Tips for Homebuyers Searching for Mortgages with Less Than 20 Percent Down

When many people start buying a house, they assume putting 20 percent down is required. However, many lenders and mortgage brokers offer options for borrowers looking for mortgages with a small down payment. 

Get Pre-Approved for a Mortgage

Before researching mortgages, you’ll want to ensure you have a few things, including solid credit standing and a steady income. The options are out there and exist to make sure that people can buy and invest in real estate, even in today’s competitive housing market and tight credit environment.

Maintain a Strong Credit Score

A credit score is one of the first things lenders look at when determining who is a qualified borrower. Make payments on time, and remember that even small mistakes may take some time to clear from credit scores.

Look Beyond Your Local Banks:

There are many options available outside of traditional bank mortgages. Mortgage brokers offer a wide range of mortgage loans with zero down payments; an example is VA Loans. Veterans of the military and qualified retired veterans are eligible to use this benefit for a 100 percent loan. They also offer FHA loans to qualified borrowers for as little as 3.5 percent down. In rural areas, the U.S. Department of Agriculture offers low down payment options with financing to 100 percent. A good mortgage broker will have all of these options available and will have a variety of lenders to put these through to stay competitive in the market. And even conventional loans can do loans with a 5 percent down payment.

Document Income and Assets

Lenders look for a steady income and sufficient savings to ensure borrowers can meet monthly payments. Ensure all account statements are ready to establish proof of funds; lenders look for savings accounts that indicate the borrower can cover a few months of expenses. In addition, hold jobs for at least two years or within the same industry to demonstrate longevity and stability.

Be Prepared to Pay More Monthly

When you take out loans with limited funds, most will require some mortgage insurance to complete the loan. Conventional loans require Private Mortgage Insurance on loans to values above 80 percent. FHA loans have Mortgage Insurance on all their loans, and the VA only has a funding fee.

Explore Options

Select at least two lenders to be able to compare good-faith estimates. This allows you to look at two completely different options, which will help you talk to more than one source when looking for a mortgage. Before selecting any loan, thoroughly compare the fees, estimates, closing costs, etc.

Are you searching for homes or condos for sale on the Treasure Coast this week? You're in luck! We provide a range of the finest properties available in the area. To begin your search, browse the latest Stuart, Martin County, and Port Saint Lucie homes for sale or explore all MLS listings from our regularly updated feeds. You'll find helpful information, including location, pictures, and viewing instructions. Don't hesitate any longer - start searching for your dream home or condo today!

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You must set the right asking price to sell your house quickly and profitably. Overpricing your home can turn away potential buyers, even in a seller's market. It is best to work with a real estate agent to determine your home's current market value. Setting the right price can attract more potential buyers, increasing your chances of a quick sale and maximizing your profits. Remember, buyers are often deterred by a home on the market for too long. Set the right price from the beginning to avoid potential issues.

Determining the Appropriate Sale Price for Your Home

Setting the right price for your home is crucial when selling it. Consider the current market, your home's condition, and your location.

Dangers of Overpricing

Download 5 Dangers Of Overpricing

Pricing your home right attracts buyers and offers, leading to negotiating the actual price. If you receive multiple offers, you can negotiate higher prices. Therefore, setting the right price for your home is essential to attract multiple offers. 

There are differing opinions on how to price a home for sale. Some believe in setting the price significantly higher than the local market value, anticipating that potential buyers will negotiate down to the actual value. Others prefer to price the home just above market value for a slightly higher sale price.

Pricing attracts buyers and offers, leading to negotiating the actual price. So it's essential to price your home for the market to generate a lot of buyer interest and, ultimately, many offers.

If you receive multiple offers, you can negotiate higher prices. As a seller, having many offers puts you in a favorable position. Setting the right price for your home is an essential factor in attracting multiple offers.

Home Pricing Tips

- Research the local real estate market to determine buyers' expectations.

- Consider your home's condition and location to come up with a fair price.

- Consult a real estate agent for a professional opinion on your home's worth.

Are you looking to sell? We can help by preparing a Comparative Market Analysis report and offering tips on pricing strategies and current market trends. Contact us today.

Contact us today to schedule a consultation. Whether you are buying or selling a home on the Treasure Coast, we are always happy to meet with you to discuss your wants and needs without obligation.

Have you heard about upcoming changes in the real estate industry?

You may have seen news headlines recently about real estate agents and their commissions, and it can be confusing if you're keeping up with the discussions. However, what's important to understand is that the guidance and expertise provided by a reliable real estate agent are invaluable, particularly in today's world. Here's why:

Real estate agents provide invaluable guidance and expertise when buying or selling a home. They simplify complex processes, remove stress, and prioritize your best interests. A reliable agent delivers industry experience, provides expert local knowledge, explains pricing and market value, reviews contracts and fine print and negotiates on your behalf. They are specialists, educators, and negotiators who keep you informed and adjust to market changes. Choose an expert agent to help you make confident decisions on your home-buying journey.

What You Need to Know About the NAR Commission Settlement

Home buyers and sellers in Florida should be aware of the changes to the commission structure in the real estate industry as a result of the NAR Commission Settlement. Here are the expected changes:

1. Changing: Buyers must establish a Buyer's Representation Agreement with their agent before doing any home showings. This change means that only agents with an agreement with buyers can show properties, giving you more control over the process.

