Donna,
Have you moved forward in your home search yet? I submitted an answer on May 20th with lots of info on "no money down" options. I would be happy to work with you on this or answer any questions for you. Feel free to contact me at any time. Best of luck!

Robin Landis, Realtor
ERA Dennis Realty
813-997-3218-cell
RLandis@ERADennis.com

Tue Jun 3 2008, 18:53

Donna, Michael is correct with his Nehemiah program and it is definitley an option if your ratios and such work. As for the insurance, a typical home in the area will have a annual insurance cost of somewhere between $1200 and $2500 per year, it will all depends on many factors.

Mon May 26 2008, 17:34

Donna

Below is a link to a shop and compare site for Insurance rates provided by the state of Florida. This might help with your insuracne question.

Cathy Sloan
RE/MAX Specialists
Jacksonville, Florida

http://www.shopandcomparerates.com/HOCompareRates.htm

Tue May 20 2008, 14:04

Donna,
The FHA loan program has changed with the market shift and may be exactly what you are looking for. They will allow the seller to pay 3% towards closing costs and 3% towards down payment (I am not a mortgage professional but I can refer you to my mortgage partner I work with-she IS well versed in the new FHA rules). Once you have the financial "i's" dotted and "t's" crossed, I would be glad to assist you in locating your new home in the Tampa Palms area, as that is one of the areas I work. Since the market is overstocked with inventory, there are many(and I mean many!) motivated sellers who would be glad to contribute that 6% towards getting their house sold! You just need to work with an experienced agent(me) that knows how to get it done.
In regards to your homeowners insurance concern, I'm sure there are homes that are requiring $10,000 per year in Tampa Palms but I'm sure those are the $1 million+ homes in the area.
I'd love to share more information about all this with you. Please feel free to contact me at: RLandis@eradennis.com or 813-997-3218(cell). I look forward to hearing from you!

Tue May 20 2008, 07:48

Donna -

Unfortunately, unless you can use VA benefits for a loan it is unlikely that you will find a lender who can give you 100% financing. You may find a seller who is willing to do a lease option (but, most require a down payment) or someone who is willing to finance the property privately.

As far as the insurance issue goes, I also work for an insurance agent and I find it hard to believe that insurance rates are $10,000 in Tampa Palms. If you find a home you like, or you would just like an idea of rates give us a call or email us and we will be happy to work up an insurance quote for you to give you an idea.

Sat May 17 2008, 10:48

I am in Jacksonville, I am currently working with and Atlanta client who cannot sell her home in Atlanta. We found two porgrams in Florida for her. The American Family Fund and The Ameridream Program. Both allow the seller to pay up to 6% in closing cost for the Buyer and make a 3% contribution to the Program for the Buyer's down payment. They are FHA programs. I would think any FHA approved lender can offer this program.

I also have heard that the Homeowners Ins in Tampa is much higher than Jacksonville.

Check with a local Tampa Mortgage Broker who is an FHA approved lender.

Cathy Sloan
RE/MAX Specialists
Jacksonville, Florida

Sat May 17 2008, 10:35

Hi Donna!

The only way to purchase a Tampa home with no money down right now is by using the Nehemiah program or having your costs and and down payment paid by the seller and using FHA financing... You still will have to qualify with a lender on your debt to income ratios and credit. A way to lower your debt ratio is to rent out your home in Atlanta and use the rental income to cover the mortgage payment. Try using the calculators on my website to see if that might work for you. If you are not sure how to proceed you need to contact a Realtor for advice.

Sat May 17 2008, 05:32

Donna,
Sorry to say it's not likely. But you do have other alternatives. We recommend getting an agent and targeting sellers that might be open to "leasing with the option to buy."

Another thought is to try to identify a seller that is willing to take on financing the property themselves.

We hope this is helpful and gets you going in a positive direction.

Good luck,
The "Eckler team"
Century 21 Almar and Associates
941-408-5363

Sat May 17 2008, 04:59