For Buyers
Buying a home is an exciting time in one's life. Home ownership offers special advantages that make life more enjoyable - backyard barbecues, large family gatherings during the holidays and those special occasions, in the privacy of your own home. Tax advantage, security, investment, financial independence, cash equity and satisfaction are some of the advantages to owning a home. Making the smart move of choosing a REALTOR® is your first step to ensuring that your new home and community meets your needs. Our services and experience range from financial aid to helping you find the home that best suits you and your family. For your convenience, we also can provide the latest listings by e-mail. Our Reputation is Our Best Recommendation and we hope you'll come to understand why.
BE AN INFORMED CONSUMER - BEFORE YOU START LOOKING FOR YOUR NEW HOME:
· Check your credit rating and credit report Click here. Straighten out any errors before is to late.
· Examine the credit report thoroughly and make sure it's accurate. If there are any mistakes on the report, contact the credit report agency and ask them to remove the mistakes immediately.
· Find a loan program that meets your needs and get pre-qualified or pre-approved.
· Don't let the subprime market collapse get you down...seize the opportunity and considering a FHA programs. Educate yourself; FHA loans in almost all cases have lower fixed interest rates because the loans are insured by the Federal Government. However the Federal Housing and Administration (FHA) have set some policy changes.
FHA POLICY CHANGES INCLUDE:
1- Effective for loans on or after October 4th, 2010, for FHA regular purchases and refinance products, the Upfront Mortgage Insurance Premium is 1.00%, which decreased from 1.5%. This amount remains unchanged.
2- Update the combination of FICO scores and down payments for new borrowers. New borrowers will be required to a minimum FICO score of 580 to qualify for the FHA's 3 percent down payment program. New borrowers with less than 580 FICO score will require to put down at leat 10%.Minimum credit score requirements for FHA home loans depend on which FHA loan product the applicant needs. Generally speaking, to get maximum financing on typical new home purchases, applicants should have a credit score of 580 or better. Those with credit scores between 500 and 579 are, according the the FHA guidelines, "limited to 90 percent LTV
3- Reduce allowable seller concessions from 6% to 3,5%.
Credit scores aren't the sole deciding criteria, no pre-payment penalty, low down payment, and it is assumable. For more information go to https://entp.hud.gov/idapp/html/condlook.cfm
· ADDI (American Dream Down Payment Initiative) was created to help first-time homebuyers buy single-family homes by providing funds for a down payment and closing costs. For more information, go www.hud.gov/offices/cpd/affordablehousing/programs/home/addi/index.cfm
· Do you know that you can lower your insurance rate by applying to mitigation windstorm inspection? To help Floridians identify how they can strengthen their homes against hurricanes and to reduce hurricane damage exposure in our state, the My Safe Florida Home program is offering free wind inspections by qualified hurricane mitigation inspectors to eligible homeowners. For more information go to http://www.mysafefloridahome.com/abouttheprogram.asp
· Choose a REALTOR® that you trust and who understands your needs.
· Identify important features you need your new home to have.
· Get familiar with your closing costs
CLOSING COSTS TO EXPECT:
· Lender fees may include charges for loan processing, underwriting, lender document preparation, Flood Cert discount points to get lower rate (where applicable).
· Third-party fees include charges for appraisal, title insurance, title search, survey (where applicable) home/condo association application and questionnaire fees, and home inspections such as termites, mold, environmental. (Attorney fee, where applicable)
· Government fees include deed recording and state & local mortgage taxes.
· Escrow and interest fees include homeowner's insurance (hazard, flood, wind, etc.), loan interest, real estate taxes, homeowners association fee, utility escrow and occasionally private mortgage insurance.
