“Yes, there are Options”

By
Mortgage and Lending with Mortgage Consultant, Right Trac Financial Group, Inc. NMLS # 2709 NMLS # 6869

“Yes, there are Options”

 

 

 

Hi Joe - Hope all is well.  I am involved in a closing (representing the seller) who was just informed by her condominium association that it let its FHA status expire (I have no idea how that works, but I'm looking into it).  Her buyers were approved for an FHA loan.  Are there any similar loans out there that the buyers might qualify for?  If so, I will send them to you ASAP.

 

Hopefully some of the regulations that were created as a result of Dodd-Frank will change with the new incoming President. He talked about reducing the restrictive regulations that have caused so much chaos in the mortgage industry.

 

A conventional loan can be done on most condominiums with 5% down. I proposed this solution to the attorney. Hopefully the down payment can work for the client.  

 

Image courtesy of StuartMiles/Freedigitalphotos.net

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Joe Petrowsky, NMLS #6869

Right Trac Financial Group, Inc. NMLS #2709

110 Main St.

Manchester, Ct. 06042

Office: 860 647-7701 x116

Fax: 860 647-8940

Cell: 860 836-9294

Email: joe@righttracfg.com

www.righttracfg.com

www.joepetrowsky.com

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Joe Petrowsky does not guarantee nor is in any way responsible for the accuracy of the information provided herein, and provides said information without warranties of any kind, either expressed or implied.

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Rainmaker
1,631,726
Patricia Feager
DFW FINE PROPERTIES - Southlake, TX
Selling Homes Changing Lives

I'm looking forward to positive changes with the new Administration and I hope it doesn't take years. 

Nov 28, 2016 04:35 AM #1
Rainmaker
4,073,525
Barbara Todaro
RE/MAX Executive Realty - Franklin, MA
"Franklin MA Homes"

Good morning, Joe Petrowsky the wise move is to contact the best for the proper guidance....and that looks like what they did....

Nov 28, 2016 04:38 AM #2
Rainmaker
2,480,514
Wayne Martin
Wayne M Martin - Chicago, IL
Real Estate Broker

Good morning Joe. Maybe there is hope to reduce regulations at least to the point where they are mostly understood! Enjoy your day!

Nov 28, 2016 05:17 AM #3
Rainmaker
1,426,539
Grant Schneider
Performance Development Strategies - Armonk, NY
Your Coach Helping You Create Successful Outcomes

Good Morning Joe - I am sure you will find her other options.  Have a great day.

Nov 28, 2016 06:53 AM #4
Rainmaker
625,944
Bill Roberts
Brooks and Dunphy Real Estate - Oceanside, CA
"Baby Boomer" Retirement Planner

Also Joe Petrowsky I believe that the FHA can waive the requirement for the association to be approved on a case by case basis. It is a shame your friend is no longer with us, he had ALL the answers.

Bill Roberts

Nov 28, 2016 08:26 AM #5
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Rainmaker
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