9 Steps to Buying a Florida Home

Nine steps to buying a Florida home

1. Figure out how much you can afford
2. Know your Florida rights
3. Shop for a Florida mortgage
4. Learn about Florida home buying programs
5. Shop for a home at Florida MLS Hub.com
6. Make an offer
7. Get a home inspection
8. Shop for homeowners insurance
9. Sign papers

Step 1: Figure out how much you can afford for a Florida home?

What you can afford depends on your income, credit rating, current monthly expenses, down payment and the interest rate. The calculators below can help, but it is best to visit a lender to find out for sure. Visit FHAmortgageprograms. Com to learn about FHA mortgage program to purchase your next Florida home.

FHA loans were created to help increase home ownership. For the Florida home buyer the FHA program can simplify the purchase of a home, making financing easier and less expensive than a conventional mortgage loan product. Some highlights of the Florida FHA loan program include:

Minimal Down Payment and Closing costs.

• Down payment less than 3.5% of Sales Price Gifts are allowed
• Seller can credit up to 6% of sales price towards closing and prepaid costs.
• 100% Financing available
• No reserves required.
• FHA regulated closing costs.

Easier Credit Qualifying Guidelines such as:

•  
  • No minimum FICO score or credit score requirements.
  • FHA will allow a home purchase 2 year after a Bankruptcy.
  • FHA will allow a home purchase 3 years after a Foreclosure.

To take advantage of the FHA program in Florida, give us a call 1-800-570-0448

STEP 1: How much home can you afford?

 Buying vs. Renting

 Home Economics

Step 2: Know your rights

 Fair Housing: Equal Opportunity for All – brochure

 Real Estate Settlement Procedures Act (RESPA)

 Borrower’s rights

 Predatory lending

 Step 3: Get pre quaffed for your Florida home first

Save money and time by doing your homework. Contact a FHA mortgage Programas.com to determine how much you can afford on your next Florida home. Looking for the best mortgage: shop, compare, negotiate – brochure

 Let FHA help you

 Why Ask for an FHA Loan?

 Learn about interest only loans

 Step 4: Learn about Florida home buying programs

FHA mortgage loan programs offer Florida homebuyers lower down payments and are a good option for Florida first-time homebuyers.

 Let FHA help you

 HUD’s special Florida homebuying programs

 Good Neighbor Next Door (formerly known as Teacher/Officer/Firefighter Next Door)

 Hurricane Evacuees discounted sales

 Homeownership for public housing residents

 Indian Home Loan Guarantee Program (Section 184)

 Step 5: Shop for a Florida home

 Choose a Florida real estate agent

 Wish list – what features do you want?

 Home-shopping checklist – take this list with you when comparing homes

 Homes for sale (including HUD homes)

 ”Fixer-uppers” – home purchase and repair programs

 Manufactured (mobile) homes

 Build a home

Step 6: Make an offer

Discuss the process with your real estate agent. If the seller counters your offer, you may need to negotiate until you both agree to the terms of the sale.

Step 7: Get a home inspection

Make your offer contingent on a home inspection. An inspection will tell you about the condition of the home, and can help you avoid buying a home that needs major repairs.

Ten Important Questions to Ask Your Home Inspector

• What does your inspection cover? The inspector should ensure that their inspection and inspection report will meet all Florida requirements and will comply with a well-recognized standard of practice and code of ethics. You should be able to request and see a copy of these items ahead of time and ask any questions you may have. If there are any areas you want to make sure are inspected, be sure to identify them upfront.
• How long have you been practicing in the home inspection profession and how many inspections have you completed? The inspector should be able to provide his or her history in the profession and perhaps even a few names as referrals. Newer inspectors can be very qualified, and many work with a partner or have access to more experienced inspectors to assist them in the inspection.
• Are you specifically experienced in residential inspection? Related experience in construction or engineering is helpful, but is no substitute for training and experience in the unique discipline of Florida home inspection. If the inspection is for a commercial property, then this should be asked about as well.
• Do you offer to do repairs or improvements based on the inspection? Some inspector associations and state regulations allow the inspector to perform repair work on problems uncovered in the inspection. Other associations and regulations strictly forbid this as a conflict of interest.
• How long will the inspection take? The average on-site inspection time for a single inspector is two to three hours for a typical single-family house; anything significantly less may not be enough time to perform a thorough inspection. Additional inspectors may be brought in for very large properties and buildings.
• How much will it cost? Costs vary dramatically, depending on the region, size and age of the house, scope of services and other factors. A typical range might be $300-$500, but consider the value of the home inspection in terms of the investment being made. Cost does not necessarily reflect quality. HUD Does not regulate home inspection fees.
• What type of inspection report do you provide and how long will it take to receive the report? Ask to see samples and determine whether or not you can understand the inspector’s reporting style and if the time parameters fulfill your needs. Most inspectors provide their full report within 24 hours of the inspection.
• Will I be able to attend the inspection? This is a valuable educational opportunity, and an inspector’s refusal to allow this should raise a red flag. Never pass up this opportunity to see your prospective home through the eyes of an expert.
• Do you maintain membership in a professional home inspector association? There are many state and national associations for home inspectors. Request to see their membership ID, and perform whatever due diligence you deem appropriate.
• Do you participate in continuing education programs to keep your expertise up to date? One can never know it all, and the inspector’s commitment to continuing education is a good measure of his or her professionalism and service to the consumer. This is especially important in cases where the home is much older or includes unique elements requiring additional or updated training.

