Another thing to consider is the "type" of financing available.
Here's what I mean. Some of the areas between Orlando and Lakeland are eligible for the no money down USDA mortgage.
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. This is going to give you a couple of options.
1) You can buy the same price house and have a lower monthly payment or
2) You could buy more house with a USDA mortgage and end up with the same monthly payment.
Here's an example:
On an FHA loan amount of $155,000 + the FHA upfront mortgage insurance premium of 1.75%, you would have total loan amount of $157,712.00. At 3.25%, you're principle, interest and mortgage insurance payment would be $850.65 + taxes and insurance.
On a USDA loan amount of $175,000 + the USDA guarantee fee of 2.048%%, you would have total loan amount of $178,584.00. At 3.25%, you're principle, interest and mortgage insurance payment would be $836.74 + taxes and insurance.
Just by switching to a USDA mortgage, you can increase you buying power by $20,000 and you'd still end up with a slightly lower monthly mortgage payment!
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.
Senior Mortgage Banker
Peoples Bank & Trust
house for the money in Poinciana which spans both Osceola and Polk counties.
The tax on the homes on the Osceola side (34758) seem to be a little lower than
on the Polk side but either way, you can still still buy a lot for your money. If this is something
you would like to do, feel fee to call or email me for a personal no cost, no obligation consultation.
Would love to hear from you!
There are some awesome deals in the Kissimmee and Poinciana area. These homes were built in the early 2000's. There is a light rail that will be going from Deland all the way to Poinciana. Also a new hospital is being built there. Right now you can get a 3/2 1200-1500 square footage for under 100k. There are some as low as 79k. I know a developer that buys the destressed properties at auction and then brings them back to life. They sell so quickly he does not list them in the mls. Take a minute to check out my bio to learn more about me. Let me know how I can better assit you. Call me or email me directly so that I can help you get started. I look forward to hearing from you.
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