First Time Home Buyer Nokomis Florida

FHA Low money down Home Loans in Florida
First time home buyer, second home, vacation home

Real Estate Trends Nokomis Florida

The Nokomis Florida housing market is competitive just like most of the country today with inventory being tight and relocations to Florida at an all time high. The average sale price of a house in Nokomis averages around $390,000 which is up over 15% since last year. In Nokomis the average per square foot price is $208.  Due to the housing shortage economists predict that prices around the country will continue to rise, regardless of a recessions. Information from a property data firm CoreLogic forecasts a faster rate of growth for home prices in 2020 than we saw in 2019 with some of the largest gains being for lower priced homes. 

What Does This Mean For You?
If you are looking to purchase a home sometime in the future, don’t delay getting started. Economists expect home values as well as rental rates to continue to rise. 

CambridgeHomeLoan.com can help you secure the best rates and terms for your home loan in Nokomis and the surrounding North Venice and Sarasota area. There are many different loan programs available to meet the wide range of borrower needs including a purchase of a new home, the refinancing of you current home loan, the financing of renovation and rehabilitation projects, first time home buyers, reverse mortgages and vacation homes. In addition there are First Time Home Buyer Programs, programs starting at 3% down and programs to refinance your current loan and save on your monthly payment. S.R. 681 in Nokomis south to Toledo Blade and I-75, just outside of the North Port city limits. There are more than 33,000 new residential units planned over the next few decades which will bring over 54,000 newcomers by 2030.  This will spark an economic boom and bridge businesses of every sort. Like Sarasota and Lakewood Ranch nearby North Venice and Nokomis are becoming the go to spots to work, live and retire.  

FHA Loan in Nokomis

The FHA provides insurance to FHA approved lenders that allow them to provide much more leverage than would be otherwise possible. The FHA loan in Florida requires only a 3% down payment in 2021. The down payment is allowed to be a gift from an acceptable source as allowed by the FHA and up to 6% can be contributed by the seller for closing costs.

 

First Time Home Buyer

First time home buyers can participate in the FHA loan program above or with just 5% down can go conventional.

 

Nokomis Jumbo Home Loan

Jumbo home loans up to $3 million dollars for those looking for luxury can find the best rates by clicking here. Jumbo loans can be conventional with 20% down or for the self employed purchasing a jumbo loan you have the option of a number of products that require limited documentation.

Statement only
1099 Only Loan
Asset Depletion
Foreign National loan
Construction To Perm

 

The Best Gated Communities in Nokomis and Venice Florida

Be prepared the Nokomis, Venice Florida area is hot. More than 33,000 new residential units are already planned for the decades ahead, bringing an estimated 54,000 newcomers by 2030 and sparking new businesses of every sort. 

FHA Loan Credit Requirement

What is the minimum credit score required for FHA loans and first time home buyers?

A mortgage or Bank FICO with middle credit score of at least 620. Depending on overall credit, sometimes borrowers are able to qualify with middle scores or FICO as low as 580.

In some instances, where a co-borrower does not have any credit scores, FHA will consider approval so long as the primary borrower meets the minimum credit score requirements and has more than 50% of the qualifying income with a minimum of 3 tradelines active for last 24 months.

Regardless of what your credit scores is, FHA still evaluates overall credit history to determine if borrower gets approved eligible findings that meet FHA approval guidelines.  It is also important to note that your consumer FICO is not the same as your mortgage FICO or Bank score. Banks use a different calculation and you should contact your loan officer to understand the difference between the consumer and bank scores.

FHA Loan Maximum Seller Credit Allowed

What is the maximum seller contributions/concessions for FHA loans?

Seller Credit and other third party contributions are limited to a max of 6% of the sales price. For VA Loans the maximum seller contribution is 4%. It always pays to try to get the maximum seller contribution that you can .

EXPERT FIRST TIME HOME BUYER GUIDE Florida