fha mortgages: Is It Possible For A Homeowner To Have More Than One FHA Mortgage? - 01/02/16 04:34 AM
Even though FHA Mortgages are no longer the go-to Loan Product they were prior to the changes FHA made in early 2013, they are still the best product for some existing Borrowers.  As a result a question I get from homeowners who currently have an FHA Mortgage is, Is It Possible For A Homeowner To Have More Than One FHA Mortgage?
The initial answer to this question is easy.  Yes it is possible for a Homeowner to have more than one FHA Mortgage.  However, the answer may be different if it involves having more than one FHA Mortgage at the same time.
A Borrower can … (22 comments)

fha mortgages: FHA Mortgage Option For Homeowners Who Are Disaster Victims. - 11/26/14 02:37 AM
The resent snow storm in Buffalo, NY has resulted in many homeowners suffering major property losses as a result of the several feet of snow they were hit with.  The weight of this much snow on roofs, has caused several of them to collapse, and many homes may be beyond rebuilding.  Parts of the country have also seen complete destruction of homes because of devastating tornado's which have destroyed everything in their path.  The heavy rains and flooding in California, has also resulted in the lose of property as well.
These disasters reminded me I should post a blog informing homeowners who are … (31 comments)

fha mortgages: Lenders Are Asking FHA To Roll Back MI Premiums - 05/02/14 01:31 AM
FHA says it is listening but they are only half listening.  Lenders Are Asking FHA To Roll Back MI Premiums, and FHA is acknowledging the need to do so, but what FHA is proposing to do is not what is being asked for.
The major draw back to FHA Mortgages today are the excessive Mortgage Insurance Premiums (MIP) better known as MI, which FHA is charging.  Presently the FHA MI premium multiplier is 1.35 on loans with a 3.5% to 4.99% Downpayment, and 1.30 on loans with a 5% or more Downpayment.  This is far higher than the FHA MI multiplier in 2009 of .55.  … (18 comments)

fha mortgages: Does FHA Allow A Borrower To Have Two FHA Mortgages At The Same Time? - 09/22/12 02:36 AM
Borrowers that presently have an FHA Mortgage, but are thinking about purchasing another property, and renting out the present one, often ask Does FHA Allow A Borrower To Have Two FHA Mortgages At The Same Time?  The answer is no unless they fall into one of the four exceptions that FHA allows for a Borrower to have two FHA Mortgages at the same time.
The reason why FHA does not allow for multiple FHA Mortgages at the same time, is because FHA does not do mortgages on investment properties.  FHA believes that if they were to allow for multiple FHA Mortgages, … (7 comments)

fha mortgages: We Lucked Out - 12/06/09 11:28 AM

 
Well we lucked out.  I wrote a post yesterday as our first snow fall for the 2009-1010 Winter Season was arriving.  We were expecting 1-3 inches here in Middletown, Connecticut, and we lucked out in being on the lower end of that range.
I love New England and one of the things that I love most is our unpredictable weather, and this past week was an excellent example of that.  During the beginning of the week the temperature was mild and in the 40's and 50's, on Friday it was about 70 degrees depending on where you were in … (26 comments)

fha mortgages: First Snow Fall Middletown Connecticut 2009-2010 Winter - 12/05/09 12:20 PM

 
It is 5:30 PM and the first snow fall in Middletown Connecticut for the 2009-2010 Winter Season has arrived, and I am sure that this will be the first of many.  We are suppose to get 1-3 inches so I might not have to break out the snow shovels, hopefully the morning sun will melt it a way. 
My wife loves the snow, but has never shoveled it, maybe I will get her, her first snow shovel this Christmas since she like the white flaky stuff so much.  Good thing she does not read my blogs so it can … (20 comments)

fha mortgages: Fannie Mae Automated Underwriting (DU) Eligibility Changes - 10/26/09 09:17 AM
Kim Neilson our Senior Vice President just released some information to all our Loan Officer about Industry Changes that will be happening over the next two to three months.  These are changed that will affect many of us in the Real Estate Industry, especially the change that I am writing about in this blog, Fannie Mae Automated Underwriting (DU) Eligibility Changes.  If all of us are up to date on the up coming changes, than we can all better serve and advice our Borrowers and Buyers.  
This first change, Fannie Mae Automated Underwriting (DU) Eligibility Changes, is going to have a major impact on 2 Unit … (25 comments)

