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    444 N. Mills Ave.
    Orlando, FL 32803
    Phone: 407-602-7759
    Chris@
    orlandofloridarealestatehomes.com


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How do I know how much an Orlando home is worth?

Tips to getting your offer price right Determining the Offer Price

Finally! You found the "right" Orlando area home to purchase! After all the searching on the Internet, investigating Open Houses, as well as the other viewing we did, and there it is! Now to close the deal.

Read Also:  Advice for Orlando Area First Time Buyers

Offering Price

What you offer on an Orlando area home depends on many factors.

  • Offer above or below the asking price?
  • What concessions do you need or want,
  • what closing arrangements are to be made, to name just a few.

You really have to ask yourself how much do you really want the house? If you really want the home, you may want to make an offer equal to or greater than the asking price. This is where we come into the picture to assist you. We will have the information that you will need to make a final decision.

Read Also:   Let's Talk About Multiple Offers

 

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Posted on July 04, 2010 12:06:32 by Christopher Myers
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Down Payment Assistance Programs

Finding assistance with your Orlando Down PaymentIf you've found your Orlando dream home, but don't have the money for a down payment, you may want to consider using a Central Florida down-payment assistance program to help make that dream come true.

What is down-payment assistance?

Down-Payment assistance is a program provided by non-profit organizations to help low-income families acquire the down payment, closing costs and other up-front expenses required to purchase a home. It may surprise you to know that almost one fifth of borrowers with an FHA mortgage utilize a down-payment assistance program.

The three most recognized non-profits offering down-payment assistance are AmeriDream Inc., Partners In Charity, and Nehemiah.

For first-time homebuyers, I should start at the beginning by explaining what a down payment is and why it is often required.  A down payment is money a home buyer must come up with out of his or her own pocket in order to qualify for a mortgage.  It is typically anywhere from 3% to 20% of the home's purchase price.  In the past, 20% was most commonly required, but to make home ownership more accessible, requirements have been relaxed.  Today with an FHA loan, the down payment can be as low as three percent.

Lenders require a down payment in order to reduce their risk of the borrower defaulting on the loan.  The more money someone has invested in their home, out of their own pocket, the less likely they are to just walk away.  Also, as we're currently seeing prices fall in many areas of Orlando, Central Florida and around the country, lenders want a down payment to ensure they are not lending more than what the home will be worth in 6 months.

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Posted on June 19, 2010 03:58:39 by Christopher Myers
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Do you qualify for a VA Mortgage?

Introduction to the VA Mortgage

VA Loan ProgramsMany Veterans are not aware of the ins and outs of the VA Mortgage program.  It is important to know the exactly what the benefits are and what is involved in  the process of qualifying. 

The Department of Veterans Affairs (VA) guarantees loans that enable qualified veterans, reservists, and active-duty service members to obtain a VA Mortgage. A VA loan allows veterans 100% financing without utilizing private mortgage venues.

Read Also:  FHA changes make it more challenging to qualify for an FHA Loan

 

Active Duty Military/Veterans and their families have been the focus of many programs sponsored by the U.S. Department of Housing and Urban Development (HUD) - even before HUD became a Federal Department. After the Second World War, Federal Housing Administration (FHA) mortgage insurance was used in conjunction with the Veteran's Administration mortgage guarantees to aid returning veterans in achieving home purchase.

Applications to determine if you qualify for a Certificate of Eligibility can be obtained by submitting the governmental form VA Form 26-1880 - Request For a Certificate of Eligibility For Home Loan Benefits.  Your lender can process your request if you do not currently have your certificate using the system ACE, which will determine your status.

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Posted on April 27, 2010 14:45:24 by Christopher Myers
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Is there really a "best" time to purchase a home?

is it the right time for you to purchase a home?

Is It the Right Time for You To Purchase a Home?

This seems to be a logical question, but many Orlando Homebuyers bypass this question and start the home search process without giving questioning if they are properly prepared.

Read Also: How do I know how much an Orlando home is worth?

There are questions you should address before you decide to embark on looking for a home.  Whether you are a first time home buyer or are thinking of purchasing your next home, it is a major decision.  Among the things you need consider when determining the right time to purchase an Orlando area home:

Financial Considerations

  • Good Credit Rating with a Low Debt to Income Ratio
  • Down payment and closing costs set aside
  • Will you include the taxes and home insurance in the mortgage        payment, or pay them separately?
  • Can you qualify for a mortgage?
  • A reserve fund for home and life emergencies
  • Read Also: Advice for Orlando Area First Time Buyers

    Stable employment

    Prospective buyers should realize that even though they may be able to afford to purchase a home this doesn't necessarily mean you should buy at this time or decide that it is ok not to purchase.  Some home owners have found themselves in financial difficulty because they have not considered how a worst case scenario would play out. 

    The Real Estate Market In Your Area

  • The number of homes that have sold in your target area
  • The selling prices of those homes
  • How quickly do homes sell in that area
  • Do you know what absorption rate is?
  • Is this area a buyer's or seller's market
  • The importance of a Realtor, and how to select the right Realtor for you
  •  

    Buyers should have an overall understanding of what is going on in the market they are looking at.  Do homes sell quickly or are on the market for a considerable time.  Your Realtor will have a good understanding of whether a home is over priced or fairly priced and can help you in deciding on an offer that will be accepted.

    If you take the time to understand how timing can affect the home-buying process your journey to a successful transaction should hold no surprises or unexpected revelations.  You can enjoy selecting the right home for you and your family and be secure in the knowledge that you have.

    Orlando Area Homes For Sale

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    Posted on April 26, 2010 23:13:31 by Christopher Myers
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    Questions every Orlando Condo Buyer should ask the Board of Directors before they purchase!

    Questions to ask your condo board

    INTERVIEWING A CONDOMINIUM BOARD

    When you buy a condo, you will join the Home Owners Association.  An HOA is comprised of all the owners of the units who establish and administer the rules and regulations that will be observed.  These rules and regulations cover a variety of areas, but it is important for you do know from the beginning what they are and how they may affect you now and in the future.

    When you have narrowed your condo choices down it is important that you take the time and effort to carefully review they by-laws and ask the necessary questions to determine which condo association fits your expectations.  It just may make that final decision an easier one to make.  Your lawyer can assist you if you have questions.

    Condominiums can run into trouble if a number of units are facing foreclosure or there are members no paying the HOA dues.  When this happens financial reserves are depleted resulting in insufficient funds to finance the day-to day operation of the condo or complete important major upgrades that have been planned.  This has occurred in some areas across the country.

    Read Also: Long Beach Condo Buyers Beware!

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    Posted on April 09, 2010 10:16:57 by Christopher Myers