Soft Market = Buyer Market

Sorry about multiple posts but it's weird how the news came on just TONIGHT saying that Governor Crist (R-Fl) is working on elimination of property taxes in FL and bump up the sales tax for everyone so houses can be bought tax free!

Oh, we'll see!!!!!!!
 
I heard that Florida's homeowners' insurance is very high. That true?
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Yes it is true, due to lot of severe weather so the preinums go up. For instance, hurricanes and severe thunderstorms that is.
 
Deaf Mortgage said:
Good... that is excellent decision now. Make sure you get 5-10% down payment ready for next house. Just be ready and be solidify your grounds before purchase new home. Take your time and build your foundation in finance and work hard.

Right now interest rates are hovering 5.75% and it showing possible drop. We do not know how market is recovering or declining
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I am still waiting to see the interest rate drop down to 5.00% to refinance on my mortgage, that will be saving 300 dollars a month. Right now, my condo value is not going up. I heard, State of Massachusetts house market will be much improve next year because they establish casinos gambles to help the State taxes stablization. My currently interest rate is 6.65% within 30 years fixed. It is awful struggle for my budget due to condo fee goes up now.
 
Hello. I have a question. Is your husband military?

IslandBreeze07 said:
Shel, ooooo lucky! I'm soooo glad for you because I know VA loans goes to veterans and no PMI! You are seriously saving a lot of moolah!!!!!!!!!

No veterans here, but I know what I can try to do. Split it up and make a go at first time homebuyer program twice. Hope we can do that. We'll see.

I was approved three years ago but didn't take the bait. Townhouse was not in a great shape upon inspection. Renting is a little more in vogue now depsite the tax deductions from owning. Just none of the Florida insurance and PMI problems for now. (whew)
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We never buy the house yet. We are plan to get marry. We are still live in apartment to save our money for a new house. I never experience with buy the house. I really want to have a house but I don't have a job yet. In my state's economy is suck big time! I am learning about to buy a new house with VA Loan. I want to know anyone experience?? Do We have to pay whole of money out to buy house or VA loan with payment?? Can you explain to me if you're married to VA Loan house.

I didn't like our state's governor! Everyone do have problem with House mortgage and 2 much taxes right now.
 
Pinky678 said:
We never buy the house yet. We are plan to get marry. We are still live in apartment to save our money for a new house. I never experience with buy the house. I really want to have a house but I don't have a job yet. In my state's economy is suck big time! I am learning about to buy a new house with VA Loan. I want to know anyone experience?? Do We have to pay whole of money out to buy house or VA loan with payment?? Can you explain to me if you're married to VA Loan house.

I didn't like our state's governor! Everyone do have problem with House mortgage and 2 much taxes right now.
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Is your husband involved with Military? That only way you can get VA loans.

I recently found one bank that offers no PMI if you are 80% below the medium income of the county.

So Military and low income may qualify to waive PMI.

Hope the property tax settle down soon.
 
Yeah, my husband involved with Military. How about pay the bills if we get a house? I hope the property tax go down either. What is PMI mean? I am learning.

Deaf Mortgage said:
Is your husband involved with Military? That only way you can get VA loans.

I recently found one bank that offers no PMI if you are 80% below the medium income of the county.

So Military and low income may qualify to waive PMI.

Hope the property tax settle down soon.
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Pinky678 said:
Yeah, my husband involved with Military. How about pay the bills if we get a house? I hope the property tax go down either. What is PMI mean? I am learning.
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PMI = Private Mortgage Insurance

If you do not put down more than 20% down payment on the house, you will have PMI. Its Mortgage lenders's protection from losing the loan to people who has loan under 20% down payment.

If 20% or more, PMI is waived. Veterans Affairs (VA) loans waives the PMI. One more bank do waive PMI if you are under 80% of the medium income in a specific county.

Is that clear?
 
VA loans

One big con about VA loans is that they have very strict guidelines on the conditions of the houses and I am telling u from experience, the guidelines are VERY strict. Our lender almost didnt approve of this house cuz the paint outside was the wrong color so the seller had to repaint the base of the house just to meet the guidelines. VERY strict!
 
shel90 said:
One big con about VA loans is that they have very strict guidelines on the conditions of the houses and I am telling u from experience, the guidelines are VERY strict. Our lender almost didnt approve of this house cuz the paint outside was the wrong color so the seller had to repaint the base of the house just to meet the guidelines. VERY strict!
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Similar guideline as FHA. Strict as making sure house is up to code and up to date with age of house.

