Niceville, FL

Just Sold! Blue Water Bay Area HAP Sale | Niceville FL Real Estate

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I just sold a house in Niceville Florida. The home was my listing and it was a Military HAP Sale "Homeowners Assistance Program". I represented the sellers in the transaction and they are very happy with the outcome. HAP sales are a great option for those that are so gracious to serve in our nation's Military.

Below is a link to the HAP website.

http://www.sas.usace.army.mil/hapinv/indexnew.html

Below are the details of the transaction.

Date Sold - 11/08/2011

Sold Price - $225,000

Price Per Square Foot - $107.91

Square Footage - 2085

Number of Bedrooms - 3

Location - Bluewater Bay Area in Niceville Florida

Feel free to call or email with any questions regarding Real Estate in Niceville or Blue Water Bay Florida. I am also happy to answer any questions about the HAP sale process.

HAP Sales and Closing Costs - Destin, Niceville and Fort Walton Beach

CURRENTLY, HAP WILL NOT PAY 3% IN BUYERS CLOSING COSTS AND PRE-PAIDS!

I am at the final stages of a HAP sale for a home in Niceville Florida and wanted to write a post to clarify an important change in the HAP program.

HAP is the "Homeowners Assistance Program" for those that are so gracious to serve in our Nation's Military.

Below is the basic definition of HAP pulled from their web site.

"The Department of Defense (DOD) is proud to offer the Homeowners Assistance Program (HAP) to eligible service members and federal civilian, including non-appropriated fund, employees. The program is authorized by law, and administered by the US Army Corps of Engineers (USACE) to assist eligible homeowners who face financial loss when selling their primary residence homes in areas where real estate values have declined because of a base closure or realignment announcement."

This is a great program but just like any program, it changes constantly. In the past, HAP would pay 3% towards buyer's closing costs and pre-paids. Recently this has changed and HAP will only pay closing costs that they consider to be standard closing costs. If someone tells you that HAP has contributed to buyer's closing costs in the past, this is true, but understand this policy has changed and do your best to submit a more standard contract with a standard split of the closing costs. I hope this helps!

PURCHASE AND REHAB YOUR HOME IN NICEVILLE FLORIDA WITH THE FHA 203(K) LOAN - Most home buyers are turned off at the sight or even thought of buying a fixer-upper; a foreclosure or an older home today. However, educated and informed home buyers are utilizing the FHA 203(k) loan to buy their new home and fix it up with no additional out-of-pocket expense.

The FHA 203(k) loan is a tool that savvy home buyers, successful contractors, Realtors and mortgage originators have been using since 1978. An FHA 203(k) loan is very similar to the traditional FHA loan. The only real difference is that with the FHA 203(k) loan, the home buyer is adding money to their mortgage balance to finance-in any repair/improvement cost.

Whereas the traditional FHA loan requires that certain repairs be done before the home is purchased, theFHA 203(k) loan allows the home buyer to purchase their home and complete the repairs after the transaction closes.

The other traditional FHA qualifications (appraisal guidelines,seasoning rules,credit qualifications, etc...) still apply. But with the FHA 203(K) loan, a home buyer can fix up his home and not have to worry about the additional out-of-pocket expenses for the repairs/improvements. What a brilliant way to purchase a fixer-upper!

HERE ARE THE REASONS SMART HOME BUYERS ARE CHOOSING TO GO WITH THE FHA 203(K) LOAN

1. Better opportunities for a great financial deal on a home purchase

2. Allows buyers who are approved for an FHA loan to buy properties that would not otherwise qualify

3. Allows buyer to put personal touches into the interior/exterior making it feel like more of a home

4. Sellers do not have to pay for repairs prior to listing the property if they do not care to

5. There is less competition to buy fixer-uppers which forces sellers to accept lower offers

6. FHA loans are assumable; so when buyers go to sell house it will be easy to market.

Okaloosa County Florida Home Buyer Assistance Program Process and Time Line

1. County sponsored home buyer education class is required.

2. Home buyer is APPROVED and signs contract for home.

3. Lender sends Reservation Form with contact to county.

4. With-in 5 days, home is inspected by county staff.

5. If necessary, lead based paint assessment is completed.

6. Lender sends loan package to county.

IF NO REPAIRS ARE NECESSARY......

7. County approves application package.

8. County contracted appraiser completes appraisal.

9. Home buyer meets with home buyer counselor.

10. Mortgage package e-mailed to title company.

11. Home buyer assistance check is released by county after HUD 1 is approved.

12. Closing occurs at the offices of the title company.

FOR MORE INFORMATION PLEASE VISIT:

HUDS List of Home Buyer Assistance Programs in the State of Florida by County

For More Information on Government Loan Programs in the State of Florida Please Visit:

Government Home Loan Programs in the State of Florida

No Money Down Rural Housing USDA Loans in Okaloosa County Florida are back and fully funded. The new sub-prime loans of today are the government backed or sponsored loans. The FHA Loan is one we are all familiar with but how many of you know about the USDA Rural Housing Loan.

Here's how it works

100% financing on homes located in certain geographical area's with borrower's who are in certain income ranges.

That's it!

Use this link to see if the property qualifies by falling into one of the designated geographical area's

http://eligibility.sc.egov.usda.gov/eligibility/welcomeAction.do

Remember when income qualifying to use the income of the ENTIRE family.

Seller can pay up to 6% of buyers closing cost

The 3.5% Guarantee Fee is included (Financed) in with the loan amount

100% of borrowers cash to close can come from a gift.

Must have a minimum credit score of 640.

USDA Loans are Assumable

No Manufatured Homes

For a list of Income limits by Region go to:

http://www.rurdev.usda.gov/HSF-Guar_Income_Limits.html