La Collina Spec Home in Brandon Florida

cropped-image1.pngLa Collina is located at the northeastern quadrant of Lithia Pinecrest and Lumsden Roads in Brandon, Florida.  This location is located in one of the best areas of Brandon including, but not limited to a wide variety of shopping, parks, and restaurants.  Amenities include a clubhouse, playground, a pavilion with a resort style swimming pool, cabanas, trails, and a dog park.  There is an annual CDD fee of $1,303.09 and HOA fees of $306 per month with a $500 capital contribution.  The community features a variety of single family homes with six floor plans:

  • Pricing from $282,990s to $306,990s
  • Square footage from 2,074 to 2,775
  • Bedrooms from 3 to 4
  • Bathrooms from 2 to 2

This area is known is for some of the better schools in Hillsborough County.  Currently, the schools include the following:

  • Brooker Elementary School
  • Burns Middle School
  • Bloomingdale High School

Although the above schools are the currently assigned to the subject development, I would suggest that a potential buyer check the Hillsborough County website to verify the schools and more information (school grades, school calendar, etc.). If you are relocating to Hillsborough County, you can find your school at click here as well as the school calendar at click here.

Shopping for a large production or custom home builder can be a daunting task.  Start by defining what architectural styles appeal to you and then seek out the builders in your area who offer those styles.  Due diligence is essential.  Unlike most builders, Lennar offer a home that has everything included.  What does that mean for the buyer?  In the case of upgrades, it is simply a matter of over pricing them above what you could get done from an individual subcontractor.  I’m not saying that Lennar does not offer upgrades, but most of the “typical” upgrades in the modern home as “granite” countertops are included.  Whereas, a lot of builder charge higher prices at their “design centers”.  This is just something to think about when deciding on purchasing a home.

 The builder representative and your real estate agent

A builder representative’s ultimate goal is to sell you a home.  His or her role is to provide a wide range of information to help you in your decision-making, from building restrictions, roads and easements to inspections, warranties, rebates and upgrades.  A real estate agent knowledgeable in new home construction will be able to help you wade through all the data and point out the downsides and upsides of each line item.  Your agent also can look out for your interests in reviewing the builder’s contract, which often contains more legal jargon than consumer friendly language.

There is one spec home available (the Georgia) within the La Collina.  This 2,074 square foot, 3 bedroom home features a designer kitchen with an abundance of counter and cabinet space.  It looks out to the open space of the family and dining room for a great open feel.  The bedrooms are on the second floor and large, with the master suite over 20 feet wide with a huge closet and luxury master bath with garden tub. The laundry room is on the second floor for your convenience.

Georgia Elevation

Georgia 1st Flr

Georgia 2nd

Front Elevations and Floor Plans provided by Lennar Homes

KW1784102f20KW_thumb.jpgYou should consider using a realtor.  I could save you money especially with new home builders and it does not cost you anything.  So why not?  If you are interested in buying real estate (new home, existing home, or commercial property), please contact me (Alan Lane with Keller Williams Realty a.t 2119 W Brandon Blvd, Brandon, Florida  33511).  As a life long resident of Central Florida, I can help you find the right property for you whether it is in Lakeland or as far south as Sarasota.  The Keller Williams offices of  ”Suburban Tampa” include the offices in Brandon, Plant City, Fishhawk Ranch, and our newest office in Valrico.  My email address is alanlane66@gmail.com, or call me at 813.205.9280.  If you are just starting your search, you can search the MLS for real estate opportunities on my website at this link

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FHA Versus Conventional Loan (With and Without Closing Costs) Example

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In today’s economy, it is often hard for buyers to come up with the additional money for closing costs and/or sellers are not willing to pay some or all of buyer’s closing costs to buy residential real estate.  Thus, I have been provided with an example of FHA versus Conventional Loans (with and without closing costs) for a property offered at $179,900.

money-7As demonstrated in the above exhibit, the cost to roll in the additional costs for either a Conventional or FHA loan is nominal over a 30 year term.  These closing costs include, but are not limited to real estate commissions (usually paid by the seller), lender fees (i.e..loan origination fee, loan discount points, application fee, etc.), homeowner’s insurance (in some cases flood insurance is required), real estate taxes, title feees, survey costs, inspections (i.e.pest.and home inspectors), etc.  With the new FHA rules that require mortgage insurance over the entire term regardless of loan-to-value, a conventional loan is a home buyer’s best option (if they can qualify for it).  FHA still is the easiest to qualify for.

KW1784102f20KW_thumb.jpgFor more information about finding the right financial product for you, you can contact Stephen Speer at stephenspeer@inlanta.com, or visit his web site atstephenspeer.com.  

