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Miami : Real Estate Advice

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Activity 2,848
Wed Nov 30, 2016
Jonathan Klurfeld, Esq. answered:
No clue, you will need to hire an attorney literally tomorrow to review your contract and give you a legal opinion on your rights to the deposit and if seller even has the right to ask for more or not.

Disclaimer: I am a Florida attorney and licensed Realtor. Information posted or made available on or through this site is not intended as legal advice or to create an attorney-client relationship between you and any attorney/our firm until officially retained. You should consult an attorney for advice regarding your individual situation since every case is different and not all information is relayed in an online question.
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Wed Nov 30, 2016
Karen Peyton answered:
On face value it could seem a benign question, but the fact that it's odd leads me to believe there may be something more to it than that. Cities and neighborhoods flow much more easily in conversation than zip codes. I'd inquire of the person asking why they want to know, and would leave it at that. I wouldn't answer. ... more
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Wed Nov 30, 2016
answered:
We provide FHA/VA loans all the way down to a 580 fico. As a licensed real estate broker and mortgage broker over 10 years i can answer any questions you have throughout the process.


US Mortgage Lenders - Thomas Martin
Min FICO 580 FHA/VA Loan Approvals 7 days a week
PH: 954-667-9110
http://www.florida-mortgage-lenders.com/
http://www.fhamortgageprograms.com/
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0 votes 9 answers Share Flag
Fri Nov 25, 2016
answered:
For the most part all homes must be move in ready to qualify for VA or FHA. With VA the home will have to have a clear termite with no signs of damage. Usually the seller will have to repair any termite damage before closing to qualify for a VA mortgage.

US Mortgage Lenders - Thomas Martin
Min FICO 580 FHA/VA Loan Approvals 7 days a week
PH: 954-667-9110
http://www.florida-mortgage-lenders.com/
http://www.fhamortgageprograms.com/
... more
0 votes 20 answers Share Flag
Mon Nov 21, 2016
Diane Christner answered:
What these lenders are not telling you is that not all condo communities will meet the criteria for Fannie approval, so filling out a condo questionnaire is irrelevant if the condo association has, for example, not been collecting sufficient funds for reserves or the community is mainly investor owned units used as rentals.

Also, some communities may actually meet the criteria for Fannie approval but the condo boards don't want to commit to completing the required questionnaires. No questionnaire, no Fannie approval.

So if you are considering condo communities not already on the Fannie approved list, you will need to do some research before signing a purchase agreement for a condo in a non-listed community.

Find an agent who's experienced in condo sales/ Fannie requirements to help guide you thru the process.
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Mon Nov 21, 2016
answered:
That is truly unfortunate that you have been misinformed. My company closes VA loans all over the United States except Maryland. Typically whomever tells you this type of information just doesn't have the ability (not approved thru VA) to offer these loans.

VA loans are the best loans out there with low interest rates, no downpayment and the ability for the Veteran to truly have a no cost loan. Also, I can get you in touch with a realtor that offers Homes for Heroes and you will receive a cash incentive at the closing...you can't beat that!

I would love the opportunity to tell you about our programs.

Theresa Jones
NMLS 38971
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0 votes 23 answers Share Flag
Sun Nov 20, 2016
answered:
Your Florida mortgage loan officer should have given you a GFE (Good Faith Estimate) and go over it with you. You will pay an upfront mortgage insurance and monthly mortgage insurance on a FHA. On a conventional mortgage you will pay monthly mortgage insurance. Your loan officer should have gone over both programs with you. If they didn't find another Florida mortgage officer.

US Mortgage Lenders - Thomas Martin
Min FICO 580 FHA/VA Loan Approvals 7 days a week
PH: 954-667-9110
http://www.florida-mortgage-lenders.com/
http://www.fhamortgageprograms.com/
... more
0 votes 5 answers Share Flag
Sun Nov 20, 2016
James Williams answered:
To qualify for a FHA renovation loan, you need to work with a 203k lender approved by FHA in the area in which the property is located. To get started with a 203K lender, here is the complete list:

http://203klenders.org/florida-fl/miami/
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0 votes 8 answers Share Flag
Sun Nov 20, 2016
James Williams answered:
You should find a lender in your area who does 203K loans. There are "streamlined" 203K loans that can include up to $35k in renovation money in the initial mortgage & they're a lot easier and cheaper to do than the regular 203k program. If it's a foreclosure property there may be other options like the HomeStyle renovation mortgage.

http://203klenders.org/florida-fl/miami/
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0 votes 13 answers Share Flag
Sun Nov 20, 2016
James Williams answered:
While the FHA 203k loan has been around for ages, there are not many lenders with the necessary experience to handle them. Here is the complete list of Florida FHA lenders who have processed at least one 203k mortgage in the previous year:

http://203klenders.org/florida-fl/
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0 votes 11 answers Share Flag
Sun Nov 20, 2016
James Williams answered:
In order to originate an FHA 203(K) loan, the lender must be approved by the FHA. Since not all FHA lenders specialize in underwriting the 203(K) renovation program, FHA provides a list of its lenders that have originated at least one 203k loan in the previous here.

