Posts Tagged ‘south florida real estate’

When buying a home, most people focus on how much the home costs and what interest rate they can get on the loan. While understanding the lending process is very important, the other fees that home buyers overlook when it comes to their home purchase.

There are some fees that will require up-front payment. Other fees may be rolled into the loan for your home. It’s important to understand the difference and know what you’ll be expected to pay.

Earnest Money Deposit

To prove you’re “earnest” in your purchase commitment, a buyer can expect to deposit to a trust account 1% to 2% of the total purchase price as an earnest money deposit within days of entering into a contract.This amount can change depending on market factors. If demand in your area is high, a seller could expect a larger deposit. If the market is cold, a seller could be happy with less than 1%.

Other governing factors like state limitations and rules can cap how much earnest money a seller can ask for.

Escrow account

An escrow account is basically a way for your mortgage company to make sure you have enough money to cover related taxes, insurance and possibly mortgage insurance. The amount you need to pay varies by location, lender, and loan type. It could cover costs for a few months to a year.

If you only provide a small down payment, you may be required to purchase private mortgage insurance. Private mortgage insurance, commonly referred to as PMI, is typically provided by a private mortgage insurance company to protect lenders against loss if a borrower defaults.

Sometimes this means you are required to pay a full year’s worth at time of purchase, or it will be rolled into your monthly payment.

Escrow accounts are common for loans with less than a 20% down payment and mandatory for FHA loans, but it’s not required for VA loans.

Origination Fees & Points

The origination fee is the price you pay the loan officer or broker for completing the loan, and it includes underwriting, originating, and processing costs.

The origination fee is a small percentage of the total loan. A typical origination fee is about 1%, but it can vary. You should shop lenders for more than interest rate, but all of the fees associated with the loan.

Inspections

You want to be assured your new home is structurally sound and free of defects before you complete the purchase. Those assurances come with a price.

• Home inspection: This is critical for homebuyers. A good inspector will be able to notify you of structural problems, defective applianes, leaks, and other potentially serious problems. Expect to pay $300 to $800 for a home inspection, although cost varies by location and the size of the home and how many stories it is.
• Radon inspection: An EPA-recommended step, this inspection will determine whether your prospective home has elevated levels of the cancer-causing agent radon. A professional radon inspection can cost several hundred dollars.
• Pest inspections: Roaches are one thing. Termites or wood fungus are a whole different story. Expect to pay up to $150 for a Wood Destroying Organism inspection.

Attorney

Some states, such as North Carolina, require an attorney to be present at closing. In other states, such as Florida, this is optional. If you use a lawyer, expect to cover the costs, which vary by area and lawyer and what the attorney is being asked to do.

Credit check

Just because you can get your credit report for free doesn’t mean your lender can (and they will actually pull all three). You have to reimburse the lender, usually around for these reports that usually run about $30.

Insurance

If you live in a hazard-prone area, you might need to purchase extra insurance in addition to homeowners insurance, these can include wind and flood. Lenders will require that you purchase the required insurance to protect their investment. If you are a cash buyer, you have the option of buying insurance or self-insuring. Make sure you understand the risks.

Appraisal

Your lender will not approve a loan for a home without knowing what its fair market value is. They will determine this value based on an appraisal.  Appraisal costs vary by market area and the size and complexity of the property. An appraisal will typically cost $250 to $1000.

Title Insurance

Title insurance covers you in the unlikely case that the person who sold you the house didn’t actually own it or if information on the title was false. Typically this is verified before the purchase of your home, but this insurance protects the lender or the buyer against loss arising from disputes over ownership of a property.

The lender will require you to have title insurance for the value of the loan. You are also required to have title insurance on the value of the property. Whether the buyer or seller pays for this is area specific and is a protocol not a mandate and can be negotiated as a condition of the contract.

Survey

A survey is not required in all instances, but your lender may require a professional surveyor to determine exactly where your property lines are drawn. Your attorney will also review the survey to ensure that there are no encroachments. Prices vary widely, but expect to pay at least $100.

Document preparation fees:

The lender, broker, Title Company or closing attorney will usually have a fee to cover the preparation of the required documents for the loan and closing paperwork. These fees are typically rolled in closing costs for the home and may be covered by either the homebuyer or seller.

State Recording Fees:

Depending on where you live, there may be a fee required for recording and holding the information regarding the sale.

