As we discussed in Part 1 of the Buying a Home in Eustis, Florida, there are many options that a potential home owner has when looking for a home in the Eustis area. And like the real estate, a home owner has several mortgage programs to shop for.

Each mortgage loan that is available to Eustis borrowers has its own unique set of guidelines and characteristics. In general though, they have the same basic ground rules: must have a job, must have credit (Good to Excellent), and must be able to afford the mortgage payment.

It is from these main ground rules that lenders and programs deviate into the individual programs that are offered. ( To avoid a long, drawn out post, we will cover the individual programs in more detail in separate posts.) Here is basic list and summary of the programs that are available to potential mortgage loan borrowers: Read more.

Whether you are moving to Eustis, Florida to become a new resident or are an existing resident, here are some things that you should know when purchasing your new home. This will be a several part topic covering: real estate, mortgage, insurance, business, and local flavor.

In this first part, we are going to be covering the real estate side of buying a home. The first thing that one should consider when purchasing their new home is where in Eustis they want to live: in a community, in the country, in town, near downtown, etc. There is, despite the cities perceived small size, a large diversity in real estate locations.

The city even has elevations to chose from despite the misconception of Florida being flat. You can opt for a home at the top of a hill looking out over a lake, or you can have a home at the bottom of the hill on the lake. These are all possible locations that one can find when shopping for their new home.

Besides location, pricing has a large range. Some homes can be purchased for less than... read more.

July 1, 2009 marked the new fiscal year for SHIP (State Housing Initiative Program), a state funded down payment assistance program for low-level income home buyers. However, this year the $161 million grant used to fund this program has been cut to $30 million to fund the Florida Homebuyer Opportunity Program (FHOP).

The $30 million is split amongst the counties of Florida. Each county then distributes the money based on city/area. In most areas, this will mean that less than 10 first time homebuyers in any given city/area will receive an advance on their $8000 tax credit to use towards the purchase of a new home today.

If you are one of the lucky few to get the $8000 advance to use towards down payment, mortgage loan closing costs, or pre-pays associated with the purchase, here is what you need to know: Read more here.

HomePath by Fannie Mae takes on 100% Guaranteed by USDA. Both of these programs are offered by Knightlines Mortgage Services, LLC of Lake County, Florida. And both are going strong to help spark home purchases across Florida.

Before we compare these two programs, we are first going to disclose the following: Despite USDA being out of money, Knightlines has funding sources that are still able to close and fund the USDA Guarantee Loans with all the benefits of the loan.

Eustis, FL (32726 and 32736 zip codes) is eligible for the government backed USDA Guaranteed Rural Development home loan program. Potential homeowners can finance their new home at 100%. However, they can get a 102% loan to cover the 2% USDA loan fee. And if the appraised value is greater than the purchase price, most if not all of the closing costs can be financed into the new loan provided the closing costs do not exceed the difference between the purchase price and appraised value.

Home prices are down. Mortgage rates are down. Now, is the time to buy.

Call Knightlines today at (352) 308-7219 to get your financing reserved, or click here to apply online.