USDA Mortgage Source - Florida USDA Loans, 7 days a week.
First of all go ahead and contact a lender so that you can determine which fincancing program is in you best interest. Determining how much you would like to put down on a home and what your price range will be is key to getting started. Once you have detrmined this and recieved a pre-approval letter you can then shop with confidence.
Another thing to make sure is that you donot spend all of your savings on a down payment. The reason this is important because you may need to buy new furniture, upgrad ethe home, etc. It is always good to have a bit on the side for just in case purposes dependent on the year of the home you are purchasing.
Also fining a great realtor that knows the area and fully understands what your looking for is extremely beneficial. This will save you time while also ensuring a smooth process.
Please let me know if you need any help with financing. I'm a Senior Loan Officer here in Tampa FL.
Feel free to review my website and request a quote or give me a call 813-316-2172
Senior Loan Officer | NMLS# 1001484
4010 W. Boyscout Blvd. Suite 600, Tampa, FL 33607
Direct 813-316-2172 | Fax 877-813-7519 | Toll Free 800-930-7334 Ext. 1477
1. The first step before you do anything is to find out how much money you can borrow from a bank/mortgage company. Check with different lenders to see who can get you the best deal. Once you know what you can afford, then you can begin to plan.
2. Determine what you need in a home, not necessarily what you want in a home. Make a list of those needs to give to your Realtor. When you are searching for homes you will find that it is very rare to find a home that has absolutely everything you are looking for. If you stick to what you actually need, you will have better success in your search.
3. Research areas/communities that are of interest to you. Determine what things are important such as schools, proximity to shopping, restaurants, and local activities. Drive through the communities to get a feel for what they are like.
4. Learn as much as you can about the process of buying a home. Some local Realtors or lenders will offer first time home buying seminars. If you can find one in your local area it would be helpful to attend. If you cannot attend a seminar, look on the Internet for a home buyers guide such as the one at Bankrate.com – http://www.bankrate.com/brm/news/real-estate/BuyerGuide2004/
5. Select a local Realtor to help you begin your search for a home. You can search Internet sites such as Realtor.com or Homes.com, but a Realtor has access to all of the homes in the local MLS. They can provide you with information on the home, the area and answer any questions you may have. A Realtor can show you properties of interest.
6. Learn about the contract and what is involved. Your Realtor can take you through step by step the process of a contract. After it is signed by buyer and seller, it is called an executed contract. Then you would want to get a home inspection. If everything is fine with the inspection, then you can go forward towards closing.
7. Know what happens at closing. Again, a Realtor can walk you through what to expect at closing. You will need to have money for closing costs such as title search, processing fees, taxes, and insurance.
Buying your first home is an exciting and overwhelming experience. So make sure you are prepared.
Tammy Hayes, Realtor
Re/Max Palm Realty
The second best way to reduce stress is to find a good Realtor.
Your bio says you are an agent so I would assume this is a theoretical question....
So many buyers enter the market without a good feel for what they actually want. In my opinion, this too often transulated into stress. Planning in advance can go a long ways in minimizing this pressure. Getting pre-approved for financing, knowing your budget, creating lists for wanted and unwanted criteria, studying the market, attending open houses, etc. can provide buyers with a comfort level that reduces the stress of buying.
I also like the ideal of making the experience fun by planning something special that complements your day of searching. A movie, dinner, the mall, ice cream, the beach, etc. can be a great relief.
Your question is in pursuit of LESS STRESS. Wisely, you realize No Stress is a promise that can not be delivered.
The very, very, very, best way to reduce stress is to have a proper road map that shows the course to follow, the landscape that will be encountered, the exits and rest stops as well as the LOCATION of hazards and challenges.
I like to compare it to endurance running. When the pains one encounters are predictable and on schedule, you can pull the teeth from the LION and ignore the roaring...BECAUSE you KNOW it is your body expressing it's desire to go back to sleep, and you'll have none of it!
Now, there are always the unexpected. Every real estate transaction is different. When the unexpected falls across the road, your real estate consultant will be capable of clarifying your purpose. This overarching purpose is what allows each of us to endure the turbulence of life.
Need a road map?
Best of success to you,
Annette Lawrence, Broker/Associate
Remax Realtec Group
Palm Harbor, FL
"If you are serious, it's worth a call."
If you don't earn too much money you can get up to $7,500 in downpayment assistance from the State of Florida Bond program. You can see if your household size and income will qualify:
If you qualify you MUST work with an APPROVED lender to get this money. I can highly recommend Gina Harris with Iberia Banc, she's been very successful at getting this money for my clients and closes on-time, too!