You should consider using a realtor.  If you are interested in buying real estate (new home, existing home, or commercial property), please contact me (Alan Lane with Keller Williams Realty a.t 2119 W Brandon Blvd, Brandon, Florida  33511).  As a life long resident of Central Florida, I can help you find the right property for you whether it is in Lakeland or as far south as Sarasota.  The Keller Williams offices of  ”Suburban Tampa” include the offices in Brandon, Plant City, Fishhawk Ranch, and our newest office in Valrico.  My email address is alanlane66@gmail.com, or call me at 813.205.9280.  If you are just starting your search, you can search the MLS for real estate opportunities on my website at this link

Residential Market Insights: May 2016

cropped-lido-waterfront-home_thumb.jpgHOME SALES

The median home price was $222,700 in March, which was up 5 percent from February and up 5.7 percent from last year. The median home price has increased by approximately $12,000 in the past year alone.

HOME PRICE

The National Association of REALTORS® reported home sales at a seasonally adjusted annual rate of 5.3 million homes during the month of March. This was an increase of 5.1 percent from February, and an increase of 1.5 percent from March of last year. Currently, 2016 is projected to outpace 2015 by approximately 720,000 total home sales.

INVENTORY – MONTH’S SUPPLY

There was a 4.5-month supply of housing inventory in March, up from 4.4 months in February. The total number of homes for sale in March increased by 2.3 percent to 1.98 million homes nationwide, but that was still 30,000 fewer listings than March of last year.

CURRENT MORTGAGE RATES

The following is a summary of the current mortgage rates:

May 2016 Mortgage Rates

Source: This Month in Real Estate

Thinking of buying or selling real estate?

KW1784102f20KWYou should consider using a realtor.  If you are interested in buying real estate (new home, existing home, or commercial property), please contact me (Alan Lane with Keller Williams Realty at 2119 W Brandon Blvd, Brandon, Florida  33511).  As a life long resident of Central Florida, I can help you find the right property for you whether it is in Lakeland or as far south as Sarasota.  The Keller Williams offices of  ”Suburban Tampa” include the offices in Brandon, Plant City, Fishhawk Ranch, and our newest office in Valrico.  My email address is alanlane66@gmail.com, or call me at 813.205.9280.  If you are just starting your search, you can search the MLS for real estate opportunities on my website at this link.

Have Bad Credit? General Waiting Periods Based on Loan Type

loan_application_clip_art_24699Have bad credit?  There several types of derogatory items (i.e. foreclosure, short sales, deed-in-Lieu, and Bankruptcy) that can affect your chances of getting a loan.  We have paraphrased a portion or quoted verbatim information supply by FBC Mortgage (which is a preferred vendor for Keller Williams Realty.  Some of these items are summarized as follows:

Foreclosure – Property is given back to the bank due to the borrower ‘s failure to keep up mortgage payments.

  1. Conventional Loans – Seven years based on Standard Agency Guideline from completion date of foreclosure reported on credit report or foreclosure.
  2. FHA Loans (Determined by Date of Case Number) – Three years from the date of foreclosure was completed and transferred back to the bank.
  3. VA Loans (Determined by Date of Application) – Two years from the date the foreclosure was completed and transferred back to the bank.
  4. USDA Loans (Determined by Date of Credit Approval) – Three years from the date the foreclosure was completed and transferred back to the bank.

Short Sale – Home sold at a sales price that does not cover the debts secured by liens against the property.

  1. Conventional Loans – Four years based on Standard Agency Guideline from completion date as reported on credit report or other documents provided by borrower regardless of LTV.
  2. FHA Loans (Determined by Date of Case Number) – Three years from the date sale closed and transferred to new owner.
  3. VA Loans (Determined by Date of Application) – Two years from the date sale closed and transferred to new owner.
  4. USDA Loans (Determined by Date of Credit Approval) – Three years from the date sale closed and transferred to new owner.

Deed-in-Lieu – Home returned to lender to satisfy a loan that is in default and avoid foreclosure proceedings.

  1. Conventional Loans – Two years based on possible but unlikely, extenuating circumstances (i.e. nonrecurring events that are beyond the borrower’s control and result in a sudden, significant, and prolonged reduction in income or a catastrophic increase in financial obligations)
  2. FHA Loans (Determined by Date of Case Number) – Three years from the date sale closed and transferred to new owner.
  3. VA Loans (Determined by Date of Application) – Two years from the date the foreclosure was completed and transferred back to the bank.
  4. USDA Loans (Determined by Date of Credit Approval) – Three years from the date the foreclosure was completed and transferred back to the bank.

Bankruptcy Chapter 7 (Liquidation) – Debts discharged through Bankruptcy, which the client does not pay any debts owed.