Filed under: Blog, Exclusive Buyer Agent, First Time Homebuyers, Florida Real Estate, Home Buyer Advice, Home Buyers, Home Financing, Homebuyer Advice, House Closings, Mortgage Information, Real Estate, Real Estate Closings, real estate news, Real estate trends, Relocation, South Florida Real Estate, Title Insurance, western north carolina real estate by Kim Bregman
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What to do before closing:

• You can still be denied for a mortgage loan, even after you’ve been pre-approved by the lender. The pre-approval is not a commitment or guarantee. You’ve been conditionally qualified for loan. But you need to stay qualified all the way up to the closing. The less your financial situation changes, the better.
• If you withdraw or transfer funds for any reason before closing, your lender will probably ask for a written explanation. They will also want to see a record of the transaction, such as your bank statements.
• Make sure you have a home owners insurance policy in place. Your lender will require this. They might even require you to pay the first year’s premium in advance, by setting up an escrow account. The lender may contact your insurance agent before closing day, to verify the policy and coverage amount.
• If you make any large deposits into your account, tell your lender about it. It will only help your cause, as far as mortgage approval goes. Provide any documents you have relating to the deposit.

What to avoid before closing day:

• Don’t spend a lot of money. Implement a self-imposed “spending freeze,” as much as possible. You obviously have to buy groceries, gas for your car, and other necessities. But don’t spend anything beyond that. Keep things as stable as possible until after you close on the home.
• It’s best to avoid any major purchases during this period. Your lender might have certain cash-reserve requirements for the loan. So a major reduction in assets could hurt your chances of getting the final approval.
• Don’t open any new credit lines, such as credit cards. The same goes for buying a car, applying for a store credit card, etc. These things will change your debt ratio, which could cause problems with your final approval. Mortgage lenders hate surprises.
• Don’t switch jobs before closing, unless it’s completely unavoidable. A new job usually brings a change in income, as well. If your income goes down, it will alter your debt-to-income ratio in a bad way. A change in employment will also require a lot of paperwork changes. Some lenders will verify your employment again, just before closing day.

Filed under: Blog, boomerrang homebuyer, Down Sizing, Exclusive Buyer Agent, First Time Homebuyers, Florida Real Estate, Home Buyer Advice, Home Buyers, Home Financing, Homebuyer Advice, House Closings, Mortgage Information, Real Estate, Real Estate Closings, South Florida Real Estate by Kim Bregman
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Florida’s housing market reported higher median prices and fewer days to a contract in June, according to the latest housing data released by Florida Realtors®. Closed sales of single-family homes statewide totaled 27,086 last month – slightly higher (0.4%) than the June 2015 level of 26,973 closed sales.

“Florida’s housing market is experiencing tight supply and pent-up demand.  That is affecting the pace of sales and putting pressure on statewide median prices. Florida’s economic growth, rising jobs outlook and acclaimed quality of life continue to draw new residents eager to call the Sunshine State home.

Home sellers continued to get more of their original asking price at the closing table in June: Sellers of existing single-family homes received 96.3 percent (median percentage) of their original listing price, while those selling townhouse-condo properties received 94.6 percent (median percentage).

The statewide median sales price for single-family existing homes last month was $225,000, up 10.8 percent from the previous year, according to data from Florida Realtors research department in partnership with local Realtor boards/associations. The statewide median price for townhouse-condo properties in June was $164,000, up 8.6 percent over the year-ago figure.

In June, statewide median sales prices for both single-family homes and townhouse-condo properties rose year-over-year for the 55th month in a row.  According to the National Association of Realtors®(NAR), the national median sales price for existing single-family homes in May 2016 was $241,000, up 4.6 percent from the previous year the national median existing condo price was $229,600.  In California, the statewide median sales price for single-family existing homes in May was $518,760; in Massachusetts, it was $353,000; in Maryland, it was $282,257; and in New York, it was $212,500.

Short sales for townhouse-condo properties declined 43.2 percent while short sales for single-family homes dropped 37.2 percent. Closed sales may occur from 30- to 90-plus days after sales contracts are written.

“Much of 2016’s slowdown in sales growth is due to the dwindling inventory of distressed properties throughout Florida,” said Florida Realtors® Chief Economist Brad O’Connor. “In June of last year, about 20 percent of sales across all property types were of the distressed variety. This June, by contrast, only 10 percent of sales were distressed. These declines are not due a lack of demand, but rather, a clear lack of supply. Florida’s distressed properties continue to slowly but surely work their way through the pipeline.