You can find the latest list of approved FHA 203k lenders here:

http://203klenders.org
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0 votes 2 answers Share Flag
Sun Nov 20, 2016
Elsa Cristobal answered:
Good Morning!

There are different steps to take to find who and what works best for you.

First, find a good realtor to represent you. One that has experience in FHA loans and as is properties.

Some properties, due to condition may not qualify for any type of loan, including the FHA 203k.

Second, call local banks,ie: Wells Fargo, Bank of America, BB &T, and make an appointment with a loan officer. Interview several mortgage brokers especializing in FHA loans.

Third, read up online about the FHA 203k it is not as easy as you think. The monies are kept in escrow and the are giving to you as the stages of the repairs are completed. You have to get a professional and licensed contract to submit the repair proposal.

The best thing to do is to first get approved for a loan amount by a professional loan officer or broker, then work with a professional realtor who can qualify your needs and find you , your home.
Then you decide which loan works best for your needs.,

Hope this information helps. If you don't have a realtor you are already working with, please don't hesitate and give me a call.

Respectfully
Elsa
305-793-8476
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0 votes 2 answers Share Flag
Sun Nov 20, 2016
Olamas answered:
We are Miami 203k contractors and when pricing a foreclosed home in miami the first source we go to is the CU or Certificate of Use as this is what the building knows is wrong with the home and all existing building code violations. When pricing for the 203k loan it's important to know all violations that may be hidden and requested by the inspector as you will not be able to get additional funding later. www.CodeViolationCenter.com ... more
0 votes 14 answers Share Flag
Sun Nov 20, 2016
Jorge Aguila answered:
My name is Jorge Aguila, a Realtor Associate with The Keyes Company. My email address is Jorgeaguila@keyes.com, please email me about your needs and I will be more than happy to help you. ... more
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Sun Nov 20, 2016
Jacqueline Clarke answered:
Hi Tig,

You can use this loan product with any home, you are not limited to foreclosures. Please see the following link for more information: http://www.hud.gov/offices/hsg/sfh/203k/203kabou.cfm

Also, just a little overview of the product, there are two kinds - 203K for larger renovations with no repair limit- repairs must be completed within 6 months. (FHA loan limit still apply.) The mini version is 203k Streamline- which covers less extensive repairs up to $35,000.00 must be completed within 90 days of closing.

You still have to qualify for an FHA loan and depending on which loan you choose, there are addtional fees associated with administering this type of loan. For instance, most lenders charge additional fees to inspect the work as completed and before final disbursement.

Great program for this market. Feel free to contact me if I can help in any way. I do loans all over Florida. I used to live in Miami-Dade and travel back frequently. You can reach me at any time at the number below.

Best wishes,
Jacqueline Clarke
Down Payment Assistance Specialist/Loan Officer
Enterprise Mortgage Group
Winter Park, FL
Direct: 407-739-3853
Email: jclarke@enterprisemortgagegroup.com
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0 votes 3 answers Share Flag
Sun Nov 20, 2016
Ralph answered:
Ralph, Home Buyer, Callahan, FL
Yes the FHA 203 K loan is a reality, I am a 203 k loan consultant and compliance inspector serving South Florida. The FHA 203 loan is called the "the all in one home loan". What many people don't know or recognize is that this loan product, with certain restrictions can also be used for mixed use, commercial and residential properties. Check out my website at http://www.fha.floridabuildinginspect.com for more on this concept. Or give me a call at 786 258 1557 ... more
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Sun Nov 20, 2016
Diego Arce answered:
Hi Barbara, one of the banks / lenders in the Miami area specialize in FHA 203k loans Wells Fargo.
0 votes 4 answers Share Flag
Sat Nov 19, 2016
answered:
We provide FHA/VA loans all the way down to a 580 fico.

As a licensed real estate broker and mortgage broker over 10 years i can answer any questions you have throughout the process.

US Mortgage Lenders - Thomas Martin
Min FICO 580 FHA/VA Loan Approvals 7 days a week
PH: 954-667-9110
http://www.florida-mortgage-lenders.com/
... more
0 votes 12 answers Share Flag
Sat Nov 19, 2016
answered:
Yes as long as the home is move in ready and insurable you can use an FHA loan to purchase a homepath advertised property. We provide FHA/VA loans all the way down to a 580 fico. As a licensed real estate broker and mortgage broker over 10 years i can answer any questions you have throughout the process.

US Mortgage Lenders - Thomas Martin
Min FICO 580 FHA/VA Loan Approvals 7 days a week
PH: 954-667-9110
http://www.florida-mortgage-lenders.com/
... more
0 votes 14 answers Share Flag
Thu Nov 17, 2016
Lojeda asked:
Please call me at 305-371-5254 or e-mail at lojeda@rileagroup.com so that I may give you the correct pricing.
Thank you,
Lucia Ojeda
0 votes 0 Answers Share Flag
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