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Home Buying in 32803 : Real Estate Advice

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  • Home Buying5
  • Home Selling2
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Activity 4
Tue Jun 4, 2013
Vincent Paige, P.A . answered:
Depends on a lot! Debt to income, current payment history, etc. Call me ASAP to discuss.

Vincent Paige |REALTOR® | RE/MAX Showcase
Certified Broker Price Opinion Registered Agent (BPOR)
8934 Conroy Windermere Road | Orlando, FL 32835
Direct: 407.256.8190 | Fax: 407.264.8073
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Tue May 10, 2011
Dear Cat,

Another option to purchase this house is the FHA 203k loan. You can use the FHA 203K Rehab loan to purchase a house that needs repairs. In this case, based on what you've written, you may have to replace the roof. The FHA 203k Rehab loan allows you to add the cost of the repairs to the purchase price with one monthly payment. The rates are very competitive and the work would be done after your close the loan. You can replace the roof, purchase appliances, complete unfinished work, etc.

I've used the 203k to close loans where the previous owners ran out of money and left a dozen projects around the house unfinished. The buyer's were able to qualify for a 203K loan and finished the house to their liking.

If you elect to use the 203K loan, you will need to have a feasibility study or preplan (similar to the a home inspection) conducted by an FHA Consultant. The report will detail all outstanding items along with recommendations to cure the deficiencies, including what would need to be done to close out the permit and bring the roof up to code.

However, before you do that, ask your insurance agent if you can obtain homeowner's insurance coverage to close the loan with an open roof permit. They may charge a higher premium which may be adjusted once you provide a clean inspection report indicating the roof meets code.

Since the Seller is unwilling to replace the roof, I would renegotiate the price and switch to a 203k loan to close the transaction.

I would be glad to help you finance this home. You may contact me at 4075917693.

Freedom Mortgage Corp.
Orlando, FL
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Tue Nov 11, 2008
Gen asked:
I am looking for a condo in the 32801 zip code and have a hard time getting responses from owners. I'd much rather do a lease-purchase than renew my lease next month. I'm hoping to find…
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Wed Apr 23, 2008
Hojin Chang answered:
I love LHP and had a great time there. Most of the homes nearby are older more established homes and the only new subdivisions are Windsong and Baldwin Park. I would check out the homes along Old Winter Park Road and homes between Park Ave. and Lakemont on Aloma along with Orwin Manor if you like established neighborhoods. ... more
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