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Old 02-09-2016, 04:15 AM
 
22 posts, read 34,619 times
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Hi...60 yr old retired single woman with lifetime pension looking to buy a very inexpensive condo somewhere in Florida preferably on the east side I-95 and beach accessible....

Section 8?.....Grants?....Assistance programs?.....Realtor recommendations?...
Location recommendations?

Any suggestions for a First Time Home Buyer????...Anyone????

Thanks!
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Old 02-09-2016, 06:29 AM
 
Location: Gainesville, FL; formerly Weston, FL
2,331 posts, read 2,076,653 times
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In Broward County, through an agreement with HUD, there are programs available to help first-time home buyers by offering below market fixed mortgage rates, payment of closing costs and partially subsidizing a first mortgage.

Go to Broward.org. I don't know what web browser you're using, but I'm on Safari, so I have no other choice but to guide you that way. At the top of the page, in small print, click on "Agencies," then scroll down and click the web link for "Housing Finance and Community Development." My link looks like a mini globe. Then click on the bar labeled "Home Buyer Programs."

The county seat of Broward is Fort Lauderdale. I don't want to assume incorrectly, but I would think if Broward offers a few programs that other counties would too. Good luck!
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Old 02-09-2016, 06:45 AM
 
3,910 posts, read 7,469,862 times
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Quote:
Originally Posted by gb77777777 View Post
Hi...60 yr old retired single woman with lifetime pension looking to buy a very inexpensive condo somewhere in Florida preferably on the east side I-95 and beach accessible....

Section 8?.....Grants?....Assistance programs?.....Realtor recommendations?...
Location recommendations?

Any suggestions for a First Time Home Buyer????...Anyone????

Thanks!

I guess maybe trying to find something from HUD is where to start. Don't know about any programs but there may be some.

How much do you have to put down and get started in Florida. Inexpensive means different things to different budgets so are you looking at less than $50,000 or less than $200,000. Looking at condos be sure to check out the HOA fees and budget them into your plan. Also look to see that most of the condos are owner occupied instead of rentals. Check to see that HOA fees are current for other owners too. During 2004 some condos were not rebuilt after destroyed because many owners were not current and insurance had lapsed.

Might want to start checking out sites like this. Realtors are listed with the homes for sale. Most of Brevard County is pretty safe. There are still some bargains. I would check out the condos on Eau Gallie as starter;
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Old 02-12-2016, 06:00 AM
 
12,016 posts, read 11,266,209 times
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Quote:
Originally Posted by gb77777777 View Post
Hi...60 yr old retired single woman with lifetime pension looking to buy a very inexpensive condo somewhere in Florida preferably on the east side I-95 and beach accessible....

Section 8?.....Grants?....Assistance programs?.....Realtor recommendations?...
Location recommendations?

Any suggestions for a First Time Home Buyer????...Anyone????

Thanks!
go to a free first time home-buyers course. The one I went to only charged $25 to pick up your certificate which is good all over the state to use with grant programs that require that you complete such a course. It's an 8 hour thing but you will learn a lot. If you don't want the certificate the cost is nothing. But you have to register because sometimes it's only one time a month they have it, mine was held at a local library. They have different speakers come in such as Realtors, banks, insurance agents, etc.

The closer you are to the beach the more expensive it will be. Depending on your income the bank will tell you what you qualify for, you can get a preapproval first and then find listings on a site like Realtor.com, find a property you are interested in and submit your info and Realtors will call you.

Condos have HOA fees so your income has to take that into account, but many also cover the insurance to the structure so your insurance costs are lower than a single family home. You need to make sure the HOA is run ok and they have reserves or don't have assessments coming up. if they need a new roof you are looking at thousands of dollars more you have to pay. Your mortgage can be $500 a month for a cheap condo, plus $350 or more for HOA fees.

There are a lot of things to consider. Will it pass inspection, regular and FHA if you go that route. Will it pass the appraisal, if it does not you wasted time, hopes and money and the bank won't approve the mortgage. If it's an older place there will be additional obstacles like age of AC unit, hot water heater, possible lead paint, etc

Good luck, it beats renting and some places can be bought for the same price as renting.

Closing costs are a big hurdle, Like easily $7K, but if you can get gift funds from a close relative that would help and you can ask up to 6% of the home price as concessions towards your closing costs instead of or in conjunction with a lower price. Closing cost assistance programs can be a hurdle and are sometimes a loan that has to be repaid if you sell.

I tried to buy an inexpensive home, but the appraisal came in so low that it killed the deal. I'm trying again soon. You will have expenses such as inspection and appraisal fees if the deal falls thru, and it's about $800. It's very hard to find an inexpensive property in good shape to pass inspection because there are investors out there buying them to rent out or rehab.

Last edited by LifeIsGood01; 02-12-2016 at 06:12 AM..
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Old 02-23-2016, 03:55 PM
 
22 posts, read 34,619 times
Reputation: 23
Omg I am so thankful for everybody's input...There's lots of info here for me to peruse over before I make some decisions regarding purchasing my first home.......Thank you guys...May all of your days be wonderful ones!
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