IE... Roof will need to be younger than 8 years (I believe so) to waive repair... painting issue is another one.

VA is very similar as FHA.

Difference is... VA no pmi, FHA high pmi with low interest.
 
shel90 said:
One big con about VA loans is that they have very strict guidelines on the conditions of the houses and I am telling u from experience, the guidelines are VERY strict. Our lender almost didnt approve of this house cuz the paint outside was the wrong color so the seller had to repaint the base of the house just to meet the guidelines. VERY strict!
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Oh really? how is wrong colors?
 
Deaf Mortgage said:
Similar guideline as FHA. Strict as making sure house is up to code and up to date with age of house.

IE... Roof will need to be younger than 8 years (I believe so) to waive repair... painting issue is another one.

VA is very similar as FHA.

Difference is... VA no pmi, FHA high pmi with low interest.
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I understand that clear. Is this new build in 21 century? Why I couldn't have to paint on the wall to match the decorate?? If move out and can redo on white paint on walls. What do you think?

shel90 said:
One big con about VA loans is that they have very strict guidelines on the conditions of the houses and I am telling u from experience, the guidelines are VERY strict. Our lender almost didnt approve of this house cuz the paint outside was the wrong color so the seller had to repaint the base of the house just to meet the guidelines. VERY strict!
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Wow! I didn't know that. My dad used to have a VA loan the house in 80"s. We moved to other house with wrong color from someone. It's very old house. It need to fix. My dad just died in 1997. I didn't know about 21 century VA's guideline rules. My dad discharged the army from Korea in 70's. Is mortgage different than from past to now?
 
Pinky678 said:
I understand that clear. Is this new build in 21 century? Why I couldn't have to paint on the wall to match the decorate?? If move out and can redo on white paint on walls. What do you think?
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Depends on the guideline. They will inspect the house first and see if it actual qualify as it is. They will tell you what needed to be repaired. It can be a long process.


Pinky678 said:
Wow! I didn't know that. My dad used to have a VA loan the house in 80"s. We moved to other house with wrong color from someone. It's very old house. It need to fix. My dad just died in 1997. I didn't know about 21 century VA's guideline rules. My dad discharged the army from Korea in 70's. Is mortgage different than from past to now?
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More likely the guideline has changed few things since 1980's as we are approaching late 00's. Market is difficult on many banks. Not all banks are created equal.
 
Pinky678 said:
Yeah, my husband involved with Military. How about pay the bills if we get a house? I hope the property tax go down either. What is PMI mean? I am learning.
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PMI = Private Mortgage Insurance

Have to add PMI fee on your loan only if you only put down less than 20% of the house value (purchase agreement).

Example:
House purchase agreement price is $200,000
20% down payment is $40,000 (your own saving bank)
Then loan will be 160,000.

160,000 vs 200,000 is 80% Loan to Value (LTV).

If you put down less than 40,000 on the $200,000... means you will need to pay PMI. The closer to 80% LTV, the lower PMI is.

Right now market is allowing MAX 95% LTV (requiring 5% down payment).

I have found few programs that are allowing 100% LTV (0% Down payment). But requirements are very strict.
 
IslandBreeze07 said:
What programs? What strict requirements? High FICO score? Please let us know. Thanks
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I believe 580 FICO requirement, 2nd community mortgage to assist you for LTV to be 100%. IE... 1st mortage will be 95%, 2nd Mortgage is 5%. But 2nd mortgage is from community mortgage to help people with down payment.

If you have more questions regard of this program, you can PM me directly. I am open for discussion and education purpose of this topic.
 
Deaf Mortgage said:
I believe 580 FICO requirement, 2nd community mortgage to assist you for LTV to be 100%. IE... 1st mortage will be 95%, 2nd Mortgage is 5%. But 2nd mortgage is from community mortgage to help people with down payment.

If you have more questions regard of this program, you can PM me directly. I am open for discussion and education purpose of this topic.
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I will, thanks!!! It's good to hear about the FICO. No worries! The market is still tanking, with so much inventory out there. I could be wrong, but it does not appear to pick up until mid 2009 or so. That's when we're looking at a move.

It's decently easier to rent for now. No PMI, no Florida insurance and property taxes for now. May look at agricultural areas to save on property taxes.......since we do want to add horses in the future.

Wouldn't it be hard to carry two mortgages? Pay one, pay other?
 
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