 

Step 8: Shop for homeowners insurance

Lenders require that you have homeowners insurance. Be sure to shop around.

• Shop around
• Raise your deductible
• Don’t confuse what you paid for your house with rebuilding. The land under your house isn’t at risk from theft, windstorm, fire and the other perils covered in your homeowners policy. So don’t include its value in deciding how much homeowners insurance to buy. If you do, you will pay a higher premium than you should.
• Buy your homeowners from the same company that insures your  car. Some companies that sell homeowners, auto and liability coverage will take 5 to 15 percent off your premium if you buy two or more policies from them. But make certain this combined price is lower than buying the different coverage’s from different companies.
• Make your home disaster resistant. Find out from your insurance agent or company representative what steps you can take to make your home more resistant to windstorms and other natural disasters. You may be able to save on your premiums by adding storm shutters, reinforcing your roof or buying stronger roofing materials.
• Improve your home security.  You can usually get discounts of at least 5 percent for a smoke detector, burglar alarm or dead-bolt locks. Some companies offer to cut your premium by as much as 15 or 20 percent if you install a sophisticated sprinkler system and a fire and burglar alarm that rings at the police, fire or other monitoring stations
• Seek out other discounts, Retired people also have more time for maintaining their homes. If you’re at least 55 years old and retired, you may qualify for a discount of up to 10 percent at some companies. Some employers and professional associations administer group insurance programs that may offer a better deal than you can get elsewhere
• Maintain good credit If you’ve kept your coverage with a company for several years, you may receive a special discount for being a long-term policyholder. Some insurers will reduce their premiums by 5 percent if you stay with them for three to five years and by 10 percent if you remain a policyholder for six years or more.
• Stay with the same insurer, If you’ve kept your coverage with a company for several years, you may receive a special discount for being a long-term policyholder. Some insurers will reduce their premiums by 5 percent if you stay with them for three to five years and by 10 percent if you remain a policyholder for six years or more.
• Review the limits in your policy and value, You want your policy to cover any major purchases or additions to your home. But you don’t want to spend money for coverage you don’t need. If your five-year-old fur coat is no longer worth the $5,000 you paid for it, you’ll want to reduce or cancel your floater (extra insurance for items whose full value is not covered by standard homeowners policies such as expensive jewelry, high-end computers and valuable art work) and pocket the difference.
• Look for private insurance if you’re on a Govt plan. If you live in a high-risk area — say, one that is especially vulnerable to coastal storms, fires, or crime — and have been buying your homeowners insurance through a government plan, you should check with an insurance agent or company representative or contact your state department of insurance for the names of companies that might be interested in your business
• When buying a home Consider the cost of homeowners insurance, It may also be cheaper if your home’s electrical, heating and plumbing systems are less than 10 years old. If you live in the East, consider a brick home because it’s more wind resistant. If you live in an earthquake-prone area, look for a wooden frame house because it is more likely to withstand this type of disaster. Choosing wisely could cut your premiums by 5 to 15 percent.

Step 9: Sign papers

You’re finally ready to go to “settlement” or “closing.”

About the Author

Thomas Martin
Florida FHA mortgage specialist

http://www.fhamortgageprograms.com/florida/

http://www.floridamlshub.com/

http://www.fhamortgageprograms.com/mortgage/fha-loan-program.shtml

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