• LOCATION AND REALTOR QUESTIONS
   
• 

  ?       What’s the best way to get information on available homes for sale?

  A        Begin receiving emails showing available homes through a “Listing Alert” with The Key Group.

  a         Click on logo above

  a         Enter your info, come up with a password, enter your search criteria, and then check your email.

   ?       Where will we live?  And, what are the commute times?

  A        For a map of the area with housing and commute times, click here.

   ?       What about home affordability?

  A        For a housing breakdown from Team Eglin Housing Support, click here.

   

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• MORTGAGE LENDING QUESTIONS
  
  

?       What types of loans are available in Florida?

A        No Down Payment

a         Veterans Association (VA)

a         US Dept of Agriculture (Rural Housing)    

a         Limited government bond money programs

A        Low Down Payment

a         FHA (3.5% down)

a         Conventional (min of 10% down)

 ?       How can I figure out what my payments will be?

A        There are calculators all over the place, but very few include estimates for taxes and insurance where you are looking.  In order to get an instant email reply with a Microsoft Excel based calculator that includes estimates for the Okaloosa County area, click here.

 ?       How much are typical closing costs?

A        Typically, closing costs will be within 2-3% of your sales price when purchasing a home near $250,000.  These costs can be paid by the seller allowing you to move in with no upfront expense when combined with a No Down Payment loan.  Ask a Realtor for guidance on this.

 ?       Is it hard to qualify for a mortgage loan?

A        Typically you’ll need at least a 620 credit score.

A        All income must be documented, no more “stated income” loans.

A        What about a spouse who plans to go to work once moved?

a         Typically a spouse will have to have a contract for employment with a start date before the income can be used for qualifying.  Some local lenders can make exceptions in certain cases.

 ?       How much can I qualify for?

A        Click the logo above, or click here to send an email to Steve Schutt at Prime Lending.

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?       How much is insurance in Florida?

A        This varies widely on the age and construction of the home, as well as the proximity to water.

a         Generally, figure an annual premium of at least .5% of the purchase price for best case scenario.

a         Because insurance cost can vary so widely the best course of action is to get an actual quote by clicking the logo above or visiting the website for Niceville Insurance Agency here.

?       What about hurricanes?

A        To find out what can be done to “harden” a home against hurricanes, and what of those things results in the biggest discount on insurance, click here.

A        You may want to consider purchasing flood insurance.  To find out more information click here.

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NEW CONSTRUCTION AND REMODELING QUESTIONS

?       I’m thinking of remodeling an older home.  What should I consider?

A        Consult with a qualified remodeler, as there are many things to consider including setbacks requirements, zoning, type of construction, etc.

a         For more information click the logo above or visit the Florida Home Builders Assoc by clicking here.

?       How long does construction take if we decide to build a home?

A       Depending on size and scope figure 90-120 days. 

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?       Under what conditions can a military member still qualify for the First Time Home Buyer credit?

A       Below is the answer from the IRS website available here:

a         Members of the military and certain other federal employees serving outside the U.S. have an extra year to buy a principal residence in the U.S. and qualify for the credit. Thus, an eligible taxpayer must buy, or enter into a binding contract to buy, a principal residence on or before April 30, 2011. If a binding contract is entered into by that date, the taxpayer has until June 30, 2011, to close on the purchase. Members of the uniformed services, members of the Foreign Service and employees of the intelligence community are eligible for this special rule. It applies to any individual (and, if married, the individual’s spouse) who serves on qualified official extended duty service outside of the United States for at least 90 days during the period beginning after Dec. 31, 2008, and ending before May 1, 2010.

?       Are there incentives available for remodeling?

a         Energy Efficiency Improvement discounts are currently available from the IRS.  Read about them here.

a         Energy Efficiency Improvement discounts may be available from the utility companies that serve your area of residence

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?       Can you provide answers to other questions?

A        We are happy to provide answers or resources for people that have further questions.  Please ask a question by clicking the link to the right.

?       Are there other resources available?

A        Okaloosa County has prepared a website that may have the answer to the question you have.  To visit the “Welcome to Northwest Florida website, click here.

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