I am currently living in south florida. I want to buy a property and I have about 5 % for a down payment.?

Question

what area is good to buy in the broward in the ranges of 190-250? How much would be my mortgage payment with good credit.

Answer 1

You can get a great deal in the Everglades. Be sure to bring your waders

Answer 2

Hi - 190,000 with 5 percent down, loan amount 180,500 not including closing cost = payment would be 1208.88 based on a 7 percent rate 30 yr fixed. Since I do now know what your credit is, and other factors - the 7 rate is an estimate, your rate could be lots better in the 6's with rates going down, the less you borrow the better the rate. This is just an estimate - ok - you could get a 6 rate - if that were the case your payment would be 1082.20 month P/I. That is not including escrows, if you want to escrow your property taxes and home owners insurance.

250,000 less 5 percent - loan amt 237,500.00 at 7 percent - P/I = 1580.10 mo

6 percent = 1423.94 month P/I

Lenders look at 2 yr job time, income, your Debit to income ratio (DTI) and your middle credit score.

There are fixed loans, , interest only loans - adjustable loans, option arms (where you pick the payment, from 4 payments, including interest only). Interest only are lower payments, but nothing is being paid on your home. Some self-employed ppl like the payment options, in a lean month when money is tight., they can pay a lesser amount.

Talk with a broker, a broker underwrites for many company's (I underwrite for 150 companies) so I only have to pull credit 1 time, and they look at my credit. A single lender (not a broker) has programs available, but they may not be able to help you and your situation, so you go elsewhere, and than that person pulls your credit (see what I mean.) If you shop, your credit is pulled and that is considered a soft pull, for a 30 day period. Just like shopping for a auto, it is good for 30 days. If you apply for a credit card, that is considered a "hard" pull and it drags down your credit score. When looking for a home, please do not apply for a credit card, Department Charge Card, Gasoline Card or make any major purchases, like a auto, etc. This will pull your credit down.

By the way, a loan application is called a 1003, and they will issue you a GFE (Good Faith estimate, with-in 3 days, that is per the RESPA laws, and the TIL (Truth in Lending). The GFE will tell you the up-front closing cost associated with your loan. The TIL will tell you the terms, rate associated with your loan. This is a estimate only - not the final - but it does help you figure things out.

Since you are looking a area's, once you fine one that you like, you may want to check the values of the homes in that area:

home values Just add 10-15 percent to the values on this site.:
http://realestate.yahoo.com/Homevalues

Good luck to you.

Answer 3

I live in CA but i do offer my services to Fl residences, that is actully our biggest lead right now.. you may not have to put any money down if you have good credit, what is the fico?

Answer 4

They are all good...Google Broward real estate

Answer 5

Talk wit your Broker, cost's nothing to talk.