If you are able to pay ALL CASH you will have more opportunities because you can compete with the multitude of CASH investors that are buying up virtually every property in Tampa Bay that makes sense as a rental property.
If you need to get a mortgage, you need the preapproval letter in your hands before you look at your first property because you will need it to immediately make an offer. I would suggest narrowing your search to those only available to "owner-occupant" buyers for the first two weeks: http://www.HomePath.com http://www.HomeSteps.com http://www.HudHomeStore.com
You will still have to compete with at least 10 other buyers on these owner-occupant only properties and you will need to submit your best offer within 48 hours of listing to get a chance.
Your best bet is if you can look past the ugliness of a HUD owned home and get an FHA 203k fixer upper mortgage. You can actually buy a HUD foreclosure with $100 down (versus the 3.5% down) but you also have to pay HUD's closing costs so it ends up being about 2% down in reality. I'm experienced with HUD homes and some rookie Realtors may not know the ins and outs so before going this route just make sure your Realtor has experience and understands the rules.
I also have other secrets to helping my clients beat out the competition but I can't reveal everything here, lol.
Hope this helps and congratulations for becoming an owner versus a tenant.
You can search "like a Realtor" with accurate info (note: many website will list properties that are already under contract as "active" so it's get frustrating) by signing up for a free Listingbook account on my website:
All the best,
Alma Rose Kee, PA
Sold On Tampa Team
Future Home Realty
Previous Realtors have provided great answers. Your first step should be to get preapproved and see how much you can spend on your future home.
After, you can choose your Realtor and your realtor can walk you through the whole process and make this process easy for you.
I wish you all the best and feel free to contact me if you have any more questions.
Majid (Jay) Mirzai
Coldwell Banker Residential Real Estate
Dwight A. McDonald PA
CDPE-Certified Distressed Property Expert
ABR-Accredited Buyer Representative
CPMS-Certified Property Management Specialist
FMS-Florida Military Specialist
Certified Fannie Mae CreditSmartÂ® Trainer
International Realty Plus-Tampa Bay
1313 Providence Road (Note: GPS unreliable-we are on east side of road)
Brandon, FL 33511-4885
Phone (813) 629-6954
Fax (813) 569-1772
Congratulations! Buying a home is a big deal & I wish you all the best.
First- know how much you can spend. Get pre-approved for a loan if you are financing so you know exactly how much house you can buy. Talk to a few Realtors, & work with someone you feel comfortable with & who you feel will communicate with you regularly. Identify an area you would like to move to, either drive through the different areas or search online based on what your needs are.
Definitely get your mortgage piece in place first. That will give the peace of mind of knowing that you will be able to buy a home. I would use referrals from friends, family, co-workers or the Realtor you choose to work with. Once your mortgage piece is in place, you can pick your Realtor. Again, try to use referrals from friends or family. Good agents do a lot of business by referral.
Bob Abruzzese - Realtor
The George Shea Team
Signature Realty Associates
2234 Lithia Center Lane
Valrico, FL 33594
"Buying a Home with The George Shea Team is a FREE SERVICE to Home Buyers!"
Hope that helps
I would recommend finding an experienced helpful Realtor who will work for your best interest. I have worked with many first timers in the Tampa area. Iit is important to work with someone you can talk to. You must be able to communicate well with each other so your stress and anxiety become less. Remember to find a Realtor who will work with your title, lender and inspectors so you the buyer has the best possible outcome. I would be happy to answer your questions and give you some advice on buying your first home. Please review my profile on Trulia and send me a message.
No pressure, just help.
Prudential Tropical Realty
My office is in Tampa and what will take a lot of stress out of buying a home are two things:
1. get pre approved, which I can do for you
2. buy with as little out of pocket as possible as more money left in the bank = less stress for most
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 BKâ€¦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 w/cc
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 nâ€™ FLIP Invest. Prop.
12) 75% LTV- Foreign Nationals
13) 75% CLTV- Short Sale, BK, Foreclosure Forgiveness
14) 70% LTV- Soft and Hard Money
15) LOT/VACANT LAND LOANS
16) COMMERCIAL PROGRAMS-available nationwide
Go to: http://WWW.PRO-OPTION-COM or call 888-662-4404
Pro Option Mortgage/ Florida
Prior Service U.S. Marine Corps
The best advice I can give you is to have a trusted, knowledgeable professional working hard to help you navigate the ever changing real estate market and low inventory. As an experienced buyers agent I strive to ensure that my clients have a seem-less transition into home ownership. My team is here to assist you from start to finish of entire transaction and beyond.
Please call or email me with any questions in getting the process started. email@example.com, 727-946-7296