Steps to Buying a Home in Florida

Realtors – Choosing the right Realtor to represent you as the buyer is very important. The Realtor should have knowledge and experience in most aspects of the real estate arena so that they can work for you effectively and efficiently in your best interests with as little or no stress to you. This includes standard, short sale, foreclosed on properties and new construction. (We at Trascojac Properties have experience and knowledge in these along with probate and investment properties).

Lender – It is important to shop around for a lender who has knowledge and experience with the loan program you are using, and who is easy to work with, available when you need them and if not because they are busy with other work tasks return calls and emails in a timely fashion. (We work with many lenders who also work hard in your best interests). We can provide you with their information to get prequalified (if you qualify) to begin the home hunting. You can also shop around others to get the best interest rates, loan generation fees and so on because there is no mortgage loan or lender that is “One size fits all”

Mortgage Loan types:

                      First time home owner down payment assistance programs

                      FHA & FHA 203(k) rehab loan

                      USDA

                      VA & VA renovation loan

                      Fannie Mae HomeReady

                      Conventional & Conventional renovation loan

Looking for your home:

Have an Idea of what you want – Knowing what you want that is within your budget before you start the home search is the beginning of your journey to home ownership with little or no stress. What you want may change en-route, but will remain little or no stress.

                      How many bedrooms and bathrooms

                      What sqft under air

                      How many car garage

                      Type of construction

                      Age of house

                      Move in condition or are you prepared to fix up

                      Type of utilities

                      Location

                      Good Schools

                      Quick and easy access to work

There is much more. We get into the nuts and bolts on our home search forms and while during the search because every property and buyer is unique. No two are alike.

Homeowner Association or Condominium Association – If you are buying a condominium or in a homeowner’s association community, know the rules and regulations along with the fees to know if an HOA is for you or not.

Modifications to Your Home – When buying in an HOA, there are strict rules and regulations and local ordinances and boards that dictate .

Lead-Based Paint – Houses built before 1978 may contain lead-based paint, a potential health hazard. Don’t let this put you off these home though because it is easily determined if there is lead paint or not.

Chinese Defective Drywall – Houses built before between 2001 and 2009 there was a drywall shortage, so drywall was imported here from China during which later was determined to be defective and a potential health hazard. Don’t let this put you off these home though because it is easily determined if there is Chinese defective drywall or not.

Flooding – Be sure your home is not in a flood zone and prone to frequent flooding. Aside from the irritating, inconvenient and cost of your home’s contents being destroyed, your insurance premium will be very high.           

Once you have found your home and have a contract in place:

Inspections – You should have a termite & WDO inspection done.

                       Home inspection.

                       4 point inspection (can reduce home insurance cost)

                                   HVAC (Heating, Ventilation and Air Conditioning)

                                   Electrical wiring and panels

                                   Plumbing connections and fixtures

                                   Roof

Even though these inspections are not required by law, we at Trascojac Properties highly recommend them because they will play an important role in determining whether or not you want to go ahead and purchase the property and or renegotiate the price depending on what was found.

Radon Gas – We check if radon gas is a problem in the area of the home you like and considering putting in an offer. Radon gas is a naturally occurring gas underground that if present must be measured, because high levels are potential hazards to your health. Certain levels are safe.

Open Permits – Open permits are a future problem when you have to apply for one in the future. There could be open permits on the property that the home inspector will uncover and or the title company. The previous owner will be contacted to contact the contractor who left the permit open. Open permits ae usually open because when the contractor completed the work he or the owner didn’t schedule an inspection by the city to complete inspection, pass and close it. Another reason may be that the property is now in foreclosure, so we at Trascojac Properties will work hard to fix that problem for you.

Survey – Be sure to order a survey to be absolutely sure of the land and the property that will be yours. This is a requirement of the lender. Not required for cash buyers, however we highly recommend cash buyers get a survey too.

Appraisal – Be sure to have an appraisal done to make sure you are not paying more for the home than it’s worth. Appraisals are required and ordered by the lender. If you are a cash buyer, you should still order an appraisal. If the lender won’t lend more than the home is worth then why should you pay more than it’s worth?

Homeowner’s Insurance – Be sure to have the correct type of insurance and discounts on your home.

Discounts include but is not limited to:

                             Distance to fire hydrant

                             Distance to fire station

                             Crime statistics

                             Age of roof

                             Age of HVAC

                             Age of plumbing

                             Electrical wiring and panels

Title Insurance – Title insurance is very important. Title insurance ensures that title to the property is being conveyed to you free and clear of liens and encumbrances. Should any liens and encumbrances pop up after closing you are covered.

Closing Costs – There are sellers closing costs and buyers closing costs. Closing costs include but is not limited to the fees charged by the title company, title insurance, lenders fees. When you locate a home that you like we can let you know on a closing cost sheet what you will bring to closing.

Becoming a Proud Home Owner – CONGRATULATIONS you are now a proud home owner.

Home Ownership Program For The Homeless in Florida

The U.S. Department of Housing and Urban Development (HUD) awarded approximately $2 billion to renew support to thousands of local homeless assistance programs across the nation.

In Florida, 249 individual agencies serving the homeless will receive an average of $336,000 each as part of the $78,683,000 coming to the state. HUD’s Continuum of Care grants provide support to 5,800 local programs nationwide. The current round is renewal funding for previously funded local programs. HUD says it will announce new project awards at a later date.

“At this time of year, thousands of local homeless assistance providers receive federal funding to operate and maintain stable housing for those living in our shelter system and on our streets,” says HUD Secretary Ben Carson. “Renewing these grants will come as a huge relief to these providers, and it will allow them to continue their work to house and serve our most vulnerable neighbors.”