“If distressed properties are taken out of the equation, sales growth among non-distressed properties – the traditional market – remains quite strong. Non-distressed single-family home sales were up 13 percent year-over-year in June, while non-distressed sales of townhouses and condos rose by 7.6 percent.”

Inventory was at a 4.3-months’ supply in June for single-family homes and at a 6-months’ supply for townhouse-condo properties, according to Florida Realtors.

Filed under: Blog, Exclusive Buyer Agent, First Time Homebuyers, Florida Real Estate, Home Buyer Advice, Home Buyers, House Closings, Real Estate, Real Estate Closings, real estate news, Real estate trends, South Florida Real Estate by Kim Bregman
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This chart is a representation of the standard real estate closings.  Different rules may apply by State or county within a State.

Filed under: Blog, Exclusive Buyer Agent, First Time Homebuyers, Florida Real Estate, Home Buyer Advice, Home Buyers, Home Financing, Homebuyer Advice, House Closings, Mortgage Information, Real Estate, Real Estate Closings, Title Insurance by Kim Bregman
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Rounding out the top five for 2016 after Florida were Wyoming, South Dakota, South Carolina and Colorado.

At the bottom? Vermont, Connecticut, Hawaii, Washington D.C. and Rhode Island.

Here are the top six reasons why Florida is the best place to retire, according to WalletHub.

Hole in one!
From Seminole Golf Course in Juno Beach (the state’s top ranked links, according to GolfDigest) to Trump National Doral, Florida has the most golf courses per capita in the nation.

Company
Looking for new friends? You won’t be lonely in the Sunshine State, which has the highest percentage of people aged 65 or over of any state.

Out on the town
It’s not Broadway, but theatergoers in Florida have more and better options than ever before. The state has the sixth-most theaters per capita in the U.S.

Help at home
The cost of hiring a nurse and other in-home help can break the bank for many seniors. But Florida has the eighth-lowest cost of in-home services of any state.

Low taxes
Many retirees don’t realize they may need to pay federal and state taxes on Social Security income and withdrawals from IRA and 401(k) funds. Florida’s low taxes make it the 10th-best state for retirees come tax season, according to WalletHub.

A night at the museum
Miami’s burgeoning cultural scene means locals don’t have to travel to New York for their museum fix. From the Pérez Art Museum Miami to the under-construction Patricia and Phillip Frost Museum of Science to HistoryMiami, South Florida museums are on the upswing. Nationwide, Florida has the 15th-most museums per capita.

So what are you waiting for? Florida is calling.

Miami Herald, Written by Nicholas Nehamas

Filed under: 20 Blogs, Blog, Down Sizing, Exclusive Buyer Agent, Florida Real Estate, Home Buyer Advice, Home Buyers, Homebuyer Advice, Real Estate, real estate news, Real estate trends, Relocation, Retirement by Kim Bregman
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Protecting your home investment:

A home is usually the largest single investment any of us will ever make. When you purchase a home, you will purchase several types of insurance coverage to protect your home and personal property. Homeowners insurance protects against loss from fire, theft or wind damage. Flood insurance protects against rising water. And a unique coverage known as title insurance protects against hidden title hazards that may threaten your financial investment in your home.

Oversimplified, title insurance insures a homebuyer — and a mortgage lender — against loss resulting from title defects, whether these defects are known or unknown at the time of the sale or the refinance. In the language of the title industry, the insurance covers both “on record” and “off record” problems.

Protecting your largest single investment:

Title insurance is not as well understood as other types of home insurance, but it is just as important. When you purchase a home, instead of purchasing the actual building or land, you are really purchasing the title to the property – the right to occupy and use the space. That title may be limited by rights and claims asserted by others, which may limit your use and enjoyment of the property and even bring financial loss. Title insurance protects against these types of title hazards.

Other types of insurance that protect your home focus on possible future events and charge an annual premium. On the other hand, title insurance protects against loss from hazards and defects that already exist in the title and is purchased with a one-time premium.

There are two basic kinds of title insurance:

• Lender or mortgagee protection
• Owner’s coverage

Most lenders require mortgagee title insurance as security for their investment in real estate, just as they may call for fire insurance and other types of coverage as investor protection. When title insurance is provided, lenders are willing to make mortgage money to lend.

Owner’s title insurance lasts as long as you, the policyholder – or your heirs – have an interest in the insured property.

When your seller purchased the house several years ago, his title insurance policy covered him — and his lender — for all risks (defects) that existed at time he took title; the policy did not cover future defects.

