ThereseClapp.com
Realtor® Broker/Owner
SW Florida Global Real Estate Group
Listings
VA Home Loan Guide (link)
Making Homes Affordable (link)
Florida Hud (link)
TYPES OF MORTGAGES
Conventional loan mortgages generally pose fewer bureaucratic hurdles than FHA or VA mortgages, which may take longer to process because of the red tape. You will need excellent credit to qualify for the best interest rates.
VA loan mortgages borrowers can qualify for 100% financing of the sales price. Veterans do not have to be first-time buyers and may reuse their benefit. PMI is not required. Loans are assumable by another veteran provided he or she is qualified. Seller can pay closing costs and the VA funding fee as long as these expenses don't exceed 4% of the loan amount. The veteran must produce a Certificate of Eligibility.
FHA loan mortgages require a low 3.5%down payment as opposed to conventional loans, which can require as much as 20%down. FHA has no stated minimum credit score requirement, but lenders may have their own guidelines. Upfront MIP and ongoing annual premiums add to overall costs of a loan.
A loan originator or loan processor working for a mortgage lender or broker can typically pre-qualify you for a home loan within an hour. To get pre-qualified you will need to complete a mortgage application and allow the broker or lender to pull your credit. They will review the mortgage application and your credit and let your know if you are pre-qualified.
Only a mortgage underwriter can pre-approve you for a home loan, loan originators and processors can't. If an underwriter pre-approves your home loan application upfront, all you have to do is find the home you want, have it appraised, and then you should be able to close in just a few days. Some mortgage brokers and lenders will issue pre-approvals that have not been reviewed by an authorized underwriter, be sure to ask.
RESIDENTIAL INFORMATIONLee County Appraiser (link)
Cape Coral Demographic Information (link)
Defective Drywall Information (link)
Google Earth (link)
WHAT IS MLS?
MLS is a sharing of comprehensive home information among real estate professionals. Listings brokers enter the data about a home for sale and offer to share the commission with a broker who brings a buyer. It's an online software that contains all the specifics about a home, from the address, age, square footage, number of bedrooms, baths, upgrades and schools districts to types of financing the seller will consider, and more. There is generally at least one to a dozen photographs of the home, plus a link to a virtual tour, if one exists.