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Financing in New London County : Real Estate Advice

  • All9
  • Local Info1
  • Home Buying5
  • Home Selling0
  • Market Conditions1

Activity 5
Mon Feb 6, 2017
Tony Grech answered:
There is no restriction saying you can't get an FHA loan with also having a VA loan as well. You just can't generally have 2 VA loans or 2 FHA loans outstanding at the same time.

However, you would need to qualify for the new loan AND the existing loan payments, along with all your other debts. And unless you have 25% or more equity in the VA home and are moving at least 100 miles away, rental income from the VA home cannot be used/considered when qualifying for the new home.

If you can qualify for another home considering those factors, then nothing keeping you from pursuing a single family home for yourselves using the FHA purchase program. Hope this helps! Let me know if you could use assistance getting pre-approved!
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Thu Mar 17, 2016
Shauntia Jarmon asked:
What is the best way to go when refinancing? Is it better to go with a local and or a big known bank? And do we have to pay anything out of pocket when we do refinance?
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Mon Apr 7, 2014
Keri Watkins answered:
Sounds like your daughter will be looking at a short sale. First step would be to talk with her mortgage company and discuss the situation. Second get a great agent that works with short sale properties - in our office Sheldon Haag can help! You can and get answers and suggestions right away - 860-633-3661. Good luck! ... more
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Tue Jul 14, 2009
Diane O and Friends answered:
In addition to having a formal appraisal, you need to have a home inspection. Yes, a home inspection. It will do you no good to only determine the value of the home if the home as some major issue that needs to be addressed. As a Realtor who specializing in handling real estate issue of divorcing couples we have learned that this is a best practice. ... more
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Mon Nov 5, 2007
Linda Davis answered:
CHFA (Connecticut Housing Financing Authority) has an excellent program for low to middle income families. Along with other state programs, it is possible to purchase a home with no downpayment and little money needed for closing costs. CHFA has been around for almost 40 years and has given out over 100,000 mortgages. ... more
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