Be aware that FL agents practice transactional brokerage and do not represent you but the transaction unless you get an agent to sign a buyer brokerage agreement. Agents by law are not working for you in spite of getting paid! No advocacy, nothing that rises to the level of representation under agency law. Treat all prospects and consumers as customers, not clients.
Mortgage money is hard to come by unless you focus on Fannie/freddie REO properties and can get an FHA loan. Lenders hate those FL HOA's... more
Speak to any qualified loan officer(s) first, see what your budget can handle, check that score--he/she may have tips on how to best improve it in a short time. FHA requires a minimum of 620 -- it may be possible with a co-signer--again visit a loan officer(s).
You're welcome to see all of the available rentals in Tampa listed on the Realtor MLS system by signing up for a free listingbook account on my website:
Just be very careful to be sure the person you rent from is not in foreclosure or you may have to allow Realtors and their buyers into the house with just minimal notice. It would be quite uncomfortable. Also it's not unreasonable to ask the owner to show you a recent mortgage statement to be sure they are paying their mortgage payments on time.
Hope this helps.
HOA and condo fees are certainly similar. The difference is the style of ownership. HOAs are applied to fee simple ownership while Condo fees are applied to properties held as condo ownership. And yes, you can have both, particularly in large developments like Tampa Palms which has several different communities within the larger community. The individual community may have either an HOA or condo fee and then there is a master association. They all pay for different things.... more
Some townhouses simply can not be financed through FHA. Some townhouses simply can't be financed AT ALL. It all has to do with investor concentration, HOA reserves, and many other factors. Your best bet is to speak to a knowledgeable FHA loan originator to seek your best options. If you would like further assistance in your purchase, feel free to contact me at any time for your financing options.
I ran a Sold search in your price range since Sept. and it looks like 1/4 that closed were Short Sales. There are still many regular & bank owned sales that are closing. I don't have a percentage of the Short Sales that have closed - it may still be pending, since most take months. Sometimes Short Sales can close in 60-90 days - sometimes 6 months. Whether you should look at Short Sales or not would depend on the time frame you need to move.
This is from my website:
This form of Real Estate sale has the longest process. This home is considered "underwater" - the homeowner owes more than the comparable homes are selling. Typically, the homeowners cannot afford to live in the home anymore. In order to even qualify for a Short Sale, the homeowner had to have suffered a "hardship" (ex. death of spouse, loss of job). The lender determines if they will accept the hardship. Hopefully, the Short Sale package was already submitted to the lender before the home was listed in the MLS - sometimes, this is not the case - which can delay the process. The homeowner can accept the Buyer's offer; however, the contract is not effective until the lender approves the price. You can wait months and the lender is not required to accept, reject, or even counter your offer. You can wait months for a response - and won't start your inspections until after the contract has been accepted by the lender. Hopefully, there won't be anything major wrong with the home because Short Sales are usually sold "As-Is". Complications can erupt when there is more than 1 mortgage, the seller has hidden assets, or the listing agent has underpriced the home. Yes, you can get a good deal on a Short Sale - but you can also get a good deal on a regualr (non-Short Sale) or Bank Owned home and you can usually close a lot sooner. Although, due to the economy, the majority of the homes currently listed in the MLS are Short Sales. Short Sales require a lot of time and you must be able to not get emotionally attached to the home - which can be very hard for most people.
*Please, let me know if you would like me to run a detailed MLS search for you. Thanks!... more
Using a cosigner doesn't affect your rate by itself. The only way it would affect the rate is if his score was worse than yours.
If your dad's credit score is better than yours then it won't affect the rate at all. Banks always look at the middle score of the worse borrower.... more