I am looking for a foreclousure home in FL, seminole county area. What is the first thing i need to do?

Asked by Shakil, Altamonte Springs, FL Thu Feb 28, 2008

I am in FL, seminole county. I am a fist time home buyer. hopeing something cheap i would be able to buy. I want to pay total of $600 in mortgage including insurance. I know it sounds impossible. I was wondering if that could be possible if i look for foreclosure home.

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Daniel Betan…, Agent, Altamonte Springs, FL
Wed Oct 20, 2010
Based on the payment you're looking for, the price range you should be looking in is $90,000 to $110,000. Besides insurance and mortgage, the other monthly expenses you should factor in are property taxes and home-owner's association fees (if the property is a townhouse or condo). Right now condos are very difficult to finance but there are exceptions. I just checked and there are 883 homes in Seminole County under $100,000. If you would like to narrow down a list of available homes and have it emailed to you, please call me and I'd be happy to assist. I also work with several excellent, well-known lenders who can help you get approved for a mortgage at the lowest interest rate available. Any of these lenders can also determine whether you meet the requirements for any of the purchase assistance programs.
Feel free to call or email me any time!

Daniel Betancourt
RE/MAX Central Realty - Altamonte Springs
Web Reference:  http://www.FreeCMAreport.com
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Julie Bailey, Agent, Altamonte Springs, FL
Wed Oct 13, 2010
A $600 payment is not impossible. The first thing you need to do is get pre-qualified with a lender for a mortgage. There is a lot of first time home buyer downpayment assistance that you may qualify for. I recommend you call Christine Robison at Regions Bank 407-849-3526 or 407-247-2525 as she has 30 years experience and is up to date on all the programs available to first time home buyers. Once you are pre-qualified, call me at 407-257-6223 and I would be glad to help you find a home! Julie Bailey
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Greg Traub, Agent, Orlando, FL
Thu Feb 28, 2008
My apologies for being the bearer of bad news, but doing the math, to purchase anything where your mortgage and insurance would be under $600, your loan would be in the 80,000 range. Unless your able to put a significant amount of money down, you are looking at maybe a small manufactured home, or small condo. In either case you also need to consider Taxes and Condo association dues in you rmonthly payment.

One ray of hope though. There are Downpayment assistance programs you may qualify for, a home I am selling right now has a buyer that is getting over 50,000 from such programs, and I have heard rumors of some getting much more.

Your first step is to contact a lender that is very familiar with such programs to see if you qualify and how much for. I know the buyer for the property mentioned above is using a lender called York Financial. Their loan officer is Jackie Neuman and if you'd like to contact her just shoot me over an email.
Web Reference:  http://www.gregtraub.com
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