5 TIPS TO PREPARE YOU TO BECOME A HOME OWNER!

HOME OWNERSHIP IS A PROCESS! 

HERE ARE 5 TIPS TO PREPARE YOU TO BECOME A HOME OWNER!

• STEP 1. Start Saving for a Down Payment & Closing Cost Early - you may not qualify for down payment assistance due to credit score, income qualification etc. so the better idea is to start saving a couple years prior to your purchase unless you are expecting a gift or a large sum of money.  For example, begin saving your income tax returns for several years before you are ready. You will need money for down payment assistance which can begin at 3.5% & up of the purchase price; you will also need money for closing costs which can be up to 6% of the purchase price. You will have upfront costs such as an escrow deposit, home inspection, termite inspection, wind mitigation, appraisal, etc. which are all calculated and included in your estimated closing costs.

• STEP 2. Check Your Credit Score & Report - To get down payment assistance most programs require you to have a min 640 score. If no DPA is needed then 620 & above will work. However keep in mind that the higher your score the better interest rate you will get and more loan programs will be available.  Along with having a good credit score, you need to avoid collections, liens, judgements, late payments, high credit balances as all these factors will be reviewed by your lender and can prevent you from obtaining financing. Some items may be required to be paid off. If negative credit is a factor then you will need to take the time to repair and improve it. 

• STEP 3. Get Prequalified for a Loan. Consult with a mortgage broker about financing options and get pre-qualified. The lender will review your credit score, debt to income ratio, recent tax returns, bank statements, paystubs etc and advise you if you are ready to enter into a contract or do you need to work more on becoming ready. If you are ready, they will let you know how much house you can buy, estimate of interest rate and if you qualify for down payment assistance if applicable. If you qualify for DPA your lender will discuss the various options with you. If you are not ready, the lender will discuss what your options are to get ready.

• STEP 4.  Contract Ready. Once you have been PRE-APPROVED by your lender which means your documents, employment and income, etc have been VERIFED by your lender you are considered contract ready. You will be given a pre-qualification letter which will let you know that you are ready to obtain a home loan. It will indicate what your maximum purchase price is and what type of loan you qualify for - FHA or Conventional. YEAH! You are one step closer to achieving your dream!

•  STEP 5. Hire an Experienced Realtor & Begin the Home Search Process.  The process of buying a home is an exciting but stressful event so it’s very important for you to be represented by an experienced, patient and knowledgeable REALTOR!  
  

HAPPY HOUSE HUNTING!

*Read our next article - "The Home Buying Process" from Escrow to Closing!

If you have questions about buying or selling a home, we have answers!

Donna Morton, REALTOR

Florida Summer Homes Realty, LLC

407-810-6520 - donnamorton22@gmail.com

www.FloridaSummerHomesRealty.com

www.Facebook.com/FloridaSummerHomes

EB-5 Visa - Florida Immigrant Investment Program

ABOUT THE EB-5 VISA IMMIGRANT INVESTMENT PROGRAM 

- FLORIDA - 

The EB-5 Visa (Green Card) Immigrant Investment Program is a Unique Opportunity to Obtain Permanent, Lawful United States Residency.

This employment-based immigrant investment visa program is a quick, easy process with a very favorable visa approval rate and is your Fast Track to permanent U.S residency.

In accordance with the EB-5 law and regulations, this is a Direct Job Creation EB-5 visa program. As a result, a minimum of 10 direct permanent, full-time jobs per immigrant investor will be created within the State certified Targeted Employment Area (TEA).

Advantages of the EB-5 Program:

·         Green Cards for You, Your Spouse, and Unmarried Children Under the Age of 21

·         Freedom to Live, Work, and Retire Anywhere in the United States

·         Some Management or No Day-to-Day Management Required of the Investor

·         Educational Benefits - Children May Attend College or University at the Same Cost as U.S. Residents

·         Located in a Targeted Employment Area (TEA) and Requires $500k to 1mil USD Investment

·         Faster Approval Time and Favorable Success Rate

·         Optional Path to U.S. Citizenship in Five Years

·         Your EB-5 Investment is NOT Equity Based  

Contact me today at 407-810-6520 (FREE on WHATS APP) or email DonnaMorton22@gmail.com to be directed to Florida attorneys that can guide you through this wonderful opportunity.

Tips for Foreign Nationals buying or selling in Central Florida - Orlando area! #VacationHomes #ShortTermRentals

By Donna Morton, Lic. RE Broker
Florida Summer Homes Realty, LLC

Who is considered a Foreign National?

A citizen or legal resident of a nation other than US  applying for the loan in the US is considered a Foreign National Borrower.

What type of property can a Foreign National buy? Second homes, vacation or holiday home, investment, buy to let and commercial properties can be purchased by foreign nationals.

What types of loans are available? Fixed and adjustable rate residential and commercial loans are available. Terms are 10, 15 or 30 years fully amortized or interest only loans.

How long does it usually take to close on a loan? Approx 30 – 45 days

How much down payment is required? Usually 35% of the purchase price

Does the Foreign National need to be in the US for closing? Transactions can be closed thru POA (power of attorney) where the borrower designates someone else to close for him or in certain cases it can be a mail away.

What type of documents are typically needed?  

1. Copy of Valid Passport & Identification
2.  Verification of income: Paystubs  / Self employed: CPA or accountant's letter 
3. Two months bank statements to show funds to close plus 6 months reserves
4.  International credit report

SELLING AS A FOREIGN NATIONAL! 

