Home Buying in Vero Beach>Question Details

Biharicp, Other/Just Looking in Vero Beach, FL

Does anyone have advice for a 1st time home buyer on the Treasure Coast?

Asked by Biharicp, Vero Beach, FL Mon Oct 8, 2012

My wife and I are both teachers and would like to buy rather than renew the lease on our current rental. I have heard that there are teacher home buying programs with nice benefits out there...but upon my research, I can't make sense of it. Does anyone have any experience in the programs available for first time and/or teacher home buyers? Any help or advice would be appreciated. Thanks in advance.

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Hi Biharicp,

You're talking about the Good Neighbor Next Door program, right?

http://portal.hud.gov/hudportal/HUD?src=/program_offices/hou…


The major problem that I've found is there doesn't appear to be any homes in FL that are eligible for the GNND program right now.

I may have a better option for you depending on where you want to buy/live.

There are some areas around Vero Beach that are eligible for the no money down USDA mortgage.

North of South Gifford Road is eligible, south of 25th street SW is eligible and west of highway 95 is eligible.

One of the best things about this mortgage is the monthly mortgage insurance is substantially less than an FHA or conventional mortgage and that's with no money down.

Here's an example: An FHA mortgage of $155,000 is going to have a monthly mortgage insurance payment of $161.45 but on a USDA mortgage it's only going to add $51.66 to your monthly payment and the interest rate for a USDA mortgage is just as low as an FHA mortgage.

The other nice thing is you can actually roll your closing costs into the loan as long as the appraised value supports it.

Please feel free to contact me for more information or help. You can also find info on my USDA Mortgage website by clicking the link below.

John Burke
Senior Mortgage Banker
Peoples Bank & Trust
(877)228-9069
1 vote Thank Flag Link Mon Oct 8, 2012
Good afternoon Biharicp,

Meet with a Local Mortgage Banker to get prequalified for mortgage financing. The Mortgage Banker will review all facets of your loan request to answer your questions with regards to the types of loans and maximum loan amounts you could qualify for.

US Dept of Housing and Urban Development (HUD) has a program called "Teacher/Neighbor next door." More information here: http://portal.hud.gov/hudportal/HUD?src=/program_offices/hou…


Good luck!

Trevor Curran
NMLS #40140
0 votes Thank Flag Link Fri Oct 19, 2012
I would be more than happy to help you to understand the program. Are uou looking for something west of I-95? and it would have to be USDA eligible for the teacher program.
0 votes Thank Flag Link Thu Oct 18, 2012
Hi there,

I sincerely have not heard about teacher's buying programs - that would be a good question to ask a loan officer. Start with a bank that you currently use for checking or saving account. But I can tell you that I've been working with first time home buyers and the FHA loans are very attractive at very low rates in the 3% range, with 3.5% down payment.

If you have any other questions, please feel free to give me a call at 772-538-4855, or send me an e-mail to ddekleyn@sorensenrealestate.com.

Respectfully,
Dana De Kleyn
Realtor
Dale Sorensen Real Estate, Inc.
Cell: 772-538-4855
ddekleyn@sorensenrealestate.com
0 votes Thank Flag Link Wed Oct 10, 2012
Just north of Vero Beach is USDA eligible. 100% financing with no classes or hoops. Learn more at http://www.usdamortgagesource.com
0 votes Thank Flag Link Wed Oct 10, 2012
There are some very good deals in most price categories and locations. We have a team of professionals that can help you get started. Please call me and I will give you more information on what areas you should be focused once we lay the ground work together. BUY, Invest & SELL with Michelle @ 772-538-4017 Native Florida Realtor
0 votes Thank Flag Link Tue Oct 9, 2012
“The most important thing a buyer can do is first of all work with a buyer broker.” As stated by AARP and the Consumer Federation of America from REALTOR® News.

There is typically no extra/hidden cost for you to obtain Exclusive Buyer Broker services. In the State of Florida only a buyer broker can negotiate for the lowest price and best terms for the buyer. When you work with an Exclusive Buyer Broker, the brokerage firm does not list any homes, there is never a conflict of interest in your transaction. The State of Florida assumes that all buyers know all agents are transactions brokers who do not represent anyone one in the transaction and that the agents have very limited if any liability in the transaction. Unless, an agent or broker tells you they will represent you exclusively the agent is not required to disclose to you that they are a transaction agent or broker who does not represent your best interest.

