Home Buying in Plantation>Question Details

Logan, Home Buyer in Plantation, FL

Im a first time home buyer. Theres a house that i like but needs a lot of updating. Are there any grants or loans i should know about?

Asked by Logan, Plantation, FL Fri May 6, 2011

That could help with the closing costs, down payments, and repairs. And are you able to stack them? Any help is greatly appreciated

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Answers

13
I find it funny that this question was posted in 2011 and people are still responding. :-) I hope Logan was able to get the home he was looking at.
0 votes Thank Flag Link Sat Mar 1, 2014
Check out the FHA 203 loan It's for renovations. VA has one too if you are using VA benefits.
Go for it!
0 votes Thank Flag Link Mon Feb 3, 2014
A few months ago my husband and I sold our home in Colorado and it was a bit difficult getting the HOA documents needed for our buyer. A family friend referred us to http://www.associationonline.com. They were a huge help in making sure we had all the right documents and the information met the state disclosure requirements. I was able to get the whole package together easily by the contract deadline. I don’t think the process could get much easier than the software and service provided by Association Online. You should visit their website or call (970)-226-1324. They’re a great help for homeowners nationwide.
0 votes Thank Flag Link Mon Feb 3, 2014
There is a down payment assistance program I have used recently that provided me with 10,000 towards my down payment and closing costs. I also used a program in conjunction that provided me with a 2,000 tax credit as well. To give you an idea I bought my home for 225,000 and only had to pay 6,600 in down payment and closing costs. Think about this.....That's less than the 3.5% you'd need for a regular FHA loan.

Here are the requirements
2 years with the same line of work
3 years tax returns
Last two paychecks
must not make more than 70,000 per year
must live in the home
Must have around 1% to contribute of your own money

If interested
Text - Andrew - 954-394-7185
AndrewLtherealtor@gmail.com
http://www.realliving.com/Andrew.Liebenhaut
0 votes Thank Flag Link Mon Feb 3, 2014
There's no way to get around the job for 2 years part? Ive been at my current job for 6 months. Before that I was at my old job for 3 years. Both nursing jobs.
Flag Mon Sep 15, 2014
There are many OTHER ways to go with this also! Keep asking the questions.
0 votes Thank Flag Link Wed May 18, 2011
See if the property qualifies for Fannie Mae HomePath or HomePath Renovation Mortgage. You only have to put 3 - 3.5% down and the bank helps with the renovation costs. You can contact Jeff Ballard at Goldstar Financial Mortgage Group for more help:

JBallard@goldstarfinancial.com
954-626-6464

http://www.goldstarflorida.com
0 votes Thank Flag Link Mon May 9, 2011
I am not sure why my answer did not appear but as I had said before that I am a Realtor who is located in Plantation and we have a great relationship with a local banker who is a homepath lender. If you would like to meet in the office, I would be more than happy to walk over to him and get you the answers you need. Please contact me at tony56g70@yahoo.com
0 votes Thank Flag Link Sun May 8, 2011
Logan,

Speak with a mortgage professional who handles FHA loans. Your best bet may be the FHA 203K. As as been mentioned, find out if this property is eligible for Homepath financing.

I wish you the best of luck!

Stefanie Cohen, PA, ABR, SFR
Prudential Florida Realty
Scohen77@aol.com
0 votes Thank Flag Link Sun May 8, 2011
Hello Logan,

These are all good answers; however do you know if this home a "Homepath" property? Homepath is a government home-buying assistance program that has a lot of options for down-payment & repairs & renovations. http://activerain.com/blogsview/2240708/homepath-buyer-assis…

The first step in buying a home is definately to check with a lender to see exactly where you stand & how much house you can afford. If still need lender advise or more info on the property you're interested in let me know. I will be happy to help. http://www.floridamoves.com/default.aspx?abrand=83260&ag…
0 votes Thank Flag Link Sat May 7, 2011
If you haven't done so yet, consult with your loan officer, he/she can best advise, perhaps a 203K rehab loan may be suggested...
http://portal.hud.gov/hudportal/HUD?src=/program_offices/hou…
0 votes Thank Flag Link Sat May 7, 2011
Check with your local housing authority office for any grants that may be available. There could be some funds from the Neighborhood Stabilization Program that renovates foreclosure homes in hard hit areas of your City or County. You may also qualify for the FHA program which is 3.5% down with ability to get up to 6% in seller concessions to cover your closing costs. There is also the Fannie Mae rehab loan which is only available on the homes that Fannie Mae is selling that require rehab. These are three good options to start with. Some of the banks have a small grant - like Wells Fargo - which is 10k in closing cost help which comes from a state program.
Web Reference: http://www.bchafl.org/
0 votes Thank Flag Link Sat May 7, 2011
Think Kate is talking about the FHA203 loan. they have several varieties depending on what you need.
0 votes Thank Flag Link Sat May 7, 2011
First you need to talk to a mortgage broker whether you ll qualify. But there is a loan that will allow u to get up to 30k to cover the repairs. I m a realtor but i can help you to get together with my mortgage broker who will be able to give you the answer based on your current situation. Give me a call 954-734-5980 or e-mail me you info to KateZhurko@keyes.com. It s a process but it s definitely possible
0 votes Thank Flag Link Fri May 6, 2011
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