Miami homes

First time home buyers

What type of property best suits your needs?

  • Single-family
  • Duplex
  • Townhouse
  • Condo
  • multi-family building with two to four units.

How much home can you afford?

Conventional mortgage guidelines allows borrowers to spend up 43 percent of their income on monthly debt obligations, such as mortgage, credit cards, student loans and car loans

The lenders require that your total monthly debt including credit card bills, car loans, and student loans, etc be no more than 36 percent of your gross monthly income.

The FHA program allows borrowers to spend up to 56 percent or 57 percent of their income on monthly debt obligations, such as mortgage, credit cards, student loans and car loans.

In contrast, conventional mortgage guidelines tend to cap debt-to-income ratios at around 43 percent
  • Determine how much house you can afford
  • Prepare for the mortgage process. Save cash for a down payment and other expenses

Who Is a First-Time Homebuyer?

(HUD)U.S. Department of Housing and Urban Development, a first-time homebuyer is someone who meets any of the following conditions:

  • An individual who has not owned a principal residence for three years. A spouse is also considered a first-time homebuyer if he or she meets the above criteria. If you’ve owned a home but your spouse has not, then you can purchase a place together as first-time homebuyers.
  • A single parent who has only owned a home with a former spouse while married.
  • A displaced homemaker who has only owned with a spouse.
  • An individual who has only owned a principal residence not permanently affixed to a permanent foundation in accordance with applicable regulations.
  • An individual who has only owned a property that was not in compliance with state, local or model building codes—and which cannot be brought into compliance for less than the cost of constructing a permanent structure.

    • Why should I buy, instead of rent? Answer: A home is an investment. When you rent, you write your monthly check and that money is gone forever. But when you own your home, you can deduct the cost of your mortgage loan interest from your federal income taxes, and usually from your state taxes. This will save you a lot each year, because the interest you pay will make up most of your monthly payment for most of the years of your mortgage. You can also deduct the property taxes you pay as a homeowner. In addition, the value of your home may go up over the years.

    While owning a home has some wonderful advantages, it is one of the largest purchases most people make. Knowing what to expect as a homebuyer can help you make sound financial decisions.

    As a First-Time Home Buyer You can star the home search today at 17thRealty.com. With just a few clicks of the mouse, home buyers can search through hundreds of online listings, view virtual tours, and sort through dozens of photographs and aerial shots of neighborhoods and homes. You've probably defined your goals and have a pretty good idea of the type of home and neighborhood you want or call Betty Garcia 786 229 3636

    FHA

    This is especially for first-time homebuyers.The USA Federal Housing Administration guarantees part of home loans, which frees lenders to broaden their acceptance standards.Borrowers can qualify for loans with as little as 3.5% down payment.The FHA loans have an up-front cost and a mortgage insurance premiums.

    VA

    The U.S. Department of Veterans Affairs helps veterans and surviving spouses buy homes. The program often requiring no down payment or mortgage insurance.

    Homeownership Assistance Program (HAP) Initiative
    This program in Miami Dade is designated to address the need of low/moderate income families providing down payment and closing costs assistance to purchase their first home.

    The zero interest deferred loan program provides funding for first-time homebuyers towards down payment and/or closing costs. This helps reduce the up front costs of purchasing a home -- making it easier for prospective homeowners to qualify for a mortgage. Homebuyers can not directly apply to Miami-Dade Economic Advocacy Trust for HAP funds. Application files must be submitted to Miami-Dade Economic Advocacy Trust HAP by an approved lender or mortgage broker.

    The Miami-Dade Economic Advocacy Trust HAP utilizes documentary surtax dollars to provide funds in the form of a 0 percent-interest, non-amortized (no payment), mortgage. The HAP loan is forgiven if the borrower owns and occupies the property for 10 years without doing a cash-out refinance.

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