Financing in Tampa>Question Details

Jessica, Home Buyer in 33579

What is a Bonded FHA Loan??

Asked by Jessica, 33579 Tue Jun 18, 2013

Im not sure what to do ? IF we go with lennar we have to use their in house lender but we already got a preapproval from another ? what to do ? and its super hard to find a resale house out there. that meets our needs and wants

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I was pre qualified for a Cha bond loan but my realtor keep telling me I still need to pay my down payment as well as my closing cost
0 votes Thank Flag Link Sat Apr 25, 2015
Jessica, first of all if your pre approval was through a national lender; wells fargo, chase etc then you can be assured that obtaining pre approval through Lennar's lender will be a snap.

Going through the pre approval process can be nerve racking but worthwhile. sounds like you will be receiving builder incentives to help you with your purchase.

If you are getting pre approved with Lennar, this also sounds like a end loan? and not a construction perm? The former has the builder carrying the construction costs through to certificate of occupancy (co) at which time you bring an end loan to the table. Thus, your preapproval today allows you to write a contract with Lennar. In several months when the home is built you will again re confirm your ability to get a loan (do not buy a car or any other large purchases) and close buying your new home.

Your question about a bonded FHA loan seems like a scrambled piece of information? FHA loans are guaranteed by the federal government. The bond part of the question refers to a local or county or state bond that is available to qualified first time or new homeowners assisting with downpayment cost. The term of this loan carries different critieria based upon the county and bond program at the time.

If you will be pre approved by Lennar's lender utilizing bond money for downpayment and you will be closing in the future, ask Lennar's lender if the money is set aside for you now and available when you close in the future? Typically, bond money is issued on a first come first serve basis. When the money runs out it runs out.

If you have found the perfect house, move forward as interest rates are moving up and inventory is moving down.

Best regards,

Lynn Brock
Brock Realty Inc.
0 votes Thank Flag Link Thu Jun 20, 2013
The FHA Bond loan is subsidized by the state of Florida. While Lennar suggests that you use their lender, you do not have to. However, the bonus closing costs or upgrades may be taken out of your purchase agreement. The lender for Lennar is good - they have a strong relationship with the builder and their sales reps. You may be surprised by the results. It won't hurt to speak to them and see what they can do.

The next time you buy - use a realtor - even with new construction there are little nuances that a real estate agent could help you with, including advice on alternative lending and using the builders lender. Good-luck.
0 votes Thank Flag Link Tue Jun 18, 2013
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