On my informative homepage http://www.FloridaBuyerBroker.com you will learn about:

The #1 Mistake Real Estate Buyers Make
21 Critical Mistakes Buyers Make
20 Things the Listing Agent Does Not Tell You about Short Sales
Short Sale Fraud
Foreclosures - the Wild West of Real Estate
Unrealistic Buyer Expectations
Buyer Beware
Chinese Drywall

A buyer broker is required to give the buyer loyalty, confidentiality, care and diligence, accounting, disclosure of all known pertinent facts and your financial status is protected.

You are getting ready to make one of the most significant investments of your life!

If you need help finding an exclusive buyer broker in your area call and I’ll help you find an experienced buyer broker.

Beverly Howe, CIPS, ABR, GRI, TRC
Florida Buyer Broker
Owner – Exclusive Buyer Broker
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0 votes Thank Flag Link Mon Oct 8, 2012
Hi,
I would suggest you start out with a lower cost smaller home at a super discounted bank foreclosure price and build some equity and then purchase your dream home in a few years and use you first home as your down payment.
Drop me a line or give me a call and I can get you started.
Phil Swis
Beneduce Realty
http://www.PSwis.com
772 539 1462 smartphone
0 votes Thank Flag Link Mon Oct 8, 2012
I am following your advice and hopefully in about 6 years I can buy my forever home closer to the beach. But for now, I am happy with my purchase and very happy that I followed your advice.
Flag Thu Apr 4, 2013
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Hello,

Nobody else is going to give you advice like this....

-

SIMPLE TWO STEP WAY TO GET YOUR BEST OVERALL DEAL:

STEP ONE:
contact any realtor you think you like and listen to what they say they’ll do for you. Then ask them to refer you to their very best “Preferred” or “In-House” Lender. Listen to their best purchase strategy and ask for their best written quote on an estimated sales price, on a TBD (To Be Determined) property address.

STEP TWO:
contact me, I’ll present my best purchase strategy, show you what my realtor partners can do for you. Then compare to see which team offers the best purchase strategy and your best overall deal.

You’ll be shocked at the difference you’ll find with such little effort!

WHAT MY REALTOR PARTNERS CAN DO:
http://www.trulia.com/blog/steve_31/2012/09/gfb_250_000_purchase
http://www.trulia.com/blog/steve_31/2012/08/please_shop_this…

WHAT I CAN DO:
http://www.trulia.com/blog/steve_31/2012/07/2012_loan_progra…

NOTE TO CONSUMERS: shop multiple Lenders and realtors for your Best Overall Deal!

Call me today, I actually answer and return phone calls.

Steve McRory
Pro Option Mortgage/ Florida
steve@pro-option.com
http://WWW.PRO-OPTION.COM
Ph: 888 662 4404

Prior Service U.S. Marine Corps
-
0 votes Thank Flag Link Mon Oct 8, 2012
Mortgage rates are at a all time low FHA loans are great but with great credit I could set you up with a few great banks because in this market you must get prequalified hope this helps 772-532-6998 Greg Re/max Classic
0 votes Thank Flag Link Mon Oct 8, 2012
Hello,

Hopefully, I can give you some input on the mystery of "Home Buyer Programs". The first thing I would tell you is that, in the mortgage world, there is no free lunch. Almost all of the incentive programs come with strings attached. Some of these funds are earmarked to be used in specific "empowerment zones" only. That means you have to live, and maintain residence, in specified areas.
Others are funded with state/federal bond money. As with any government funding, the hoops your lender may have to jump through are so substantial, your lender may not even bother with the process.
Lastly, unfortunately, some of these loans are nothing more than advertising. When the dust all settles, you don't get the 42" flat screen, but the 14" black & white TV.

I hope this helps.

Pat Palmer-Realtor
Boca's Best Broker

Direct 786-286-6557

Keller Williams
2424 N. Federal Hwy #318
Boca Raton, FL 33431
0 votes Thank Flag Link Mon Oct 8, 2012
I believe it is called "Good Neighbor Next Door"
http://portal.hud.gov/hudportal/HUD?src=/program_offices/hou…
Here is the link for the information on hud.gov. I do not believe there are currently any listing for this program.
There are other programs available to anyone interested. There is a $100 down payment program if you purchase a HUD home with a FHA mortgage. There is also a fannie mae homepath mortgage program. This would allow you to purchase a home for a little as 3% down.
A mortgage specialist is the best person to help with these programs. Feel free to contact me if you would like more information. I would be happy to send you a list of properties that would qualify for these programs.

Nicole Graham
Weichert Realtors Hallmark Properties
nmgraham@att.net
843-367-0480
0 votes Thank Flag Link Mon Oct 8, 2012
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