Home Buying in Miami>Question Details

Juli, Home Buyer in 33013


Asked by Juli, 33013 Mon May 21, 2012

hello...im about to buy a home in 2013. i am totally clue-less & was wondering if I could have my questions answered. would ten-thousand out of pocket on a $100,000. home a good move so that i am not paying over $800 on mortgage? i would like to look into the hallandale,or miramar area.

Help the community by answering this question:


Hello Juli,

based on the information given if you were to purchase a $ 100,000 home with a FHA Loan:

- Downpayment 3.5. % = $ 3,500
- Closing costs about 6 % = $ 6,000 (Seller contribution to be used toward the closing costs of 6 % is allowed)
- possible interest rate 4.25 % (APR 4.78 %) would give you a monthly payment of $ 578.00 (principal & interest and Mortgage Insurance).

It would be my pleasure helping another 1st-time-home-buyer making their dream of homeownership come true.

Please feel free to contact me at your earliest convenience to discuss all details about a mortgage loan approval in the nearby future.

Best Regards,
Beate Rodriguez
Lic. Loan Originator

Cell: 954.695.4849
1 vote Thank Flag Link Mon May 21, 2012
First thing you must do is contact a lender or go directly to a financial institution and see if you can get approved for a loan. Once you have accomplished the approval them you can start searching for your dream home. Most of the communities in Miami/Dade county are not FHA approved due to the recession to many foreclosures/shortsales properties value is not there . Maybe in 2013 we will see some positive changes in the mean time focus on continuing to safe money so you can and will be able to get a better deal .Research is the best way to go.
1 vote Thank Flag Link Mon May 21, 2012
Hi Julie
The amount u have is fine whether FHA
Or conventional ,if I can help find your home call me 305 300 8540
0 votes Thank Flag Link Mon May 21, 2012
Juli, the first thing you have to do is sit down with the bank or loan officer and discuss those finantial question you have. They are going to advise you exactly what you need to buy a home in year 2013. Additional, there is not way to measure the future properties prices, but indication shows that prices won't be same as 2012. Rising prices very fast.
0 votes Thank Flag Link Mon May 21, 2012

I wish the answer were that simple. There is a world of information that can be very confusing for the first time buyer.

Rather than giving you a general answer, my recommendation is you work with a Realtor in that specializes in the area you are looking to buy and also contact your bank or a mortgage broker that can pre-qualify you so before you shop for your home, you know your perimeters.

The amounts you are talking about sound about right, as long as there is no increase in interest rates, insurance coverage or private mortgage insurance.

If you need further help, give me a call.

0 votes Thank Flag Link Mon May 21, 2012
Hi Juli,

You have options to consider based on you eligibility for a mortgage loan. FHA loans are available for 3.5% down. In this case, your $100k budget would likely satisfy your down payment and your closing costs.

There is also the option of a conventional loan which will require 5% down. Since you are closely budgeting, and your price range is well below the maximum loan amount for an FHA, this seems to be the best fit.

So yes, $10k is enough money to buy a home priced at $100k with 3.5% down and closing costs. You can always ask the seller to pay a portion of your closing costs as well. They don't have to, but motivated sellers will consider the proposal especially if you offer to pay asking price (and the home will appraise at asking price.)

Be sure get pre approved for a loan 1st, then choose a Realtor second, before you invest time in home shopping.

Good luck to you!
0 votes Thank Flag Link Mon May 21, 2012
10% down with the Seller taking care of your Closing Costs, is do-able:
It isn't a perfect situation, and maybe not even a good one,
because you will have PMI adding some to the monthly mortgage,
and with 10% down, you won't get the best Interest Rate either.
This doesn't include that most lenders want you to have some reserves behind you in case of emergency.
If you have until next year, you have time to build up your savings.
You want to continue to say your bills, but do not pay-off any credit cards, but rather, pay them down.

You can do this.

Good luck and may God bless
0 votes Thank Flag Link Mon May 21, 2012
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