  1. Conventional Loans – Four years based on Standard Agency Guideline from discharge/dismissal date with re-established credit.
  2. FHA Loans (Determined by Date of Case Number) – Two years from date of discharge with re-established credit paid as agreed or no new credit obligations incurred.
  3. VA Loans (Determined by Date of Application) – Two years from date of discharge.
  4. USDA Loans (Determined by Date of Credit Approval) – Three years from date of discharge with re-established credit paid as agreed or no new credit obligations incurred.

Bankruptcy Chapter 13 (Reorganization) – Debts (or at least a portion) are paid back on a monthly scheduled payment plan by client.

  1. Conventional Loans – Four years based on Standard Agency Guideline from discharge date with re-established credit.  Four years based on Standard Agency Guideline from dismissal date with re-established credit.
  2. FHA Loans (Determined by Date of Case Number) – Two years from date of discharge.
  3. VA Loans (Determined by Date of Application) – One year payout period under bankruptcy has elapsed and the borrower’s payment performance has been satisfactory and all required payments made on time and the judge or trustee approval is required.
  4. USDA Loans (Determined by Date of Credit Approval) – One year payout period under bankruptcy has elapsed and the borrower’s payment performance has been satisfactory and all required payments made on time and written approval from the courts to enter into a mortgage transaction.

Thinking of buying or selling real estate?

KW1784102f20KW_thumb.jpgYou should consider using a realtor.  If you are interested in buying real estate (new home, existing home, or commercial property), please contact me (Alan Lane with Keller Williams Realty at 2119 W Brandon Blvd, Brandon, Florida  33511).  As a life long resident of Central Florida, I can help you find the right property for you whether it is in Lakeland or as far south as Sarasota.  The Keller Williams offices of  ”Suburban Tampa” include the offices in Brandon, Plant City, Fishhawk Ranch, and our newest office in Valrico.  My email address is alanlane66@gmail.com, or call me at 813.205.9280.  If you are just starting your search, you can search the MLS for real estate opportunities on my website at this link.

Popular Loan Types and Your Buying Power

money-7There are three types of loans (conventional, FHA and VA loans) that are popular in the Tampa Bay Market.  As a realtor, it is important to help the prospective home buyer with a general ideal of what they can afford (AKA their buying power) in lieu of a pre qualification from a lender.

Traditionally, lenders require 20 percent of the home’s purchase price as a down payment.  However, many lenders now offer loans that require less than 20 percent down with some as low as 5 percent on conventional loans. If a 20 percent down payment is not made, lenders usually require the home buyer to purchase private mortgage insurance (PMI) to protect the lender in case the home buyer fails to pay.  There are three primary loans that are seen in the Tampa Bay market, which include conventional, FHA, and VA Loans.

Conventional Loans

loan_application_clip_art_24699Conventional loans are fairly conservative loans and are typically used by the home buyers with higher down payments and better credit.  These loans come in a variety of options (Adjustable and Fixed Rate Mortgages) and terms.

According to Credit.com, conventional loans are slightly more restrictive.  Buyers with a loan-to-value ratio above 90% can ask a seller to pay 3% of the purchase price. If the loan-to-value-ratio is between 75% and 90%, sellers can pay up to 6%. Buyers with a loan-to-value ratio less than 75% can ask sellers to contribute up to 9%. Private mortgage insurance (PMI) is applicable to conventional loans under 80%. PMI can be removed once loan-to-value ratio (LTV) reaches 80%.

Unlike PMI, FHA’s MIP lasts for the life of the loan.  PMI is lower than MIP, which is another advantage of a conventional loan.

FHA Loans

moneyhands_217w_gifLoans backed by FHA are popular because the FICO score requirement of 580 is lower than what is required for conventional mortgages and the down payment can be as low as 3.5%.  The Hillsborough County (Tampa) loan limits is currently $271,050 for a single family home.  This is a very good option for most people with bad credit and/or a small down payment.  Keep in mind that any offer should include seller paid some of the buyers’ prepaids, closing costs, and non-allowables.  FHA rules do allow sellers to give up to 6 percent of the home’s purchase price for closing costs.

FHA Requires a Mortgage Insurance Premium (MIP) as part of your monthly mortgage payment is what makes the reduced down payment on your mortgage possible.  FHA uses these payments to insure your lender against losses if the loan goes to foreclosure, which limits the liability of the lender.  As of January 26, 2015, The MIP is calculates on a base loan amount times (.85% for 30 year term or 0.45% for 15 year term) divided by 12 months.  In addition to MIP, FHA’s Mutual Mortgage Insurance Fund (MMIF) has a rate to 1.75% at the loan closing.  Since these loans are insured for the life of the loan, their interest rate is typically better than conventional loans.  This applies regardless of the amortization term or LTV ratio.  The following is a FHA Loan example:

FHA Loans

Please note that this is an example and parameters could and can change.  I suggest that you contact a mortgage professional for more information.