fha mortgages: Are You Ready For This Weekend!!! - 08/20/09 06:53 AM
This is a huge weekend for Yankee and Red Sox Fans.  This weekend will determine if the Red Sox stand a chance to compete for the American League East Division Championship, or have to fight for their life for a Wild Card spot.
The Red Sox started out the first half of the season with a bang, by sweeping the Yankees 8 straight games.  But the second half of the season has not been kind to the Red Sox, and the last time the two teams faced each other the Yankees swept the Red Sox 4 straight games.
This weekend they … (20 comments)

fha mortgages: Mortgage/Loan Programs with Low or No Downpayment Still Available In Connecticut .... Introduction - 08/13/09 01:11 PM
Over the next two weeks I will be writing a series of blogs about Mortgage/Loan Programs with Low or No Downpayment Still Available In Connecticut. The series of Blogs will cover Connecticut Housing Finance Authority (CHFA) Mortgages, USDA Mortgages, VA Mortgages, and FHA Mortgages. I will be concluding the series with two blogs that will cover what a Borrower should do to prepare themselves for the Home Buying Process, and help them determine which Loan is best for you for them.
I decided to write this series Mortgage/Loan Programs with Low or No Downpayment Still Available In Connecticut, because of the … (9 comments)

fha mortgages: Wordless Wednesday - 08/12/09 12:20 PM


******************************************************************************************************************
Info about the author:
George Souto is a Loan Officer who can assist you with all your FHA, CHFA, andConventional mortgage needs in Connecticut. George resides in Middlesex County which includes Middletown, Middlefield, Durham, Cromwell, Portland, Higganum, Haddam, East Haddam, Chester, Deep River, and Essex. George can be contacted at (860) 573-1308 or gsouto@mccuemortgage.com
(23 comments)

fha mortgages: Speechless Sunday - 06/21/09 10:19 AM

 
******************************************************************************************************************
Info about the author:
George Souto is a Loan Officer who can assist you with all your FHA, CHFA, and Conventional mortgage needs in Connecticut. George resides in Middlesex County which includes Middletown, Middlefield, Durham, Cromwell, Portland, Higganum, Haddam, East Haddam, Chester, Deep River, and Essex. George can be contacted at (860) 573-1308 or gsouto@mccuemortgage.com
 
(27 comments)

fha mortgages: Be Careful Of What You Receive In The Mail! - 06/19/09 03:09 PM
Lately more and more of my Borrowers having been calling me, because they have been receiving offers in the mail that make it seem like they were sent by us.  These offer covered a number of areas, from refinancing, loan modification, bi-weekly payments, lower interest rates as well as others.
These offers are not sent on McCue Mortgage Letterhead, but will mention McCue Mortgage very early in the letter, and are worded in a way to make the Borrower think the letter was sent from us.  This is a very sneaky way of trying to get the Borrower to call the … (11 comments)

fha mortgages: Fannie Mae Ratio's Increasing. - 06/18/09 02:15 PM
At the end of March I wrote a blog about FHA loosening up on Debt-To-Income ratios. Up until that point I had not been able to get an Approved/Eligible on a FHA Loan with front ratios higher than 38 and back ratios higher than 52. Since then I have gotten Approved/Eligible’s on FHA Loans with ratios 43+ on the front and 57 on the back.
Well this past week I started to see a similar change with Fannie Mae. Up until now I had not seen an Approved/Eligible on a Fannie Mae (Conventional) Loan with Debt-To-Income ratios higher than about 41/55. … (12 comments)

