FLORIDA MORTGAGE BROKER
You need an FHA 3.5% down program that will allow up to a 55% Debt To Income ratio to be able to maximize your purchase power.
Also, what can help qualified borrowers obtian fixed rates in the 2% range in order to buy a nicer home is working with a Buyer's Agent that offers REALTOR REBATE to buy the rate down. My realtor partners offer this savings to my buyer referrals.
See loan programs at: http://www.pro-option.com
Unfortunately, Shalimar is not an area that's eligible for a no money down USDA mortgage but some of the surrounding areas are like Destin.
You can use the following link to see which areas are eligible by clicking on the state and "zooming" in.
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 $200,000 is going to have a monthly mortgage insurance payment of $208 but on a USDA mortgage it's only going to add $67 to your monthly 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
Some programs available are first time homebuyer program, rural housing, and fha - I would recommmend that you speak with Dawn Hoffman at Beach Community Bank - She is the best one I have worked with in assisting lower income clients with programs that fit your needs. Please let me know if I can assist with her contact information or with any other information.
Myke Triebold, GRI, LMC, SFR, ABR
Waterstone Mortgage Corporation
Ft. Walton Beach, FL
In addition to that, they might have grants (free money), closing costs and downpayment assistance and even housing built through them. One of those programs is Neighborhood Stabilization.
Also - municipalities have their own grant programs (the money runs out fast in those, so you got to go to the city manager where you'll be buying and talk to them to see how to prepare for the purchase, ahead of time).
Try to google first time home buyers seminars on HUD.gov - people who do those seminars usually know local info more specifically and are good resource.
Think of this as a process that you'll be preparing to.
When selecting a mortgage person - talk to them on how to prepare best for your purchase.
How much you'd need to save, what cards to pay off (if have balances) - and sooner than you might think today - you'll be ready to buy!
Hope this helps,
Irina Karan 305-904-2355
Beachfront Realty, Inc.