U.S. CitiesCity-Data Forum Index
Covid-19 Information Page
Go Back   City-Data Forum > U.S. Forums > Florida > Miami
 [Register]
Miami Miami-Dade County
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
View detailed profile (Advanced) or search
site with Google Custom Search

Search Forums  (Advanced)
Reply Start New Thread
 
Old 05-08-2013, 01:49 PM
 
5 posts, read 38,181 times
Reputation: 12

Advertisements

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
Rate this post positively Reply With Quote Quick reply to this message

 
Old 05-08-2013, 02:39 PM
 
Location: Miami/ Washington DC
4,836 posts, read 10,785,728 times
Reputation: 2545
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?
Rate this post positively Reply With Quote Quick reply to this message
 
Old 05-08-2013, 02:52 PM
 
4,787 posts, read 10,225,175 times
Reputation: 12691
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.
Rate this post positively Reply With Quote Quick reply to this message
 
Old 05-08-2013, 07:14 PM
 
Location: Weston, FL
4,311 posts, read 6,563,769 times
Reputation: 1527
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.
Rate this post positively Reply With Quote Quick reply to this message
 
Old 05-09-2013, 06:37 PM
 
Location: Seattle, WA
2,975 posts, read 4,357,141 times
Reputation: 1214
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.
Rate this post positively Reply With Quote Quick reply to this message
 
Old 05-09-2013, 09:49 PM
 
Location: Cutler Bay FL
48 posts, read 151,112 times
Reputation: 30
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.
Rate this post positively Reply With Quote Quick reply to this message
 
Old 05-10-2013, 06:50 PM
 
Location: Way up high
17,413 posts, read 23,150,258 times
Reputation: 20742
You need to save more money
Rate this post positively Reply With Quote Quick reply to this message
 
Old 05-10-2013, 07:56 PM
 
Location: Miami/NYC
1,208 posts, read 2,152,094 times
Reputation: 505
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
Rate this post positively Reply With Quote Quick reply to this message
 
Old 05-11-2013, 06:43 PM
 
Location: Miami
6,853 posts, read 20,660,636 times
Reputation: 2927
I agree keep saving, you want to put 20% down when you buy something.
Rate this post positively Reply With Quote Quick reply to this message
 
Old 05-13-2013, 12:47 AM
 
Location: Heartland Florida
9,324 posts, read 24,729,086 times
Reputation: 4969
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.
Rate this post positively Reply With Quote Quick reply to this message
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.

Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.


Reply
Please update this thread with any new information or opinions. This open thread is still read by thousands of people, so we encourage all additional points of view.

Quick Reply
Message:


Settings
X
Data:
Loading data...
Based on 2000-2020 data
Loading data...

123
Hide US histogram

Over $104,000 in prizes was already given out to active posters on our forum and additional giveaways are planned!

Go Back   City-Data Forum > U.S. Forums > Florida > Miami

All times are GMT -6.

© 2005-2021, Advameg, Inc. · Please obey Forum Rules · Terms of Use and Privacy Policy · Bug Bounty

City-Data.com - Contact Us - Archive 1, 2, 3, 4, 5, 6, 7, 8, 9, 10, 11, 12, 13, 14, 15, 16, 17, 18, 19, 20, 21, 22, 23, 24, 25, 26, 27, 28, 29, 30, 31, 32, 33, 34, 35, 36, 37 - Top