Marc's Mortgage Matter's

Did you know that a borrower could have more than one FHA loan at the same time?  This program is not a vehicle for individuals to acquire rental properties, so as a rule, no. But there are four exceptions: a) Relocation. If a borrower is relocating for employment purposes and the current primary residence has an FHA insured mortgage and won't be sold, they may be eligible for a second FHA loan. b) Increase in family size. If the borrower's number of legal dependents will increase to the point that the current house no longer meets their needs, the borrower may be permitted to obtain another home with an FHA insured mortgage. c) Vacating a jointly owned property. In the event a borrower is vacating a property and a co-borrower will remain in the property, the borrower is permitted to obtain another FHA insured mortgage. d) Non-occupant Co-borrower. A person who will be a non-occupant co-borrower on an FHA insured loan can have an FHA insured loan on their current primary residence. Or, vice versa: a person is a non-occupant co-borrower on an FHA insured loan and wants to purchase a house for themselves on a FHA insured loan.

We were closed a few days for company holidays and religious observance of Shavout (Giving of the Torah)(A very obscure and little known holiday but equal to Passover in reality). We are back in full swing Wedn. morning and should get back to everyone with loan status and updates by the end of the day for sure.

Are lower prices attracting buyers? You bet, although underwriting guidelines are still tight. The number of Americans signing contracts to buy existing homes unexpectedly rose in April. The index of pending home resales rose 6.3 percent to 88.2, the highest level in six months, following a 1% drop in March, the National Association of Realtors said yesterday.