I believe your comment above says that is what you were told). The CHFA lenders utilize the FHA approved condo list which can be found via the link below. Type in CT and your city name. Typically the FHA rules use the minimum 50% rule. However, there are other requirements.

The best thing to do is to run the condo by your lender to make sure that they can lend on that particular condominium project. In my area one of the condos, Riverbend, is not on the FHA list by its common name (there is literally a sign in front of the builing that says Riverbend), but in its bylaws it is known as Fairmont Condominiums, and it is FHA approved. No normal human being would know that, of course, so if you've found a place you really like, it's best not to make any assumptions, just ask your lender.

Please note that depending upon when you buy the FHA condo approval requirements are changing. See new FHA condo approval guidelines:
http://www.hud.gov/offices/adm/hudclips/letters/mortgagee/files/09-46bml.pdf

Let me know if you need more info.
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0 votes 3 answers Share Flag
Mon Jan 11, 2010
Lew Corcoran answered:
HUD has previously announced new procedure for approving condominiums for FHA-insured mortgages.

Effective with case numbers ordered on February 1, 2010, FHA Spot Approvals of condominium projects will no longer available. Most lenders will require that a condominium project be approved with FHA or they will not underwrite the mortgage application.

A few lenders will run non-approved condominiums through the HUD Review and Approval Process (HRAP) method PROVIDED that the condo project is not already working with another lender for approval. The “turn-time” for HRAP approval is expected to take 4-6 weeks.

Due to these changes by HUD, the Veteran’s Administration and Fannie Mae have both announced that HUD approval of condo projects will no longer be eligible. Projects secured by VA financing must be approved by VA. Conforming loans must meet Fannie Mae or Freddie Mac requirements to be eligible.

FHA has made the following changes to its requirements:

• The minimum required number of units in a project is reduced from 4 to 2
• Owner-occupancy ratio requirement within a project is reduced from 51% to 50%
• Pre-sale percentage within project is reduced to 50%
• FHA Concentration level is increased to 30%
• One year waiting period for conversions is eliminated
• Spot Approval is eliminated

In order to address current housing market conditions, FHA has temporarily waived some of the provisions of the new guidance for case numbers assigned on or after 12/7/09 through 12/31/10:

• FHA Spot Loan Approval process is extended to case numbers assigned on or before 1/31/10
• FHA Concentration requirement increased from 30% to 50% with the ability to permit FHA concentration up to 100% if the project meets certain criteria
• Owner-occupancy ratio permitted to 50% of the number of presold units when the project is proposed, under construction or still in the initial marketing phase
• Presale requirement reduced to 30%

To see whether or not a condominium project is approved by HUD, go to https://entp.hud.gov/idapp/html/condlook.cfm.

For additional information, go to http://www.hud.gov/offices/hsg/sfh/faqs/atl1val.cfm.
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