What is FIRPTA? When non-citizen property owners decide to sell their US property, certain tax restrictions may apply. FIRPTA, the Foreign Investment in Real Property Tax Act, was enacted in 1980 and provides that if the Seller of real property is a foreign person, the Buyer must withhold a tax equal to 15% as of Feb 17, 2017 of the gross purchase price, unless an exemption applies. A foreign person is a nonresident alien individual; a foreign corporation not treated as a domestic corporation; or a foreign partnership, trust or estate. A resident alien is not considered a foreign person under FIRPTA. There are many exemptions to this rule for example a transaction involving the transfer of a property acquired for use as the buyer's residence and the amount realized (purchase price) does not exceed $300,000. Find more information about FIRPTA on the IRS website. https://www.irs.gov/individuals/international-taxpayers/firpta-withholding 

We can connect you to local experts such as Real Estate Attorneys, CPA's, Property Management, Money Transfer companies, etc that are experienced with foreign national loans / transactions to make this experience as smooth as possible!

Living the Florida Lifestyle!!

Please contact me at donnamorton22@gmail.com / 407-810-6520 FREE on What's APP 

 www.FloridaSummerHomesRealty.com / Facebook.com/FloridaSummerHomes

Tips for Buyers Relocating To Florida

Written by Donna Morton, Lic. RE Broker
Florida Summer Homes Realty, LLC

First seek out an experienced Real Estate Professional such as myself in the area that you are planning on relocating to. On your own you do an Internet search as it is ultimately your responsibility even though you will have the guidance of experts.

For example: 
Research local news through major city news and classifieds;
Research neighborhoods if you have a specific one in mind;
Research the HOA association for the neighborhood;
Research crime stats for the neighborhood;
Research school for the appropriate age of your children.

As your REALTOR I am dedicated to assisting you with finding the perfect home in accordance with the amount that you have been pre-qualified for by your lender. If you haven’t started the financing process yet – I can refer you to several mortgage lenders from my team of preferred partners to get pre-qualified. It is also critical to confirm your down payment and closing cost funds that will be required with your lender. If you are paying cash we just need your proof of funds within the last 30 days.

 

Your needs and desires will be compiled in the search. Whether you are looking for a gated, golf, waterfront, new construction or equestrian community we are here to guide you in your quest of that perfect home for you and your family. HAPPY HOUSE HUNTING!!

We are here to educate you about your chosen community and the process of home ownership in Florida. Assisting you with a smooth transition is our goal. This is just a synopsis of what to expect in buying your Florida home.
Please contact me at donnamorton22@gmail.com / 407-810-6520 - direct
www.FloridaSummerHomesRealty.com / Facebook.com/FloridaSummerHomes

Florida Summer Homes Realty, LLC

DONNA MORTON, FLORIDA REAL ESTATE BROKER

FLORIDA SUMMER HOMES REALTY, LLC

Thank you for choosing Florida Summer Homes Realty. We are a boutique, community oriented Florida real estate brokerage. Whether you are looking to BUY or SELL a vacation home, second home, investment property, a first time buyer or looking to relocate to Central Florida we can represent you?



About the Broker:

Donna Morton is a native of Jamaica, Florida resident for over 25 year and a trusted Florida REALTOR® for over 14 years. She specializes in residential real estate with an emphasis on giving back to her community.

Her extensive legal background of over 10 years in Real Estate & Litigation Law as a Paralegal gives her the knowledge that will in turn give you that peace of mind that is needed when selling or buying a home. Whether you are an investor, first time buyer, foreign national, relocating, upsizing or downsizing, Donna can assist you in this major life changing decision.  Stay connected at www.Facebook.com/FloridaSummerHomes 

In 2016 Donna decided to fulfill her goal of being a real estate broker and opened Florida Summer Homes Realty, LLC, a full service real estate brokerage in Altamonte Springs. In 2017 the brokerage rolled out the Heroes Next Door Grant Program. The focus of this program is to give FREE grant money to service professionals such as law enforcement, medical professionals, 1st responders, teachers and veterans buying their 1st home. The money is used to reduce the buyer's closing costs and is credited at closing. For more info please visit -  www.Facebook.com/HeroesNextDoorProgram

Florida Summer Homes is licensed in the State of Florida however the brokerage is based in Central Florida. Donna believes that the longevity and success of her career comes from building relationships, personal referrals, past clients and community outreach. Get started on your journey of buying or selling your home - visit www.FloridaSummerHomesRealty.com

Donna is also an extensive community servant. She is the Founder of Florida Community Outreach, LLC, an outreach marketing organization whose mission is to bring awareness to valuable resources & information which can benefit the community. These resources vary from  501c3 non for profit organizations to government entities, churches and/or cultural organizations. Stay connected at www.Facebook.com/FloridaCommunityOutreach

Donna also currently serves as a Treatment Committee Member for the Orange County Drug Free Coalition.

Donna served as the Secretary of the Caribbean American Chamber of Commerce in 2013 & 2014, then as Vice President in 2015.

In 2016, Donna formed Caribbean Professionals Alliance. The group's focus is to promote small businesses, share networking resources & business workshops all while promoting the Caribbean culture. Stay connected at www.Facebook.com/CaribbeanProfessionalsAlliance

Why wait until you are retired to live the #floridalifestyle. Bring your family to enjoy sunny weather, local theme parks such as #disney #universalstudios #seaworld #bushgardens, #golf, nearby #beaches, lakes & more. 1 - 1/2 hour from #tampa or #daytonabeach.  Call or text us today at 407-810-6520 FREE on Whatsapp or email us at FloridaSummerHomes@gmail.com

www.FloridaSummerHomesRealty.com   #CaribbeanAmerican #FloridaBroker

#floridarealtor #floridarealestate #foreignnationals #relocating #vacationhomes #shorttermrentals #investments #retirement