Fannie Mae and Freddy Mac have released news that they will begin to accept mortgages for first-time homebuyers in Florida and throughout the U.S. with down-payments of as little as 3%. The mortgage giants have stated that there will be procedures put into place to ensure the borrowers will be able to repay the loans. This will include income verification requirements.
In addition to choosing a real estate agent who can properly assist you, it is just as important for first-time homebuyers in Florida to choose an experienced closing agent, such as Boyer Law Firm, P.L.
If the closing agent does not properly conduct the Title Search and closing process, then you could be subject to a Title Insurance Horror Story. Not conducting a proper title search could result in issues such as forgery, contractor’s liens, easements, zoning and building restrictions, unpaid mortgages, and more.
Things to consider for first-time homebuyers in Florida:
1. Perform a title search on the property before making an offer so that you may discover any blemishes on the Title that need to be corrected. These “blemishes,” such as an unpaid mortage, could affect both the closing costs and the closing timeframe.
2. Perform a home inspection on the property before making an offer
3. Consider having a land survey performed on the property.
4. Ensure that all utility bills are paid and up to date
5. Determine if the property will need flood insurance
If you are a considering purchasing or selling real estate, then contact Boyer Law Firm, P.L. to see how we can assist you.