Buying Florida

Thank you for 37 years of letting me have the opportunity to serve you.
This is not a job but a wonderful opportunity to meet new people and develop new relationships
Wishing everyone a Great Holiday and my prediction for 2024

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You could only buy an owner-occupied duplex, tri, or quad with FHA, now you can buy it with a Conventional loan with 5% down.
Think about having a home where you can live in one unit and rent the others out to help make the mortgage payment
You can also use the rental income to qualify up to the mortgage payment to offset the debt.
Think of first-time home buyers going with 3.5% or 5% down on their first home. How many investors wish they could have done that on their first home?
I believe at some point rates will come down and a lot of opportunities will present themselves in 2024. Remember 45% of Adult children still live at home and what a way to start off with rental income, write-offs and so many more benefits of homeownership

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Conforming loan limits going to $766,550 FHA loan limits going to $498,257
HECM going to $1.1 million

That will allow you to get more home without having to go to Jumbo pricing
when rates come down it will be a great opportunity to consolidate debt and have the ability to larger loan amounts.

With home prices continually increasing there is more opportunity to get the home now with Conventional financing that can have easier qualifying, and possible appraisal waiver as well.
Many benefits to going Conventional vs Jumbo financing. 
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thenWhat is a limited review and what does it mean?
25% down for owner occ and 30% for second homes and investment properties
What is required? A condo Questionnaire
The underwriters review and them check for assessments coming due? Delinquencies, etc.,
A full review is where the budget is required and the number one item is reserves. Do they have 10% reserves 
Condos have experienced higher insurance premiums on the master policy and are there repairs needing to be done
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Review your statement to see if your property taxes jumped up, especially the homeowners insurance.
I reviewed mine before doing this video and my insurance went up from 1900 to 2700 a year. I am going to shop it and see if I can do better.
Do you have a monthly PMI? cab you get rid of that now with values going up?
It is important to make sure your escrows are reviewed.
Last year my servicer on my mortgage took the escrow each month and paid down the mortgage, when they did their review I had my escrows go up to make up for what they did.
Next year when I do refinances when rates come down, It shocks me to on who forgot to File for HOmestead, I have seen insurance double and no one paid attention. So, with the costs of everything skyrocketing please take a few minutes and review your monthly mortgage statement
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When purchasing a home now are you looking at the property tax bill the seller just received? or are you looking at 2022? 
If you go under contract on a home now, how long have the sellers owned it? was it a flip, did they live in it for years
I have a couple of homes that were purchased last year and the 2022 tax bill showed much less than the 2023 tax bill issued last week. You must always look at the home's last sale. If the sellers have lived in the home for years then the property taxes are at what they paid for it. Also, did the home become an estate sale where the homestead was taken off
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Rates have been steadily increasing and now seem to have been coming down. Take advantage of locking in your rate - for now, this seems like a bit of a break but with all the money printing, it could take off
Long term down the road you will refinance and save a lot of money. Concentrate on getting a home for the payment is comfortable and the time will come when you will refinance and save huge.
costs of everything seem to be going up and getting the opportunity to refinance will come in at the right time.
Bottom line is rates have gone up insanely since 2021, just be comfortable with your payment today
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up to 5% of the purchase price can be used for the downpayment assistance program
there are forgivable and nonforgivable loans, which one do you want?
rates are typically higher but it helps if you have no funds whatsoever.
What happens when rates come down, are values up, the same, or down, and how does that affect your refinance when the time comes? Lot to consider when getting the downpayment assistance 

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Beautiful loan, 800 credit scores, 38 years on the job, huge 401k, everything going on
1 week before closing - the lender denies the loan because the listing agent is blackballed from ever going there.
This is for real, I had to flip the loan to another lender and relock interest rates. close in 6 business days, go and do photos of the home, meet the borrower on several occasions to get additional documents from a different underwriter, and finally close. listen in for 5 minutes and wrap your head around this one
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Putting down 25% on a primary and 30% down on second and Investment properties is called a limited review. When you put less down then there is a full review if the project is not already approved.

You need to see the approved budget. if the reserves are less than 10%, no deal
also reviewed the insurance policy and the sinkhole coverage was 10% when it needs to be 5%. It is important to do your homework before paying for home inspections and appraisals, the condo review team really does its job in the end, and better to be prepared beforehand. If you need me to review your budget let me know

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