Quote:Thanks for the quick reply.
I got more clarification from my Loan Officer today, she told me the FHA was 3.5% down and the conventional is 3% down. Which doesn't make sense because youy're telling me Conventional is 5% minimum down.
She is going to refer me to another Loan Officer that can do the bond program, just so i have that option.
To tell you the truth, i haven't been too impressed with my Real Estate Agent. She is not very detail oriented and i have caught her contradicting herself on a few occations, which just makes things more complicated and confusing. I'm pretty sure she is a fairly new agent. I'm going to have to sit down with her and my Loan Officer and get to the bottom of a few things.
I'm a new agent myself but am lucky enough to have a couple of my sales go through. What I'm finding is you have to stay on top of the loan officers and its better to find a couple you are familiar with or the whole process becomes a nightmare. The hardest part is getting the best possible loan and getting that loan finalized on time. When you do some of these programs you often need extra time to get all the kinks worked out.
Ok, so upon further prodding, the Conventional is 3% down because im a first time home owner.
Tomorrow im going to look at 5 or 6 houses with my Real Estate Agent.. Fingers crossed!
Quote:Thanks for the quick reply.
I got more clarification from my Loan Officer today, she told me the FHA was 3.5% down and the conventional is 3% down. Which doesn't make sense because youy're telling me Conventional is 5% minimum down.
She is going to refer me to another Loan Officer that can do the bond program, just so i have that option.
To tell you the truth, i haven't been too impressed with my Real Estate Agent. She is not very detail oriented and i have caught her contradicting herself on a few occations, which just makes things more complicated and confusing. I'm pretty sure she is a fairly new agent. I'm going to have to sit down with her and my Loan Officer and get to the bottom of a few things.
It isn't something we really promote because of the higher mortgage insurance amount and I believe you will also take a rate hit. My loan officer spoke with the Florida Bond people and they stated no one has done a 3% Conventional though it is technically possible. It is also hard to qualify for. So yes you can do 3% Conventional, but you would be better doing a 5% Conventional and that is the standard minimum.
I just advise that when you sit down with the loan officer, have him do estimate worksheet for you so you can compare payment difference, rate difference. mortgage insurance difference, cost if any for the rate, if buying down rate makes sense depending on cost, etc... Also, things like age of home, age of roof, type of plumbing and type of wiring (copper vs aluminum) can effect homeowner's insurance as well. Each home will be taxed differently depending on homestead or not (Florida is a Homestead state which caps taxes rate hike of 3% per year and saves you around $700ish a year). Another thing buyers can get blindsided by is they purchase a home where someone is paying really low taxes which your payment will be based on for that year and than the next year your payment goes way up because city reassesses the home and taxes you at current market value.
On the Bond, there will be a 1% fee (1% of the purchase price) which is paid to the lender. This is set. Another $550 in additional Bond fees. It isn't all bad though. The Bond Program is exempt from paying note stamps and intangible tax so that'll make up for some of the additional costs. Also, rate is set by Bond, not by lender so you won't be able to go somewhere else and get a better rate. The main thing is using someone who has experience with the Program. Hope that helps.
Quote:Ok, so upon further prodding, the Conventional is 3% down because im a first time home owner.
Tomorrow im going to look at 5 or 6 houses with my Real Estate Agent.. Fingers crossed!
Yes and good luck. I would have the loan officer show you the difference between 3% and 5% Conventional simply because you will have 5% no problem with the Bond funds for your price range. Always good to compare.
Quote:I'm a new agent myself but am lucky enough to have a couple of my sales go through. What I'm finding is you have to stay on top of the loan officers and its better to find a couple you are familiar with or the whole process becomes a nightmare. The hardest part is getting the best possible loan and getting that loan finalized on time. When you do some of these programs you often need extra time to get all the kinks worked out.
Very true. Having a relationship with the loan officer I work with makes a huge difference. Communication is huge in our industry and if you can't get timely responses back from the loan officer you are working with it can lead to a deal falling apart. That and some unhappy customers. Oh and welcome to the world of Real Estate Pat!
Quote:Very true. Having a relationship with the loan officer I work with makes a huge difference. Communication is huge in our industry and if you can't get timely responses back from the loan officer you are working with it can lead to a deal falling apart. That and some unhappy customers. Oh and welcome to the world of Real Estate Pat!
Thank you. I'm new to the field but enjoy it alot more than other jobs I have had. Could always use more clients but that will come with time I suppose. lately I have been getting military certifications and trying to set up a finance class at the coast guard station in my town to go over VA loans, BAH, and specifically the dream makers grants.
Quote:Thank you. I'm new to the field but enjoy it alot more than other jobs I have had. Could always use more clients but that will come with time I suppose. lately I have been getting military certifications and trying to set up a finance class at the coast guard station in my town to go over VA loans, BAH, and specifically the dream makers grants.
That's great. Definitely good to specialize in something and have a target market. What area do you work in?
Quote:Thank you. I'm new to the field but enjoy it alot more than other jobs I have had. Could always use more clients but that will come with time I suppose. lately I have been getting military certifications and trying to set up a finance class at the coast guard station in my town to go over VA loans, BAH, and specifically the dream makers grants.
You should make an epic rap battle video with jtmonney!!!!!!!!!!
Quote:That's great. Definitely good to specialize in something and have a target market. What area do you work in?
EPIC RAP BATTLE!!!!!!!!
JayyyyyyyyyTMoney vs RealtorPat Go!
Quote:That's great. Definitely good to specialize in something and have a target market. What area do you work in?
I'm in the Daytona New Smyrna Beach area its a shame all we have is a coast guard station and some VFWs
Quote:You should make an epic rap battle video with jtmonney!!!!!!!!!!
I don't think anyone would want to watch me bust rhymes I'm pretty bad about thinking too fast and combining words or putting the wrong letter in the wrong place of compound words... ex: Mawnlower or when overly excited in a game . do more ho nuddle! uhhhh why would you paylaction pass there!
Quote:EPIC RAP BATTLE!!!!!!!!
JayyyyyyyyyTMoney vs RealtorPat Go!
my estates are great your sales are late my rhymes will fail so i'll just bail..... ya itd be bad