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Fha Loan | Living the Florida Lifestyle Blog

Thursday, September 1, 2022   /   by Ana Baldner

Is Buying Cheaper Than Renting?

Is buying cheaper than renting? This depends mostly on the local market and its conditions. The Real Estate market has been heating up the past couple years and many Americans are making the transition from tenant to homeowner. 

With rents skyrocketing all over the country, some may make the assumption that even in a heated market, buying may be the better option. But the truth is, there are different associated costs that create key Pro's and Con's to either choice. 

Costs of buying
The biggest upfront cost of buying is your down payment. Typically between 3-20% of the home's purchase price. If you do put less down, your interest rate will typically increase, making your monthly payments increase as well. There are many monthly costs you will face, your mortgage payment being the biggest, including principal and interest for your loan. This number could also go up or down if you have a variable interest rate. HOA dues should also be factored in, generally covering lan2 ...

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Tuesday, August 25, 2020   /   by Kelly Bruno

Types of Financing to Consider When Buying a Condo

Typical ways to purchase real estate include Conventional loans, FHA loans, VA loans and cash. But not all condos are created equal; some of these are not an option with the exception of cash. 

Some condos can only be bought with cash. This can happen for a number of reasons: 

The condo does not carry the right insurance that a lender requires
The ratio of renters to onsite owners is too high 
The condo is involved in a litigation of some sort, among other things 

The majority of condos are purchased with a conventional loan. The required amount of a down payment can range from 10% up to 25% (there are even a few lenders that will accept 5% down). This amount will depend on the lender and how the Buyer intends to use the property. In addition, you must factor in  whether or not the association is “warrantable”, meaning a complex must be in good shape – both physically and fiscally. 

FHA loans offer low down payments and more ...

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Florida Lifestyle Realty LLC
Jackie Griffin
6500 N. Atlantic Ave. Suite C
Cape Canaveral, FL 32920
321-613-5922

The information displayed on this website comes in part from the Broker Reciprocity Program of Brevard County, Florida. Real estate listings held by brokerage firms other than Florida Lifestyle Realty LLC in Florida are marked with the Broker Reciprocity thumbnail. Copyright 2014 Space Coast Association of REALTORS®, Inc. All rights reserved.
IDX information is provided exclusively for consumers’ personal, non-commercial use, and may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing. The data is deemed reliable but is not guaranteed accurate by the MLS.com. October 4, 2022
Copyright 10/4/2022 4:08 AM CST New Smyrna Beach Board of REALTORS®, Inc. All rights reserved”. NSBBORMLS data is provided solely for publication on the Internet as a tool for consumers to search and view properties available for sale, which have been listed with NSBBORMLS members. “IDX information is provided exclusively for consumers’ personal, non-commercial use and may not be used for any purpose other than to identify prospective properties to consumers that may be interested in purchasing. Data is deemed reliable but not guaranteed accurate by the MLS”
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