Pinellas Park, FL

PURCHASE AND REHAB YOUR HOME IN PINELLAS PARK 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.

Which Government Backed Home Loan Is Best Suited For Purchasing My New Home?

If you want a loan with a No Money Down Option then you must be a veteran or you must purchase a home in a HUD Approved Area for Rural Housing. The VA and USDA Loan are the only type loans that offer the No Down Payment Option for buying a home.

The FHA loan is the most popular type loan at this time because the down payment requirement is only 3.5% compared to the Conventional Loans which require 5% down. Both require the added cost of Mortgage Insurance any time less than 20% down is used.

The VA and USDA Loans do not require mortgage Insurance but have a funding fee that is financed into the loan. The USDA funding fee is currently 3.5% but expected to rise with the growing number of defaults. The VA funding fee varies and is determined by the veterans DD214 and Certificate of Eligibility.

Here is a snap shot of the type client that may choose one of these loan types.

VA Loan - An active member or a former member of the armed forces.

USDA Loan - A person living in or wanting to buy a property that resides in an area that typically has under 10,000 other residents.

Conventional Loan - A person with clean credit and 5% or more saved for the down payment of their new home.

FHA Loan - A person with past credit issues that have been resolved in the last year who does not have any money saved for a down payment but who has a relative that will give them the money to put down and/or co-sign on the loan for them.

The Interest Rates on all of the above mentioned loan types are at their lowest levels in the past 100 years. Some are opting for the 5 year arm which is fixed at 3% for the first 5 years of the 30 year loan term. Many of whom plan to refinance or sell the property within the next 5 years.

Senior Home Loan Originator Jim Poole

NMLS #351358

Our recent study of the Tampa housing market has led me to pursue a more thorough understanding of “why” the Tampa real estate market appears to be rebounding faster than the rest of the State of Florida. Today’s real estate graph sheds some light on this topic.

Home sales in Tampa have been returning to levels seen before the boom of the housing market 8 years ago. When we perform a price range analysis, we see which zones are most active now and contrast them with what we observed as far back as 2006.

The two yellow highlight comments in the graph provide a very clear image of what is going on in the Tampa real estate market. One the left, we see that very few properties sold in 2006 below $100,000. On the far right however, we see that nearly 1/2 the market is homes priced below $100K. I suspect this is a sign of distressed properties clearing the market to investors.

So if you own a home in Tampa, or even have a home for sale in Tampa, follow your price range from left to right. Let’s say, for example, you have a home valued between $200,000 and $300,000. The green slice of the graph shows your price range was roughly 30% of the market in 2006, and today it is about 5% of the market. The number of sales in your price range has dropped substantially, and this mirrors what we are seeing in much of the rest of Florida.

You May Also Be Interested In...

• Home Sales By Price Range In Tampa
• Year Over Year Home Sales In Tampa Still Rising
• Year Over Year Home Sales In Tampa Shows 18% Growth
• Now Is When People Move In Tampa
• Trends In The Tampa Real Estate Market

Pinellas Park homes for sale in Pinellas Park Florida - Pinellas Park Homes and Real Estate by Communities.

This is an MLS search for: Pinellas Park Homes, in the Pinellas Park Real Estate market of Pinellas Park, FL. School information, Buyers tips and relocation guide for home buyers available.

We're your Pinellas Park Realtors with experience, knowledge, and dedication to service. Here you will find listings in the Pinellas Park community / subdivision but may include Pinellas Park town homes, condos, and villas on a custom MLS search.

Pinellas Park homes for sale in Pinellas Park Florida - Pinellas Park Homes and Real Estate by Communities.

This is an MLS search for: Pinellas Park Homes, in the Pinellas Park Real Estate market of Pinellas Park, FL. School information, Buyers tips and relocation guide for home buyers available.

We're your Pinellas Park Realtors with experience, knowledge, and dedication to service. Here you will find listings in the Pinellas Park community / subdivision but may include Pinellas Park town homes, condos, and villas on a custom MLS search.