Are you looking for rentals or purchase? I had this issue with a past buyer. She wanted to buy a home and we found a few HOAs that did not forbid pitbulls but she needed to finance the home which required homeowner's insurance. Florida insurance companies do not want to insure a home with a, as they put it, "dangerous breed" in the home. Eventually we talked to an agent with Brightway Insurance who found her a company who would write a policy. It did cost about $200 more a year for the added risk to them. I was told the banned breeds are equivalent with a trampoline. Both are red flags in Florida. I thought that was funny.
Many condo associations and rental complexes can not allow those "banned breeds" because their insurance company will drop them if they find out there is one present.
The best thing to do would be to call each complex and ask if they allow certain breeds.... more
Because you're asking about 100% financing, I am assuming you are referring to an End Loan vice a Perm Loan which is conventional and requires 20% down. I'm also assuming that you will hire a professional builder to build the home.
The end loans are a type of loan where the Buyer’s loan takes effect at the end of the building process, when the closing takes place and the buyer moves in. Most new construction loans are end loans. They can be FHA, VA, USDA, or conventional. Expect a deposit of $5000 or more to begin construction on a new home, even if it will be refunded later in the case of VA or USDA financing.
The builder or GC you use should have preferred lenders they can recommend. What you need to have before you even approach a bank is: Contract for lot, Blueprints, Construction cost estimates, and Qualifications of the builder/GC (General Contractor)
The rest of the things you need to bring is the same as with any other type of loan. Have your personal (and/or business) tax returns and all other appropriate financial statements they request like pay stubs, statements, etc.
Long explanation just to say, that you should ask your general contractor or the builder you are going to use.... more
If you are looking in Central Florida please contact me at 321-948-7680 and I would be happy to help. As the other Agents have stated the first item of business is to obtain a pre approval from a lender. If you would like to contact a local lender in Central Florida I would recommend Jason Gonzlaez, you can find his contact information at the following web address:
Rent-to-own is a horrible, horrible idea for the buyer. They homes are usually in horrible condition because the seller can't sell any other way. Renters pay a surcharge (above market rent) and you lose your money and deposit if you decide not to buy the house, or if you can't qualify for a loan. Seller hope that you will violate the terms of the agreement so that they can resell the house to the next sucker.
I strongly suggest that you continue to rent until you can qualify for a traditional mortgage; then go shopping for a home. Put the money that you would have spent on the surcharge into a savings account. Fix your credit. And before long you'll have a home of your own.
When you want to buy a home the best place to start is to hire an EXCLUSIVE Buyer Agent, not just a Buyer's Agent. EBAs only work with homebuyers and there is never a conflict of interest that will jeopardize your negotiating position. Contact www.naeba.org for a referral in your area.
I've written a best selling book called Buying a Home: Don't Let Them Make a Monkey Out of You. It'll teach you how to buy a home and get a mortgage without getting ripped off. Follow the link below.
Best of luck!
Have to echo the response from Danielle. Mortgages are even difficult with 720 scores. Would recommend that you pull your respective credit reports and make sure what is on them is accurate. Once you clean up your reports then start working on improving the scores. Right now the best avenue possibly to investigate once the scores come up is FHA as they won't look so harshly on the short sale.