Category: Real Estate

Securing a Mortgage While Self-Employed

Debbie Roney Smith on

You can still become a homeowner while being self-employed. There are programs that take self-employed incomes into consideration and work to make the process achievable. One such program is the Bank Statement Program by Cross Country Mortgage LLC. This program allows potential homeowners the opportunity to qualify for a mortgage without some of the income documentation that is typically required. They offer loans up to $3.5M while accepting supplemental income and personal or business bank statements.

Image by Nattanan Kanchanaprat from Pixabay

Wondering if this particular program would benefit you? Reach out to Cross Country Mortgage LLC today! Not sure Cross Country Mortgage is right for you? Not ready to reach out to a company to get a mortgage but know it’s in your future? See the list of tips below for things to focus on that will benefit your future mortgage endevours: 

  • Maintain a low Debt-to-Income (DTI) ratio – increase your income and reduce your debt! You want your DTI to be below 50%. Calculate your DTI by adding up your monthly minimum debt payments and dividing the total by your monthly pretax income.
  • Maintain or raise your credit score; credit lenders want to see a low credit utilization ratio. Find your utilization ratio by dividing your balance by your credit limit. 
  • Make sure to keep your personal and business expenses seperate to create a clear distinction and a favorable application profile. Keep expenses seperate by maintaining different bank accounts, credit cards, and financial documents. 

Walton County Real Estate Boom

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Real estate continues to be a hot commodity in Walton County as more vacationers and visitors to the area move here full-time in the wake of Covid-19. The area is expanding fast and available housing is rapidly depleting. The public school system is an added bonus for families moving into the area; Walton County offers a high level of education and activities that would normally be indicative of private schools. The 2020 U.S. Census Bureau reported that Walton County’s population is over 75,000. 

Fun Florida Population Facts

Debbie Roney Smith on

Today’s blog brings you three fun facts about Florida’s population: 

  1. Florida ranked as the third most populous state in 2019. (United States Census Bureau)
  2. Approximately 950 people move to Florida on average per day. 
  3. Florida is ranked as the second-fastest growing state in the United States. (ISG World Miami Report)

When Buying Your Next Home…

Debbie Roney Smith on

One of the first steps of buying a home is deciding between purchasing a newly built home or an existing property. Each has pros and cons that need to be considered to make the best choice for you. 

Newly Built Homes Pros:

  • Brand new construction with active warranties
  • Customizable floor plans
  • Cost of upgraded features and appliances can be folded into the mortgage
  • Green appliances for better energy efficiency
  • Financing is available through the builder, making it easier to qualify for a mortgage
  • Fewer maintenance costs associated with repairs or renovations

Newly Built Homes Cons:

  • More expensive than resale properties
  • Location may not be ideal (lack of schools and shopping opportunities, possible longer commute)
  • Property values are unknown, and possibly more volatile
  • Lacking in character – cookie-cutter design
  • Ongoing construction in the neighborhood
  • Greater Tax Burden

Existing Homes Pros:

  • Typically less expensive, with more opportunity to negotiate price
  • More desirable locations
  • Known neighborhood dynamics
  • Proximity to schools, shopping, and places of worship
  • Older houses tend to have more character as compared to modern designs
  • Property values can be determined before purchase
  • Lower tax profile

Existing Homes Cons:

  • Smaller inventory of acceptable properties
  • May require extensive repairs and/or renovations
  • Fewer amenities/older appliances
  • Financing can be more difficult
  • Competition from competing buyers
  • Neighborhood may be in decline

Which of These 6 Loan Types Is for You?

Debbie Roney Smith on

  1. Fixed-rate loan: the interest rate doesn’t change throughout the life of the loan, typically 15-30 years. This means the monthly loan payment shouldn’t change, making it a relatively low-risk loan. Requires a down payment.
  2. Adjustable-rate mortgage: loan begins with a lower rate for a fixed period of time (5-10 years); after this period, the interest rate will adjust approximately once a year in relation to current interest rates. Monthly payments can fluctuate, so this loan is best for those who plan to move and sell their home before their fixed-period is up.
  3. FHA loan: a Federal Housing Administration loan is a government-backed loan that allows homeowners to make a down payment of as little as 3.5% versus the standard 20%. There are several requirements such as limited loan amounts and minimal payment flexibility. They are fixed-rate mortgages of 15 or 30 year terms. Mortgage insurance is required. 
  4. VA loan: a Veterans Affairs loan is for veterans who have served 90 consecutive days during wartime, 180 days during peacetime, or six years in the reserves. They are government-backed and require no down payment or mortgage insurance.
  5. USDA loan: the USDA Rural Development loan is government-sponsored and requires no down payment with discounted mortgage rates. This loan is designed for rural areas struggling financially. However, an individual’s debt cannot exceed their income by more than 41% as mortgage insurance is required.
  6. Bridge loan: also referred to as a gap loan or “repeat financing;” the current and new mortgage payments are bundled into one. An excellent option for those purchasing a home before selling their previous residence; once the home is sold, the mortgage can be paid off and refinanced. 

     

2890 Spring Chase Lane in Marianna~WATERFRONT

Debbie Roney Smith on

Waterfront home on Merritts Mill Pond. Recent updates include granite counter tops, interior & exterior paint, wood laminate flooring, new carpet in guest bedrooms, new garage door with auto opener, bronze fixtures, plus more. Quiet neighborhood close to shopping and restaurants. Split Bedroom floor plan. Open Kitchen, breakfast room, great room. Separate formal living room & dining room. Living room and great room with back to back gas fireplace. Master bedroom, additional bedroom & great room with views of mill pond. Back screen porch which also has a waterfront view. Master bath with garden tub, separate shower, linen closet, double sinks, large walk in closet. French doors from great room and master bedroom to screen porch. Wired for surround sound. Asking price $389.900.

Click on “property listings” at the top of my webpage, to the left of my blog. Then in the drop down section click “my listings.” for more information and photos on this and all my listings! Listing provided courtesy of American Gold Realty

 

Waterfront home on Silver Lake – 3442 SEMINOLE Lane, Marianna, FL 32448

Debbie Roney Smith on

This house is for sale. View this listing. This house is a must see. There is a view of the lake from just about every room in this house.  Silver lake I read is 265 acres of spring-fed pristine water & 65 feet deep. Life on the lake. A must have.

Pro Search Tip

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Pro Search Tip
Do not put something in every single search field. Once you have done your search, if you have way too many results and want to narrow it down a little, you can just click the Refine Search button to return to this page. Then add one or two more filters to your search, repeating the cycle of viewing results and refining your search until you have a manageable amount of listings to browse through.