Profile picture for KatieLee5

sister and i looking to both buy homes at the same time in different cities, florida

We are trying to do all the research before income tax day (money for down payments/earnest money/appraisals) and the new year. We are both first time home buyers and one is in the military. What is going to be the best deal to get into? VA loan, FHA , 203k Renovation loan? Were excited but over whelmed at all the options and frightened at the same time with all the options and what unexpected costs can pop up through the process of each different type. Neither has an exorbitant amount of money for a down payment/all costs involved and this mean less the 5k if even. I hear of friends getting into a home with about $3k. One lives in Tampa and one in the Jacksonville area and amount the same credit 660. The one in Tampa is married and has duel income, both looking for $100k home or $50k with 30k renovation loan money...... is one loan better then the other? I feel like i cant find straight answers with my research. Also on a quick note we are open to new construction.


 
  Flag content
Close
Report a Problem

Please enter a valid email address.

Close
Content flagged

We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

Close
We're Sorry
This service is temporarily unavailable. Please come back later and try again.
September 23 2013 - US
We think we've answered this question for you!
  • Be a Good Neighbor. Be respectful and on-topic. No spam or self-promotion! See our Good Neighbor Policy.
 
 

Answers (5)

For the military sister a VA loan is going to be better than the FHA due to the fact that she will not have to have mortgage insurance and she can do 100% financing.  As far as the other sister if it is a renovation the 203K FHA loan will be best for her. Hope this helps.  I am a lender in Tampa and can assist over the phone to help with more clarification.
  Flag content
Close
Report a Problem

Please enter a valid email address.

Close
Content flagged

We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

Close
We're Sorry
This service is temporarily unavailable. Please come back later and try again.
September 24 2013
It's difficult to give info for two scenarios in one post. How about breaking your question up into two scenarios, like Sister #1 and Sister #2

One word of advice, don't put much stock into the "deals" that you have heard others receive. It's good to listen and learn, but you don't know the details of their scenario. It's like talking to your mechanic about a mortgage. Lots of info gets lost in translation.
  Flag content
Close
Report a Problem

Please enter a valid email address.

Close
Content flagged

We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

Close
We're Sorry
This service is temporarily unavailable. Please come back later and try again.
September 24 2013
You are asking all the right questions in the wrong place. There are too many issues here for a internet conversation.
To many people assume the internet can give them the info they need, when they really need advice. 

I think you need two people, a good loan officer and a good real estate agent.

Then break out your purchase goals for you and the other person.  
  Flag content
Close
Report a Problem

Please enter a valid email address.

Close
Content flagged

We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

Close
We're Sorry
This service is temporarily unavailable. Please come back later and try again.
September 24 2013
Hi Katie,

I agree with Candace. You have asked a lot of questions and are dealing with two different scenarios at the same time. A reputable mortgage professional in your area can sit down with you to go over everything and discuss the pros and cons of the different types of loans. It's a loan officer's job to help you understand the process, so use that resource. 

Best of luck with your home search!

  Flag content
Close
Report a Problem

Please enter a valid email address.

Close
Content flagged

We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

Close
We're Sorry
This service is temporarily unavailable. Please come back later and try again.
September 24 2013
You will want to speak with a mortgage lender, to discover which options are best for you. Shop around, and speak to a few different lenders.  This is the best way to get accurate, straightforward information.
  Flag content
Close
Report a Problem

Please enter a valid email address.

Close
Content flagged

We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

Close
We're Sorry
This service is temporarily unavailable. Please come back later and try again.
September 23 2013
 
Related Questions
Will a Earth Contact home qualify for a FHA loan
Profile picture for Brian Martucci
Latest answer by Brian Martucci
3 hours ago | 1 answers
CLOSING COSTS SPARKS NV
Profile picture for randy drzewicki
Latest answer by randy drzewicki
3 hours ago | 4 answers
Who do I appeal to if fha denies a loan after we provided the requested information
Profile picture for randy drzewicki
Latest answer by randy drzewicki
3 hours ago | 11 answers
Hi my husband is eligible for a VA loan
Profile picture for Paul Collier
Latest answer by Paul Collier
6 hours ago | 9 answers
Can I Be qualify for an FHA loan and purchase a House. Please Help
Profile picture for Sherry Brady
Latest answer by Sherry Brady
6 hours ago | 9 answers
Mortgage Rates
 
Be A Good Neighbor

Zillow Advice depends on each member to keep it a safe, fun, and positive place. If you see abuse, flag it. More on our Good Neighbor Policy.

 
 
 
Sign in with Google