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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.


 
  • September 23 2013 - US
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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.
  • September 24 2013
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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.
  • September 24 2013
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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.  
  • September 24 2013
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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!

  • September 24 2013
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Profile picture for candacerdecker
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.
  • September 23 2013
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