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Home Buying in Miami : Real Estate Advice

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Activity 1,211
Sun Nov 20, 2016
Thomas Martin 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:
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/
... more
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/
... more
0 votes 11 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
... more
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
0 votes 2 answers Share Flag
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
... more
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
Thomas Martin 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
Thomas Martin 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.


Florida mortgage lenders.com specializes in good and bad credit VA mortgage loans even no credit score Florida VA loans in every city and county in Florida. VA mortgages are guaranteed by the Department of Veterans Affairs (VA). These Florida VA mortgage loans were established to provide transition assistance and other benefits to men and women who served or are serving in the Armed Forces of the Nation

Thomas Martin - US Mortgage Lenders – No Fee Mortgage Lenders.
Min FICO 580 FHA/VA Loan Approvals 7 days a week.
PH: 954-667-9110
http://www.florida-mortgage-lenders.com/
... more
0 votes 5 answers Share Flag
Sat Nov 19, 2016
Thomas Martin 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
Mon Nov 7, 2016
Stephen McRory answered:
-
Best case 97% LTV (loan to value) with No PMI

For illustration purposes only, Example: 400k purchase price -3% ($12,900) = $388,000 loan amount

Can you imagine someone with decent credit and $15,000 in their checking account, throwing away $2500 mo. in rent

vs.

being able to buy a $400,000 home for even less per month?


Usually these renters fall into one of the below categories:

1. they're unaware this is possible

2. they're Nomads

3. they're BTR! (BORN TO RENT)

--
... more
0 votes 1 answer Share Flag
Thu Nov 3, 2016
Mary Gonzalez asked:
If I had a chapter 13 by and now want to sell my home to downsize, with the profit from sale going to new home, about 50%, how long do I have to wait to get loan?
0 votes 0 Answers Share Flag
Fri Oct 28, 2016
Jonathan Klurfeld answered:
Sure, there is no reason why not. But have a good real estate attorney on board to sort out the titles/homestead/who is signing for the loan etc issues; especially since you are not yet married.

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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Fri Oct 28, 2016
Julio asked:
200 k I have a property overseas and I'm renting it , I'm planning to pay the 50 k loan with that money, I have 140.000 for a down payment, and I need help to buy a single home…
0 votes 0 Answers Share Flag
Thu Oct 27, 2016
Prosper Realty answered:
I wouldn't just look at condos only. There are more good investment options. Try contacting Home Loans For All. They typically assist buyers in finding multiple lenders that can get them approved but I believe they also work with people looking for investment type properties. They'll be able to help. We've sent quite a few of our clients to them.


Best of luck!
... more
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Tue Oct 25, 2016
Edutai2008 asked:
2801 sw 104th CT Miami FL 33165. Osmany Mondaca Realtor. Spam review by zuser.......................
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Sat Oct 22, 2016
Blanktoo2 answered:
Deferred student loans deferred while still in school should not impact your credit. In fact I think it's the perfect time to buy, but if you are in repayment after graduation or left school, then deferment will be a negative consideration for lenders. I purchased my home while working in my career and attending undergraduate university without any problems. After graduate degree, I started the IBR program that factored my income, bills (incl. mtg) into my payment . It's very important to "do the math", plan carefully before taking on student loans. The Dept of Ed. has great repayment terms for teachers and government employees but private loans to pay for an education is a disaster to avoid at all costs that makes buying a home a very tough goal to achieve. ... more
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Sat Oct 22, 2016
Blanktoo2 asked:
A big upside to assumable mortgages that are more than half paid off means that that unlike a new mortgage payment that goes to almost all interest, the payment on an older assumable mortgage…
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