During the time the Seller owned the property did a mechanic place a mechanic’s lien against the property?

Did a creditor obtain a judgment against the seller and have that judgment recorded? Did the home get sold at a tax sale, without the seller’s knowledge? Did someone forge the seller’s name to a deed and sell the property to a third party? Or did someone accidentally place a lien against your property (Lot 657) when they really meant to place the lien on Lot 567?

Strange as it may sound, these things do happen. Your lender wants assurances that should you not be able to make the monthly mortgage payment, and the lender has to foreclose on your property, that you have clear title. Your new lender is willing to make you a loan; however, since you cannot categorically advise the lender that you have clear title, the lender will insist that you obtain a title insurance policy in favor of the lender.

What does your premium really pay for?

An important part of title insurance is its emphasis on risk elimination before insuring. This gives you, the policyholder, the best possible chance for avoiding title claim and loss.

Title insuring begins with a search of public land records affecting the real estate concerned. An examination is conducted by the title agent or attorney on behalf of its underwriter to determine whether the property is insurable.

The examination of evidence from a search is intended to fully report all material objections to the title. Frequently, documents that don’t clearly transfer title are found in the chain, or history that is assembled from the records in a search. Here are some examples of documents that can present concerns:

• Deeds, wills and trusts that contain improper wording or incorrect names
• Outstanding mortgages and judgments, or a lien against the property because the seller has not paid taxes
• Easements that allow construction of a road or utility line
• Pending legal action against the property that could affect a purchaser
• Incorrect notary acknowledgments

Through the search and examination, title problems are disclosed so they can be corrected whenever possible. However, even the most careful preventative work cannot locate all hidden title hazards.

Hidden title hazards – your last defense

In spite of all the expertise and dedication that go into a title search and examination, hidden hazards can emerge after closing, resulting in unpleasant and costly surprises. Some examples of hazards include:

• A forged signature on the deed, which would mean no transfer of ownership to you
• An unknown heir of a previous owner who is claiming ownership of the property
• Instruments executed under an expired or a fabricated power of attorney
• Mistakes in the public records
• A mortgage (deed of trust) is properly recorded on the land records, but there is no legal description identifying the property that is subject to the mortgage. As a result, creditors are not put on notice of the existence of this mortgage lien, and may make another loan, which will not have first-trust priority.
• A deed (or other legal document) is improperly recorded with the wrong legal description.

The list, unfortunately, can go on and on. There are numerous instances where title to real estate has been found to be defective — either based on substantive grounds or technical, legal procedural reasons (such as improper indexing, misfiling or failure to comply with local recording requirements).

Title insurance offers financial protection against these and other covered title hazards. The title insurer will pay for defending against an attack on title as insured, and will either perfect the title or pay valid claims – all for a one-time charge at closing.

Your home is your most important investment. Before you go to closing, ask about your title insurance protection, and be sure to protect your home with an owner’s title insurance policy.

Filed under: Blog, Exclusive Buyer Agent, First Time Homebuyers, Florida Real Estate, Home Buyer Advice, Home Buyers, Home Financing, Homebuyer Advice, House Closings, Real Estate, Real Estate Closings, real estate news, Real estate trends, Relocation, Title Insurance, western north carolina real estate by Kim Bregman
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It’s not too early to file for a property tax exemption for next year;  filing now
will allow Florida  property owners to beat the rush that normally occurs early in the year
as people try to beat the March 1 deadline.

Any Florida property owner with legal title to a home and who uses it as his or 
her permanent, primary residence by Jan. 1 is eligible for this exemption.   Homeowners
making their first claim at this time should contact their respective county property
appraiser’s office to find out how best to file for the exemption — many offices
offer applications online or will mail applications to residents. Homeowners may
also file for a homestead exemption in person, bringing along the deed to their
property or a property tax bill — something to prove they own the home. Most property
appraisers’ offices will accept applications for homestead exemption until the March
1 deadline. Please call your local county property appraiser’s office to find out
more.Visit the link found on my web site for contact information.

https://www.optimaproperties.com/south-florida-resources

Here are the criteria to see if you qualify and the documentation you will need 
to provide along with your application:

$25,000 Homestead Exemption

Every person who has legal or equitable title to real property in the State of Florida
and who resides thereon and in good faith makes it his or her permanent home is 
eligible to file for Homestead Exemption. First time applicants are required to 
furnish their social security number, and should have available evidence of ownership(
i.e., deed, contract, etc. )  If title is held by the husband alone, a wife may 
file for him, with his consent, and vice versa. If filing for the first time, be
prepared to answer these and other questions:


1. In whose name or names was the title to the dwelling recorded as of January 1st?
2. What is the street address of the property?
3. Are you a legal resident of the State of Florida? (A Certificate of Domicile 
or Voter’s Registration will be proof if dated prior to January 1st.)
4. Do you have a Florida license plate on your car and a Florida driver’s license?
5. Were you living in the dwelling which is being claimed for homestead exemption
on January 1st?