VA Loans

IMG_4140Almost all active-duty military and veterans qualify for Veterans Affairs mortgages including aany reservists and National Guard members and spouses of military members who died while on active duty or as a result of a service-connected disability.  Unlike FHA loans, VA loans are guaranteed.  There is a funding fee that ranges from 1.25% to 3.3% of the loan amount.  Borrowers can qualify for 100% financing. VA loans allow the seller to pay all of the buyer’s mortgage-related closing costs and up to 4% of the purchase price in concessions, which can cover things like prepaid taxes and insurance and even paying off collections, judgments or leases at closing.  I have sold new homes where the lenders actually paid the buyer at closing.

Thinking of buying or selling real estate?

KW1784102f20KW_thumb.jpgYou should consider using a realtor.  If you are interested in buying real estate (new home, existing home, or commercial property), please contact me (Alan Lane with Keller Williams Realty at 2119 W Brandon Blvd, Brandon, Florida  33511).  As a life long resident of Central Florida, I can help you find the right property for you whether it is in Lakeland or as far south as Sarasota.  The Keller Williams offices of  ”Suburban Tampa” include the offices in Brandon, Plant City, Lithia (Fishhawk Ranch), and our newest office in Valrico.  My email address is alanlane66@gmail.com, or call me at 813.205.9280.  If you are just starting your search, you can search the MLS for real estate opportunities on my website at this link.

Move In Ready Sereno Executive Homes Available

Lido Beach MorningSereno Executive Homes are located at the northeastern quadrant of the intersection of US Highway 301 and State Road 674 in Wimauma, Florida.  This location is just minutes from Tampa Bay.  Amenities include gated entry, a clubhouse with a resort style swimming pool, playground, tennis courts, sport court, and trails.  There is an annual CDD fee of $180.02 per month and HOA fees of $45 per month, which appear reasonable considering the community amenities  provided.  The community features two single family homes:

  • Pricing from $322,990s to $339,990s
  • Square footage from 2,709 to 3,353
  • Bedrooms 4
  • Bathrooms from 3 to 4

Currently, the schools include the following:

  • Reddick Elementary
  • Shields Middle School
  • Lennard High

Although the above schools are the currently assigned to the subject development, I would suggest that a potential buyer check the Hillsborough County website to verify the schools and more information (school grades, school calendar, etc.). If you are relocating to Hillsborough County, you can find your school ratings and reviews at click here as well as the school calendar at click here.

Home prices are still very affordable in the Tampa Bay Market.  This is especially true for Spec” (speculation) homes, which are often the best places to get the best deals.  These homes are built by builders without an intended purchaser in mind (Hence the builder is speculating that they will find a builder to buy the home).  Lennar is also offering up to $14,000 in closing costs assistance.

There is a move-in ready, 2,709 square foot, four-bedroom/office/three-bath, Riveria Grande model offered at $299,990. Front elevation and floor plans are as follows:

There is a move-in ready, 3,353 square foot, four-bedroom/den/bonus room/four-bath, Grand Charleston model offered at $317,990. Front elevation and floor plans are as follows:

Thinking of buying or selling real estate?

You should consider using a realtor.  If you are interested in buying real estate (new home, existing home, or commercial property), please contact me (Alan Lane with Keller Williams Realty at 2119 W Brandon Blvd, Brandon, Florida  33511).  As a life long resident of Central Florida, I can help you find the right property for you whether it is in Lakeland or as far south as Sarasota.  The Keller Williams offices of  ”Suburban Tampa” include the offices in Brandon, Plant City, Lithia (Fishhawk Ranch), and our newest office in Valrico.  My email address is alanlane66@gmail.com, or call me at 813.205.9280.  If you are just starting your search, you can search the MLS for real estate opportunities on my website at this link.

Front Elevation and Floor Plans were provided by Lennar Homes.

Should I use a Realtor for New Homes?

You really need to have someone on your side when buying new homes. Additionally, a realtor will also know completing properties to show you as well. Finally, the realtor‘s cost is paid by the builder (most of the time it is considered a cost of doing business) so what do you have to lose!!!

Miranda Blogs Real Estate

Absolutely!!!  Here are the reasons:

  1.   You will not get a better deal without the Realtor.  Builders budget realtor commissions into their marketing budgets.  They know what percentage of their sales involve a realtor and they plan accordingly.  So thinking that you will get a better deal by going in without one is not accurate.  The builder will not give  you a better price mainly because it would ruin the appraisals for the next home they sell.  They are constantly pushing prices up, so you can forget getting a better deal than your neighbor.  In fact, if the builder is one who negotiates at all, the agents generally know when and how much they are negotiating and you do not.  The agent is there to negotiate on your behalf.
  2. Builder contracts are different.  They are designed to protect the builder.  Before you decide to sign without reading all 80 pages…

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