fha mortgages: FHA ........ Major Condo Approval Change!!! - 06/16/09 10:47 PM
Well so much for my blog yesterday about not having seen any change to the Underwriting Guidelines lately. This morning my office made me aware of FHA's latest Mortgagee Letter 2009-19 that was issued on June 12th.  In this latest Mortgagee Letter FHA is announcing MAJOR change to their Condo Approval Process.
"In accordance with the passage of the Housing and Economic Recovery Act (HERA) of 2008, the Federal Housing Administration (FHA) is implementing a new approval process for Condominium Projects to insure mortgages on individual units under Section 203(b) of the National Housing Act. FHA will now allow lenders to … (66 comments)

fha mortgages: Market Update - 06/15/09 04:03 AM
Looks like things have calmed down a bit, and hopefully Buyers will take advantage of this before the next storm hits.
Over the last two to three weeks we have been seeing a lot of volatility in the market and as a result we saw a major upward movement in the interest rates. Prior to that it was changes to the Underwriting Guidelines for many of the Loan Programs, especially Fannie Mae and Freddie Mac.  FHA saw some change as well in particularly to effort that were made to make the $8,000 Tax Credit available prior to Closing.
The end of … (5 comments)

fha mortgages: Wordless Sunday - 06/14/09 12:36 PM

 
******************************************************************************************************************
Info about the author:
George Souto is a Loan Officer who can assist you with all your FHA, CHFA, and Conventional mortgage needs in Connecticut. George resides in Middlesex County which includes Middletown, Middlefield, Durham, Cromwell, Portland, Higganum, Haddam, East Haddam, Chester, Deep River, and Essex. George can be contacted at (860) 573-1308 or gsouto@mccuemortgage.com
(11 comments)

fha mortgages: OH NO ............. What Happened To My TV Picture????? - 06/12/09 03:52 AM
It was all over the news yesterday and on the news again today, it was even one of the lead stories on Yahoo Tech News this morning, Analog TV is now a part of history.  After months and months of announcements, warnings, and delays, it is still expected that more than 1 million households will be without TV service, because they did not convert over to digital.
The analog signal has been around for about 60 years, t is what most of us grew up with.  I still remember watching TV on a little black and white screen, and we were … (12 comments)

fha mortgages: Wordless Wednesday - 06/10/09 09:38 AM

 
******************************************************************************************************************
Info about the author:
George Souto is a Loan Officer who can assist you with all your FHA, CHFA, and Conventional mortgage needs in Connecticut. George resides in Middlesex County which includes Middletown, Middlefield, Durham, Cromwell, Portland, Higganum, Haddam, East Haddam, Chester, Deep River, and Essex. George can be contacted at (860) 573-1308 or gsouto@mccuemortgage.com
(18 comments)

fha mortgages: Another Great Open House Sunday - 06/08/09 12:04 PM
Last week I Posted a blog about what a great day last Sunday was for Open Houses "Great Day For Open Houses".  The weather was perfect and the Buyers were out, I even got to do a Pre-Appoval for one of the Buyers. Well as good as last Sunday was, this Sunday was even better.
We were having our Annual Church Picnic right after Church, but there were two Realtors that I wanted to talk to, and they were both doing Open Houses.  So I stopped by their Open House, and each of them had Buyers at them.  Now this is … (4 comments)

fha mortgages: Annual Middlesex County Real Estate Luncheon - 06/06/09 09:37 AM
The Annual Middlesex County Real Estate Luncheon will be held this coming Wednesday June 10 at Saint Clements Castle, 1931 Portland Cobalt Road, Portland, Ct.
There are many reasons to attend this event, but three stand out.  First it is a great time to see and spend some quality time with many of our Real Estate colleagues that we might not normally see during the year. Second the facility that the event will be held at Saint Clements Castle is a great place to go for an event such as this. And Third it will be a fun relaxing time where … (7 comments)

 
George Souto, Your Connecticut Mortgage Expert (George Souto NMLS #65149 FHA, CHFA, VA Mortgages)

George Souto

Your Connecticut Mortgage Expert

Middletown, CT

More about me…

George Souto NMLS #65149 FHA, CHFA, VA Mortgages

Address: One Liberty Sq., PO Box 1000, New Britain, Ct, 06050

Office: (860) 573-1308

Mobile: (860) 573-1308



Listings

Links

Archives

RSS 2.0 Feed for this blog