Tag: #BuyAHouse

The importance of a home inspection

Without a doubt, purchasing a house is one of the most important investments we do in our lives, therefore we need to make our due diligence in order to know the condition of the house we are buying.

As a Realtor, my job is to protect my client’s interest and I strongly suggest a home inspection, even on cash deals, so the buyer can know exactly the condition of the house they are looking to buy. The inspection is performed by a licensed inspector; it can take 2 to 3 hours and have an average cost of $400. The inspector will check the main systems of the house, such as AC / Heater, plumbing, electricity, plus the roof and attic and crawl space (if there are available) and write a report on the condition of the house so the buyer and this document can be used to require any repairs to the seller, request for concessions toward repairs or simply for the peace of mind of the buyer that the house has no major problem.

Note: If the house will be financed, a wind mitigation report and 4 point inspection report are suggested as well, that will provide the lender more information about the condition of the house and can also provide you a discount on the home insurance. If the house was built before 1978, there is a lead based paint test that some home inspectors offer as well in the package

Are you looking to buy a house and need assistance? Give me a call, will be happy to guide you.

Clarisa Moody

813 446 2003

If you like this blog entry, make sure to subscribe to my Newsletter and you will receive interesting information about Real Estate, finances and home management.

www.ClarisaMoodyRealtor.com

How much do I need to buy a house?

The usual expenses associated with the purchase of a house are down payment, closing costs and other expenses.

  • The down payment can be anywhere from 3% to 10% for a primary residence, it will depend on the type of loan you can qualify for, fully documented loans, such as a conventional loan and a FHA loan (Government backed loan) have a down payment of 3% and 3.5% respectively, of the purchase price.

Example: If the house price is $200,000 and you got approved for a conventional loan, the down payment would be $6,000. If you have a FHA loan approved for the same $200,000 house, the down payment would be $7,000

  • Closing costs can be between 2% and 5% of the home value, it will include the title company fees, transfer taxes, doc stamps and prorated property taxes.  It is possible to get some concessions from the seller towards your closing costs, this is something your Realtor will advise, handle and negotiate on your behalf.
  • Other expenses associated with the purchase of a house are the home inspection ($300 – $400), well and septic inspection if needed ($200 to $400), Engineer structural inspection ($250 – $300), survey (depending on the size of the lot, starts at $300), appraisal ($450 to $650, the lender requests it)

As you can add up, it is necessary to have a good chunk of money to buy a house; however there are programs available to help you with the down payment and closing costs for first time home buyers as well as loans with 0% down payment as the USDA or VA. It is important for you to work with a Realtor who can provide you clear advice and resources so you can accomplish your dream of home ownership. Give me a call, I will be happy to help you.

Clarisa Moody

813 446 2003

If you like this blog entry, make sure to subscribe to my Newsletter and you will receive interesting information about Real Estate, finances and home management.

www.ClarisaMoodyRealtor.com

Rent with the option to buy

If you are working on your credit score, trying to clean your credit report or simply you are trying to save more money for the down payment, the program “Rent with the option to buy” can be what you were looking for. The requirements are as follow:

  • 500+ credit score
  • $4000+ household income
  • 12 months of rent on time
  • $5000+ on savings (or gift, or 401K)

And you can apply in the following link: https://www.dreamamerica.com/home/applyNow/Clarisa-Moody

Once you get the green light from Dream America, we are ready to go house hunting! You can pick the house you want within your budget and Dream America buys it for you and rent it back. The lease is for 12 months and you can buy it anytime you qualify for a mortgage (with no penalty) and 10% of your rent goes towards your down payment. It is a win – win.

Let me know if you have any questions about the program, will be happy to assist you.

Clarisa Moody – 813 446 2003

If you like this blog entry, make sure to subscribe to my Newsletter and you will receive interesting information about Real Estate, finances and home management.

www.ClarisaMoodyRealtor.com

Buy it, fix it and live in it

The market is HOT, it is a seller’s market, demand is higher than the offer, inventory is low, prices are rising, etc. These are some of the reasons why you, and many other home buyers, have difficulties finding the right house; basically your competition is huge but you can sweep your competition off with a renovation loan, buying a house regardless its condition.

  • GO FOR the ugly house in your desired neighbourhood,
  • GO FOR the house within your school zone that has that hideous Pepto-Bismol bathroom,
  • GO FOR that house with the pool but unfortunately has only 2 bedrooms,
  • GO FOR the house with the 1950s avocado appliances kitchen.

With the renovation loan, you can make that house your DREAM HOME; you just need to work with the right professionals.  The down payment is low, interest rates are low, renovations are included in your loan and a licensed bonded and insured General Contractor will do the renovation. It’s like buying a FLIP but instead of making the flipper gain all your equity, you are getting it back.

Ready to work with a team of highly prepared professionals to get your future dream home? Give me a call, I will be happy to guide you in the right direction.

Clarisa Moody 813 446 2003

If you like this blog entry, make sure to subscribe to my Newsletter and you will receive interesting information about Real Estate, finances and home management.

www.ClarisaMoodyRealtor.com

Down payment assistance program for home buyers

19 Comments

You have been working hard on getting your credit score up, you have been saving for the down payment and you are almost ready to be pre-qualified for a mortgage to buy a house and you vaguely remember that somewhere you heard about some Government help for first time home buyers.

You start your research and it gets complicated quick, so you are tempted to drop the ball and move on, however you found ME and this very informative blog to get you a bit more digested info about the down payment assistance program.

  • Programs vary by State and County
  • Your lender needs to be part of the authorized DPA lenders
  • Income limits apply and this changes by County as well
  • FHA and Conventional loans can benefit from the DPA
  • Your credit score needs to be +640 to qualify
  • You can use the funds for the down payment and closing costs
  • The property itself needs to meet a minimum criteria
  • You will have to take a course about how the DPA works

If you are looking for a Mortgage Loan Officer who can assist you with a mortgage and the down payment assistance program, give me a call, I will be happy to recommend you a true professional.

Clarisa Moody – 813 446 2003

If you like this blog entry, make sure to subscribe to my Newsletter and you will receive interesting information about Real Estate, finances and home management.

www.ClarisaMoodyRealtor.com

Welcome ! Bienvenido !

Thanks for stopping by, make sure to suscribe to my Blog, you will receive periodic information about the Real Estate market, personal finances and home management.

Clarisa

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Clarisa