HARP 2 FRUSTRATES MANCHESTER, CT PROPERTY OWNER
By Joe Petrowsky, Your Mortgage Consultant for Life
(Mortgage Consultant, Right Trac Financial Group, Inc. NMLS # 2709)
"HARP 2, Frustrates Manchester, Ct Property Owner” I am seeing many frustrated homeowners, that are sharing experiences of being denied and not understanding why. The main reason, poor knowledge with this mortgage product. I received the email below from this frustrated property owner that owns a 3 family, investment property in Manchester, Ct. Here is the reason this loan was denied. The guideline on non-owner occupied properties work this way. A first mortgage can get approved up to 105% of the appraised value, which is not the problem with this transaction. The problem is the second mortgage. The guideline says the combination of the 1st and 2nd mortgage can’t go above 110% of the appraised value. If the property is in fact worth $190,000 and the first mortgage balance is $18...
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