Home Buying in 33510>Question Details

Reddy, Home Buyer in Tampa, FL

I am first home buyer in Tampa, FL. Please advise me what are the things I need to know before going for it. Any info would be much appreciated.?

Asked by Reddy, Tampa, FL Sat Jul 6, 2013

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Florida Mortgage Broker responding....

I am a supporter of an Exclusive Buyer's Agent Agreement. If I were a Realtor I would have one in place before I put anyone in my car to show homes.

I don't know why more Realtors don't have them signed.

Well, I know why, they're scared to ask for the commitment, but I believe a Realtor who is a true Professional and values their time and effort, should not be scared to insist that buyer's sign one.

0 votes Thank Flag Link Sun Jul 21, 2013
Hi Reddy,
As Steve noted: 1. Get prequalified
Then, please consider contacting our Realtor, Kathy Shalosky - we are working with her to buy a new home and think she is THE BEST in the area!
Realtor, CDPE
Keller Williams Realty
Visit me at http://www.KathyShalosky.com
Find your new home at http://www.KathyShaloskyHomes.com
0 votes Thank Flag Link Sat Jul 20, 2013
Thanks for sharing such a useful information, Its definitely helpful for me.
0 votes Thank Flag Link Sun Jul 7, 2013

There are many things you should do to prepare for buying a home which is versatile to many areas. As Steve said below make sure you get pre-approved (not just pre-qualified, there is a difference) and at the same time learn about the different loan options and what they mean for you. Try more than one office to see what type of programs they have and how they vary to decide on the best one for you. Any broker SHOULD be happy to discuss all the types, what you qualify for, and what will be best for the area you want and your purpose. The next thing you will want to do is contact a good REal Estate Agent in the area. I work with Exit and even though I am out of your area I have relationships with agents there and I could refer you to one. Make sure that your agent is there to work for you and bring you the best possible homes. Keep these things in mind when talking mortgages, monthly payments, and insurance.

Your monthly payment amount takes into account PMI, Interest, Home Insurance, And the price of the home. Knowing that information helps when trying to plan what you can actually afford vs. what you get approved for - don't get in over your head. A good Realtor will help you with this.

When you begin to look have you a checklist of all the things that are important to you. Have multiple copies and check off boxes as you go through the houses - I can remember on my first home I bought I ended up without ANY closets outside of bedrooms which means I didn't have a coat closet or a linen closet and didn't realize it until AFTER I moved in. I got sooo excited about everything else I forgot what was important to me PLUS after looking at about 3 homes they start to mesh together this will help to sort them out.

My last suggestion is to have an open mind and ask lots of questions - there are no dumb questions and your mortgage broker and real estate agent will be your absolute best reference while going through this process. Always go back to them - they are the most knowledgeable.
0 votes Thank Flag Link Sun Jul 7, 2013
I am glad so many put in great responses, especially Steve - getting pre qualified is a MUST! I am an exclusive REO broker, that means I only sell for banks and major mortgage holders. All my clients will want a Pre Qual Letter to send in any offer, so getting this all fixed up in advance is to your advantage. Also it allows you to see what you can afford in the market. I recommend coming off your HIGH end by 10-15% - during the boom many went their max and paid dearly for it. There are other things in life like travel, vacations a new car that are nice to have not just paying the bulk of you paycheck for a mortgage.
0 votes Thank Flag Link Sun Jul 7, 2013
Who better to inquire with than a Mortgage Broker from Tampa?

STEP 1, get Pre-Approved for the loan as nothing closed without the money.

See programs below, then contact me to talk about how to minimize payments and reduce out of pocket costs.

1) 100% LTV- VA / (VA Jumbo @ lower ltv)
2) 100% LTV- USDA/12 mo. into Chapter 13 BK…OK Too
3) 99% LTV- FHA / (FHA to 580 score @ lower ltv)

4) 97% LTV- No monthly MI-No FHA 1.75% Fee
5) 95% LTV- CONDO
6) 90% LTV- No PMI -2nd Home
7) 90% LTV- JUMBO
8) 85% LTV- No PMI - Super Jumbo
9) 80% LTV- Invest./Rental
10) 75% LTV- Foreign Nationals

--------STATED INCOME ALT up to Super Jumbo-----------
11) 80% LTV- FIX n’ FLIP Invest. Prop.
12) 75% LTV- Foreign Nationals
13) 75% CLTV- Short Sale, BK, Foreclosure Forgiveness
14) 70% LTV- Soft and Hard Money
16) COMMERCIAL PROGRAMS-available nationwide

Go to: http://WWW.PRO-OPTION.COM or call 888-662-4404

Steve McRory
Pro Option Mortgage/ Florida

Prior Service U.S. Marine Corps
0 votes Thank Flag Link Sun Jul 7, 2013
Hi Reddy,

You need to speak with a mortgage professional to determine what types of loan you may qualify for and which will suit your financing needs best. Once you know your purchasing power, you should speak with a realtor to discuss your needs and wants and let them help you find properties that closely match what you are looking for. A good agent will be able to guide you through the purchasing process and to set your expectations ahead of time.
0 votes Thank Flag Link Sat Jul 6, 2013
Dear Reddy, you need two things. An agent and a loan officer. First check your numbers. The lender will tell you how much you can afford. Then talk to your agent about your wants and needs,after that you will be ready to go, make offers, have inspections and to schedule a closing.
0 votes Thank Flag Link Sat Jul 6, 2013
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