You say you can pay it off but are you taking that out of funds that will be needed to close? Downpayment?
once you buy a primary home you can claim the credit, for the first year it will depend on whether or not the current owners put in for it, when searching for a home your agent can help you pick a home that is has been homesteaded, no guarantees on that though. When the home is sold, the taxes will be adjusted. in a declining market it usually isn't so much of a hit but if someone has lived in the home for thirty years it will jump up, so to be prepared for this do not weigh heavily on the current taxes being paid, figure out what the millage is and how much you will have to pay when it adjusts.
Your mortgage broker in the early stages acts like a financial advisor, pay attention, we know the banks criteria and what scenerios will benefit you.
Qualification? primary borrower
Rate is based on lower borrower
2nd? for the loan process I have the option of paying off all of my debt before the relocation. Would it be better to eliminate all debt or will this reflect negatively on the credit report? Depends on the debt
3rd ? I read something about FL offering a downpayment assistance program for buyers who have not owned a house within the past 3 years. Any Idea where I can get info on this? We have a couple of programs but it depends on the area
4th ? Are most homes up to code with hurricane standards or do these codes depend on they year the house was built? If so what years encompass the best standards?
Built before 1959 and after 1994 is better, but codes change so the might not be up to todays standards, make sure you get what we call a deal killer inspector, I have one if you need him.He takes about a half a day to inspect the home.
Here's my cautionary note, however--I just had one of my buyers lose a house because her lender, who was CDC approved, failed to come through with a loan when she was told she qualified--so do work with someone who has a good track record! (See story--link below)
Good info from David. Since your credti is good, you might want to compare what you qualify for alone, since the rate would be better vs. what you qaulify for together at a higer rate. As to which debt to pay off first, I defer to the mortgage specialist.
As far as the homes, most definitey you want to have a thorough home inspection and perhaps a wind mitgation inspector (most insurance companies offer a discount with a qualifying wind mitigation report). We can give you some names.
Some areas do offer downpayment assistance, but at the time, it is necessary to see who actually still has funds available. There are income requirements for the combination of all living in the home and it must be your primary residence not a vacation or investment property.
The first thing to do is talk with a lender and see what price range you are comfortable with. Are you relocating with jobs or do you need to find jobs? This will effect your loan qualification. Most sellers require a pre-approval vs. a pre-qualified letter with any offer. Doing your homework up front makes you ready to move when you see the right property. Even in this market, if it looks like a great deal, others will think so too, and they are the houses which go quickly. Being ready to move when you see it gives you an edge.
We put our clients into a free service called Listingbook. They tell us what they are basically looking for to set up a basic search (area, price range, bedrooms, baths). Once you are in you can alter or change the search to meet your needs better. It shows the MLS listings matching your criteria as they come on the market, prices change or they are sold. It is a great way to start learning the market before you get here. If you are interested email or call. If you are looking in or around Pinellas county we would be glad to assist you. If it's outside our area we'd be glad to reccomend another agent. Best of luck!
Broker Associate CDM, GRI
Prudential Tropical Realty
To answer your second set of questions
2- It will depend on your debt to income ratio's, if I am just using you on the loan and that is an issue that would get you into the desired ratio's then yes, paying it off would be the best approach. If we count that payment against you and you more then qualify and your credit score is not an issue then we would not pay it off.
3-There are specific counties but I think if you could narrow it down to a certain area then some local realtors could answer you. For example South East Florida etc you would get more replies then just asking about Florida.
Good Luck and Happy Searching
The debt listed for the 2nd ? is an auto payment and also some cc debt that is on a 0% interest card. Im going to assume it would be best to pay this cc off. I can pay it off in one lump sum or make payments on it up until the 0% is almost up.....which would be the best approach?
For the 3rd ? is there specific counties the assistance program is available for? Do most realtors know of this option and suggest if available? Once I move to the area will I need to apply for the homestead exemption as well........