Additional $25,000 Homestead Exemption for persons 65 and older

Every person who is eligible for the homestead exemption described above is eligible
for an additional homestead exemption up to $25,000 under the following circumstances:
(1) the county or municipality adopts an ordinance that allows the additional homestead
exemption which applies only to the taxes levied by the unit of government granting
the exemption; (2) the taxpayer is 65 years of age or older on January 1 of the 
year for which the exemption is claimed; (3) the annual household income of the 
taxpayer (defined as the adjusted gross income as defined in s. 62, United States
Internal Revenue Code of all members of a household) for the prior year does not
exceed $20,000 (beginning January 1, 2001, this income threshold is adjusted annually
by the percentage change in the average cost-of-living index); and, (4) the taxpayer
annually submits a sworn statement of household income to the property appraiser
not later than March 1.

$500 Widow’s Exemption

Any widow who is a permanent Florida resident may claim this exemption. If the widow
remarries, she is no longer eligible. If the husband and wife were divorced before
his death, the woman is not considered a widow. You may be asked to produce a death
certificate when filing for the first time.

$500 Widower’s Exemption

Any widower who is a permanent Florida resident may claim this exemption. If the
widower remarries he is no longer eligible. If the husband and wife were divorced
before her death, the man is not considered a widower. You may be asked to produce
a death certificate when filing for the first time.

$500 Disability Exemption

Every Florida resident who is totally and permanently disabled qualifies for this
exemption. If filing for the first time, please present at least one of the following
as proof of your disability: A certificate from a licensed Florida physician or 
a certificate from the United States Department of Veterans Affairs.

$5000 Disability Veteran

Any ex-service member disabled at least 10% in war or by service-connected misfortune
is entitled to a $5000 exemption. If filing for the first time, please present a
certificate from the United States Government.

$500 Exemption for blind persons

Every Florida resident who is blind qualifies for this exemption. If claiming exemption
based on blindness, a certificate from the Division of Blind Services of the Department
of Education or the United States Department of Veterans Affairs or the Federal 
Social Security Administration certifying the applicant to be blind is required.
“Blind person” is defined as an individual having central vision acuity 20/200 
or less in the better eye with correcting glasses, or a disqualifying field defect
in which the peripheral field has contracted to such an extent that the widest diameter
or visual field subtends an angular distance no greater than twenty degrees.

Service-connected total and permanent disability exemption

Any honorably discharged veteran with a service-connected total and permanent disability,
surviving spouses of qualifying veterans and spouses of Florida resident veterans
who died from service-connected causes while on active duty as a member of the United
States Armed forces are entitled to an exemption on real estate used and owned as
a homestead less any portion thereof used for commercial purposes.

Persons entitled to this exemption must have been a permanent resident of this state
as of January 1st of the year of assessment.

Under certain circumstances the benefit of this exemption can carry over to the 
veteran’s spouse in the event of the veteran’s death. Consult your appraiser for
details.

If filing for the first time, please bring a certificate from the United States 
Government or United States Department of Veterans Affairs as your proof of a service-connected
disability or death of your spouse while on active duty.

Exemption for totally and permanently disabled persons


1. Any real estate used and owned as a homestead, less any portion thereof used 
for commercial purposes by any quadriplegic shall be exempt from taxation.
2. Any real estate used and owned as a homestead, less any portion thereof used 
for commercial purposes, by a paraplegic, hemiplegic or other totally and permanently
disabled person, as defined in Section 196.012(10), F.S., who must use a wheelchair
for mobility or who is legally blind, shall be exempt from taxation.

Persons entitled to the exemption under number two (2) above, must be a permanent
resident of the State of Florida as of January 1st of the year of assessment. Also,
the prior year gross income of all persons residing in or upon the homestead shall
not exceed the amount of income, set forth in section 196.101(4), F.S., adjusted
annually by the percentage change of the average cost of living index issued by
the United States Department of Labor. Gross income shall include United States
Department of Veterans Affairs benefits and any social security benefits paid to
the person. A statement of gross income must accompany the application.

