First Time Home Buyer (Miami, Miramar: real estate, rent, insurance)

[renzito01]

Hi guys, I am interested in purchasing a house.

I currently live at home with my parents and have been saving for some time , I am now 24 and have saved about 8k. I have a gf and we dont plan on moving in together right now, but i want to purchase a home for the future most importantly before prices get higher. My plan is to maybe rent it out till i decide to move into it (in 2 years or so).

I have been reading about government assistance in florida and i see alot of programs for first time home buyers.. i see local programs from the city (hap) and county, and also from the state of florida (first time home buyer program). These consist in helping with the closing costs and down payment. I am in the process of contacting a real state agent and broker to begin the pre-approval process and my question is:

how long does it usually take for someone to get approved, for state or local assistance, if you fall within all of the guidelines (income limits etc). From what ive read its usually on a first come basis, but is it worth it?

btw i am looking for something within the 130-150k range within the north miami beach, miramar, pembroke area.

Thanks, james

[FlyMIA]

I reccomend you keep saving if you need assistance to buy a home. Do you have a job that can pay for it if you can't rent it out or get a price which is lower than what you need?

[willow wind]

Do more research. All the programs you have interest in are for first time buyers who are owner occupants.

What you want to do is to be an investor. You won't qualify. You have to actually live in the home to qualify for the program. So just plan on living in the house. if you rent it out you're an investor and yes they do check up.

[ruski]

It won't hurt to get pre-approved, at least you will know how much you can afford.

Besides, you have to get pre-approved anyway.

[hurricaneMan1992]

Don't know about Miramar and the Pines, but as far as NMB you'd be looking at the crappy parts of town in that price range. Which means it's likely you won't get the best tenants. If I were you, I'd buy a home to live in before considering being a landlord, there are so many things that can go wrong!!! Besides, you're going to be limited to a FHA 3.5% down which requires you to live in the house (and you'd still be asking for a seller concession for closing costs and escrow...prepaid insurance and taxes are already a few $k in addition to down payment).

The Government programs for first time homebuyers generally have an income cap, which if you're under that cap, you probably should not be buying a home in the first place...especially when you account for our property taxes and insurance situation.

As far as condos, which are cheaper than houses, a realtor tells me most banks are not comfortable with HOAs over ~$200-300, and besides most condos are not FHA approved, which basically excludes all condos...

As suggested by ruski, contact a local mortgage broker and they will point you in the right direction. With most of them you can fill out a form and they contact you.

[Beach and Tree Lover]

Other people here are right that you need to buy a house that you are going to live in, not rent, as a condition of the loan. You also have to be able to afford the monthly payment on the house in order to qualify. You can still rent out rooms, etc I'm sure. I'm going through the process of buying a home now, and I do know you can buy a home with only 3% down, but the closing costs are around 8-10K. It's definitely worth it to speak with a real estate agent and lender to see if this is something that would work for you.

[himain]

You need to save more money

[ace587]

save a little bit more money down the road get it to like 15k to 20k. Be patient. When buying a place you gotta time it right with more money in your hands you have more options

[doggiebus]

I agree keep saving, you want to put 20% down when you buy something.

[tallrick]

Wait till the latest Fed pumped bubble bursts before even considering buying a house. Their balance sheet is 3.3 trillion and if they stop printing money the Miami bubble will resume deflating.