Florida Realty Investments - glendasrealestate.com

04/05/2022

Fla. Still Offers First-Time Buyer Programs

Some first-time buyers think they can’t afford a home – but they don’t know where to look. In addition to national and local programs, Fla. offers 3 possible options.

TALLAHASSEE, Fla. – Even though cash remains king to many home sellers, a range of programs exist to help first-time homebuyers with down payments and/or closing costs. In Florida, the state administers three programs through the Florida Housing Finance Corporation (FHFC).

According to FHFC, the programs operate like second loans when using one of FHFC’s first-mortgage loan programs. They include:

The Florida Assist (FL Assist) offers up to $10,000 on FHA, VA, USDA and conventional loans as a 0%, non-amortizing, deferred second mortgage. The aid isn’t forgivable – it must be paid back. However, the money doesn’t have to be repaid until the buyer sells or transfers the home, satisfies the first mortgage, refinances or moves out.

The Florida Homeownership Loan Program (FL HLP) Second Mortgage also offers $10,000. It works as a 3% fully-amortizing, second mortgage over a 15-year term that includes a monthly payment. The remaining unpaid principal balance (UPB) is deferred, though, unless the first-time buyer sells or transfers the deed, satisfies the first mortgage, refinances or moves. (Note: It carries a monthly payment that may need to be considered in a borrower’s debt-to-income (DTI) ratio for credit underwriting).

The HFA Preferred and HFA Advantage PLUS Second Mortgage are down payment and closing cost programs that offer buyers 3%, 4% or 5% of the total loan amount in a forgivable second mortgage. The “forgive” rate is 20% per year over its 5-year term when used with Florida Housing’s conventional HFA Preferred for TBA or HFA Advantage for TBA first mortgage products. The “PLUS” Second Mortgage is available only with these conventional first mortgage products.

First-time homebuyers don’t have to wade through the three loan program details on their own, however. FHFA also has a Homebuyer Program Wizard that considers individual circumstances and makes a recommendation.

FHFA told the Miami Herald that its volume jumped considerably last year – so much so that it stayed open 24/7 and increased assistance amounts.

In addition to Florida programs, a few national programs track assistance programs, including downpaymentresource.com, Zillow.com or themortgagereports.com – and possibly Google if a buyer types in the correct search terms. The assistance programs aren’t always easy to find, however, and first-time buyers may have to assertively ask for help.

While some lenders and sellers may case doubt on buyer assistance programs, they’re sometimes more reliable than loans from family or friends.

Assistance is “very trustworthy. … Borrowers are completely underwritten” to make sure they meet program requirements,” Charles White, who directs Florida’s programs, told real estate writer Lew Sichelman.

© 2022 Florida Realtors®

03/09/2022

What is Title Insurance?

From contract contingencies to encumbrances, the home sale and purchase processes bring with them a new vocabulary. One of the processes that most first-timers find confusing is the title company’s role in a real estate transaction. Let’s try to clear up the confusion.

A title company serves two main functions in the real estate transaction. Its first role is that of facilitator for the closing. A title company manages the numbers, works up the settlement structures, and disburses the funds from the escrow account at closing.

Performing a title search and issuing a title insurance policy is a title company’s second function. When you borrow money, the lender requires that you buy a lender’s title insurance policy.

From Rocket Mortgage: "Title insurance is a type of insurance policy meant to protect home buyers, as well as lenders, from any damages or losses caused by a bad title. Most title insurance policies cover all the common claims filed against a title, including outstanding liens, back taxes and conflicting wills."

Before issuing this insurance, a title company will ensure that the seller has the legal right to transfer the title to you, and that the property isn’t subject to any tax liens, special assessments, or mechanic’s liens. Then, they will issue the lender’s title insurance policy which covers the lender in the event of future claims against the property, for the life of the loan. Although you pay for it, the lender is the only party to benefit from the insurance should there be a claim.

Title companies also issue owner’s title insurance policies, which, as the name implies, covers the new homeowner’s interests for as long as they own the property. While this policy isn’t mandatory, “The majority of people do tend to buy it because it protects the home purchase, which is usually your largest bank transaction,” says Gerry Glombicki, director of insurance at Fitch Ratings.

Both lender and owner’s policies are one-time expenses, rolled into the closing costs. The cost of the lender’s policy is based on the amount borrowed, whereas the cost of the owner’s policy is based on the home’s value.

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New Homes Guru

Credit: Real Estate News

03/05/2022

Did you know??

Your FICO credit score looks at how much debt you have, how you’ve repaid in the past, and more. Score ranges from 300 to 850 and are made up of the following components:

Credit mix: 10%
Payment history: 35%
Current debt: 30%
Length of credit history: 15% and
New credit: 10%

Follow for more. If you are thinking of buying your first home, upgrading your current home, or buying an investment property, please contact me for all of your real estate needs.

407-257-7045

Your Real Estate Concierge
New Homes sales guru

03/01/2022

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Your Real Estate Concierge

02/16/2022

5 Hidden Costs of Home-buying

44% of homebuyers report they weren’t aware of all the costs associated with buying a home.

Too expenses that new homebuyers sometimes forget to factor in:

closing costs: these range between 2% to 5% of the loan amount. The national average is about $6,000

moving costs: the national average cost of moving is about $1,400 with a range from $800 to $2,150. (That’s for a two-person moving team completing a local move of less than 100 miles. The average cost of a long-distance move: between $2,200 and $5,700.)

home inspections: these typically run from $300 to upward of $600 depending on the location and size of the home.

title insurance: the average cost of title insurance is around $1,000 per policy, but that amount varies widely from state to state and depends on the price of your home.

potential renovations: a 2017 survey found that new homeowners spent an average of $10,601 on furniture, appliances, and home repairs - in the first year.

Sources: realtor dot com; Forbes, National association of home builders.

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If you are ready to take the leap into homeownership, buying an income property or selling your home — please feel free to contact me for all of your real estate needs.

407-257-7045
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New Home Guru

02/14/2022

02/08/2022

Did you know??

6 tips for pet-owning home sellers. Here are the Top Recommendations Realtor’s make to pet-owning clients putting their house on the market.

78% of home sellers remove pets from home during showings

72% of home sellers replace anything damaged by pet

70% of home sellers clean home to remove animal scent

61% of home sellers have home professionally cleaned

47% of home sellers hide pet gear

33% of home sellers replace carpet or refinish floors

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If you have any real estate questions or you are in the market to buy your dream home; investment property or sell your existing home, please feel free to contact me at 407-257-7045.

Credit: Florida Realtor Magazine

05/25/2021

Hurricane season is upon us, get ready, get your home ready and have a plan in place.

Thank you

05/09/2021

HAPPY MOTHERS DAY!!!

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