HUD Continuum of Care grant funding supports a broad array of interventions designed to assist individuals and families experiencing homelessness, particularly those living in places not meant for habitation, in sheltering programs or at imminent risk of becoming homeless.

Homelessness in the U.S.

Last December, local communities reported homelessness in the U.S. remained largely unchanged in 2018. Based on these local reports, HUD’s 2018 Annual Homeless Assessment Report to Congress found that 552,830 persons experienced homelessness on a single night in 2018, an increase of 0.3 percent since 2017.

The number of families with children experiencing homelessness declined 2.7 percent since 2017 and 29 percent since 2010. Local communities also reported a continuing trend in reducing veteran homelessness across the country – the number of veterans experiencing homelessness fell 5.4 percent since January 2017 and by 49 percent since 2010.

Florida metro homelessness grants

  • Tampa/Hillsborough County: $5,554,399 going to 10 agencies
  • St. Petersburg, Clearwater, Largo/Pinellas County: $4,002,824 going to 16 agencies
  • Lakeland, Winter Haven/Polk County: $1,599,336 going to 12 agencies
  • Deltona, Daytona Beach/Volusia, Flagler counties: $1,248,709 going to 12 agencies
  • Fort Walton Beach/Okaloosa, Walton counties : $621,070 going to 2 agencies
  • Tallahassee/Leon County: $1,338,151 going to 4 agencies
  • Orlando/Orange, Osceola, Seminole counties: $7,813,215 going to 14 agencies
  • Gainesville/Alachua, Putnam counties: $670,363 going to 7 agencies
  • Fort Pierce/St. Lucie, Indian River, Martin counties: $1,661,189 going to 16 agencies
  • Jacksonville-Duval, Clay counties: $5,012,167 going to 14 agencies
  • Pensacola/Escambia, Santa Rosa counties: $664,822 going to 4 agencies
  • St. Johns County: $121,214 going to 3 agencies
  • Palm Bay, Melbourne/Brevard County: $668,886 going to 5 agencies
  • Ocala/Marion County: $244,761 going to 5 agencies
  • Panama City/Bay, Jackson counties: $30,765 going to 1 agency
  • Hendry, Hardee, Highlands counties: $160,123 going to 2 agencies
  • Columbia, Hamilton, Lafayette, Suwannee counties: $321,607 going to 4 agencies
  • Pasco County: $850,289 going to 7 counties
  • Citrus, Hernando, Lake, Sumter counties: $323,344 going to 4 agencies
  • Miami-Dade County: $28,725,282 going to 58 agencies
  • Fort Lauderdale/Broward County: $9,916,663 going to 20 agencies
  • Punta Gorda/Charlotte County: $200,568 going to 3 agencies
  • Monroe County: $477,526 going to 6 agencies
  • West Palm Beach/Palm Beach County: $5,630,604 going to 14 agencies
  • Naples/Collier County: $119,616 gong to 2 agencies

For more information and help in finding out if you qualify to become a proud homeowner, contact me and I will help you.

Information in it’s original form from Florida Realtors regular important news and updates I receive on a regular basis.

Information is not guaranteed over time due to Information changes without notice from the sources in this information. Please note the date of this information.


USDA Mortgage Loan (Residential)

Is a USDA (United States Department of Agriculture) Mortgage Loan right for me?

Very few people don’t know about the USDA Mortgage loan. Most go for FHA or conventional.

  • Conventional 5% to 20% down.
  • FHA 3.5% down.
  • VA 0% down.
  • USDA 0% down.

The USDA Loan is available to anyone that meets income and credit requirements.

USDA, or the United States Department of Agriculture, designed this loan to pull the population out of large metropolitan cites and into surrounding areas. USDA eligible properties are typically located outside of city limits, in suburbs or rural areas. The USDA Guaranteed Loan is not meant to finance farms rather they are geared towards the standard single-family home.

This zero-down, 100% financing home loan has income limits, and property eligibility requirements, however you don’t have to be a first time home buyer to take advantage of this great home mortgage option.

Another USDA Loan advantage is that the USDA Loan’s mortgage insurance fee is just 0.35% monthly – nearly half of what is charged on a conventional loan and a quarter of what is charged on FHA. There are no loan amount limits like FHA, instead the applicant’s income determines the maximum loan size. USDA Loans also allow for the buyer to roll their closing costs into the mortgage up to 100% of the appraised value of the home.

Copied and pasted from USDAloans.com website

  • Less than perfect credit score (No Problem)
  • Chapter 7 bankruptcy (No Problem after 3 years)
  • Chapter 13 bankruptcy (No Problem after 1 year)

To see if you qualify, and for more information, click on this link now.

https://www.usdaloans.com/

Application:
When you are ready to apply for a loan, it will be easier for you and the lender to have these things ready.

Loan Checklist:

    • Address to your place of residence (past two years)
    • Social Security numbers
    • Names and location of your employers (past two years)
    • Gross monthly salary at your current job(s)
    • Pertinent information for all checking and savings accounts
    • Pertinent information for all open loans
    • Complete information for other real estate you own
    • Approximate value of all personal property
    • Certificate of Eligibility and DD-214 (for veterans only)
  • Current check stubs and your W-2 forms (past two years)
  • Personal tax returns (past two years), current income statement and business balance sheet for self-employed individuals
DISCLAIMER: We do not endorse any website that you click on, on our website. We want you to be fully informed of the process so that you can make an informed decision on what is right for you.

Information is not guaranteed over time due to Information changes without notice from the sources in this information. Please note the date of this information.