If filing for the first time, please bring a certificate from two (2) licensed doctors
of this state or a certificate (per s. 196.091, F.S.) from the United States Department
of Veterans Affairs.

_____________________________

Filed under: Blog, Exclusive Buyer Agent, First Time Homebuyers, Florida Real Estate, Home Buyer Advice, Home Buyers, Homebuyer Advice, Kim Around the Web, Real Estate, Real Estate Closings, real estate news, Real estate trends by Kim Bregman
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Filed under: Blog, Exclusive Buyer Agent, First Time Homebuyers, Florida Real Estate, Home Buyer Advice, Home Buyers, Home Maintenance, Homebuyer Advice, House Closings, Real Estate, Real Estate Closings, real estate news, Relocation, western north carolina real estate by Kim Bregman
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You searched for homes over the course of months or even years. You endured a series of offers and counter offers, property disclosures, inspections, loan applications, due diligence, and packing. Finally, after so much excitement, stress and anxiety, the house hunt has come to an end. But the story isn’t over yet. Here are some next steps to consider before you actually move in.

Filed under: Blog, Down Sizing, Exclusive Buyer Agent, First Time Homebuyers, Florida Real Estate, Home Buyer Advice, Home Buyers, Home Maintenance, Homebuyer Advice, House Closings, Real Estate, Real Estate Closings, Relocation, western north carolina real estate by Kim Bregman
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This year is already shaping up to be the year of the boomerang buyer, or the repeat homebuyer.  As it is now seven years since the housing crash, there are many buyers who experienced a financial hardship in the recent past who are getting back into the market to purchase a home again in 2015.

There were several changes recently to the waiting periods when a buyer or homeowner can obtain a new mortgage and repurchase a home again after a foreclosure, short sale or bankruptcy.  Borrowers today essentially have three options when it comes to obtaining financing to purchase a home. In fact, more than 9 out of 10 mortgages are either funded by Fannie Mae/Freddie Mac, the FHA or VA. So, if you are looking to purchase and need financing, it is more than likely you will be using one of these three financing options and it is important to know the current waiting periods when you can repurchase after a hardship.

After Foreclosure:

• Conventional: Seven years. If you included the foreclosure in a bankruptcy, you can qualify after four years instead of seven years.
• FHA: Three years. FHA buyers can qualify again after just one year if they experienced an economic event.
• VA: Two years.

After Short Sale:

• Conventional: Four years.
• FHA: Three years. If the FHA buyer did not have any late payments before their short sale, they are allowed to automatically qualify again for FHA financing. There’s also a fantastic FHA program called the FHA Back to Work Program. If a buyer experienced an “economic event” whereby their household income fell by 20 percent or more for a period of at least six to 12 months, the agency has now reduced the waiting period to only one year.
• VA: Two years.

After Bankruptcy:

• Conventional: Chapter 7, four years; Chapter 13, two years.
• FHA: Chapter 7, one year; Chapter 13, one year.
• VA: Chapter 7, two years; Chapter 13, one year.

What if you don’t fit into these rules?

There are new mortgage options available for borrowers who do not fit these more traditional mortgage options above. Portfolio lenders are stepping in to provide mortgage options for buyers who cannot qualify for conventional, FHA and VA financing, and with terms much better than private financing.

There are lenders who will provide financing for buyers less than six months out of a foreclosure, short sale or bankruptcy. Of course, this does not come without a price. You need a larger down payment and rates will be higher than traditional loans.

Another part of the puzzle to helping you get in a position to repurchase again is ensuring you have also started to re-establish your credit since the financial hardship.

For example, even though the required timeline of say two or three years may have passed so you can qualify for conventional or FHA financing again, it is important you have also started to rebuild your credit and have the required credit scores to qualify again for financing. The FHA and VA only require a 580 credit score to repurchase again.

The first step is to get a copy of your credit report to verify if the financial hardship or discharge is reporting correctly and to also see what your scores are.

You can go to www.annualcreditreport.com to get a free copy of your credit report (consumers are allowed one free credit report per year).

Then the next step is to start rebuilding your credit scores.

Filed under: Blog, boomerrang homebuyer, Down Sizing, Exclusive Buyer Agent, First Time Homebuyers, Florida Real Estate, Home Buyer Advice, Home Buyers, Home Financing, Homebuyer Advice, House Closings, Mortgage Information, Real Estate, Relocation by Kim Bregman
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