2. NOT Changing: Buyers and their agents will continue to set broker compensation upfront. Buyer broker compensation can be a percentage of the sale price, a flat fee, or a retainer. Broker compensation can come from either the seller or the buyer. Stabilizing the compensation process should give you confidence in your financial planning.

3. Changing: The listing agent cannot advertise buyer broker compensation on the MLS. However, agents can still advertise when a showing is confirmed or through direct email, calls, texts, or other avenues. This "decoupling" of compensation requires buyers and their agent representatives to agree on the services agents provide and how the parties will handle payment. The options for payment are mainly unchanged.

4. NOT Changing: Sellers can advertise closing cost compensation and funds available for buyer broker compensation and other buyer closing costs.

These are nominal changes, but the most significant change requires a buyer's representation agreement upfront. The Buyer-Broker Agreement is a positive change as it will ensure buyers genuinely understand their options before making an offer on a home.

We are always here for you and happy to help you navigate any further questions or concerns about your Real Estate needs.

Check out our top open houses in Stuart and Palm City this weekend. Click below for more info on this week's featured open house listings, or call us at 772-678-1600 to learn more about homes for sale in Florida.'s Treasure Coast

Local Listings Near You!

Open House | Apr 20, 1:00 PM - 3:00 PM

6069 SE Oakmont Place, Stuart,....   3 Beds   3 Full Baths   3096 Sqft   View Listing

Open House | Apr 20, 1:00 PM - 3:00 PM

1560 SW Dyer Point Road, Palm ....   3 Beds   2 Full Baths   2709 Sqft   View Listing

View All Listings   Slifkin Team Team Lead Keller Williams Realty         Need a new address? Start with ours! Click for OUR REVIEWS Phone: 772-288-1765 Email: eric@tchsrealty.com License: 3068211, FL

Contact us today to schedule a free consultation. Whether buying or selling a home on the Treasure Coast, we are always happy to meet with you to discuss your wants and needs with no obligation.

Greater Stuart, Florida Relocation Guide

The greater Stuart area is ideal for your Florida move if you love being outdoors and surrounded by nature. This area is perfect for those who enjoy a relaxed lifestyle and easy access to West Palm Beach and Orlando attractions. 

With its stunning natural beauty and abundant recreational activities, you'll never run out of things to do in this lovely area. Whether you enjoy the beach, golf, or enjoy the scenery, the greater Stuart area has something for everyone. So why not move today and start enjoying all that this wonderful region has to offer?

Open House in Mariner Sands of Stuart, Florida. 🏡

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OPEN HOUSE - Mariner Sands in Stuart, Florida

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When buying a home, you must plan for all costs, including the closing costs, which home buyers and sellers often overlook. Here's helpful information on how to budget for these costs.

What are Closing Costs?

Closing or settlement fees are expenses associated with buying or selling a home. The amount varies based on the purchase price and financing. Some costs are paid by the buyer, some by the seller. Taxes and insurance are non-negotiable, but you can negotiate other fees depending on local customs.

Typical Fees You May Encounter

Your lender must disclose a Good Faith Estimate of all settlement costs. The title company or other entity conducting the closing will tell you the required amount to bring to settlement. Here are typical fees you may encounter:

• Down payment
• Lender origination fees
• Appraisal fees
• Survey fees
• Credit report fees
• Deed recording fees
• Notary fees
• Attorney fees
• Underwriting fees
• Title insurance policy premiums
• Inspection fees (building, termite, etc.)
• Private mortgage insurance premium
• Insurance escrow for homeowners insurance.
• Property tax escrow, if being paid as part of the mortgage
• Points or loan discount fees you pay to receive a lower interest rate
• Prorations for your share of costs, such as utility bills and property taxes

Notes:

Lenders keep funds for taxes and insurance in escrow accounts that you may pay with the mortgage, and then they pay the insurance or taxes for you. Note: when financing more than 80% (LTV), escrowed property taxes and insurance are required, which will increase your monthly mortgage payment. 

About prorations – At the closing, certain costs are often prorated (or distributed) between buyer and seller. Because such fees are due monthly or yearly, you might have to pay a bill for services the sellers use before they move. Proration is a way for the sellers to pay you back or for you to pay them for bills they may have paid in advance. The most common prorations are for property taxes. They are typically due at the end of the year they are assessed. Thus, if a house sells in June, the sellers will have lived in the house for half the year, but the bill for the taxes won't come due until the following year, so to make this situation more equitable, they prorate the taxes. In this example, the sellers will credit the buyers for half the taxes at closing.

Make Sure You’re Prepared To Close

When buying a home, it's important to know all the costs involved, including the down payment and closing costs. Partnering with a trusted team of real estate professionals can help you understand the costs, prepare accordingly, and have a go-to resource for any questions that may arise. If you have any questions about closing costs, feel free to message me.

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Are you selling an inherited home or a house undergoing Florida probate proceedings? When selling real property that you or multiple people have inherited, you will want to work with a real estate team that understands the needs and challenges you may face in managing the process. Request a Call

Geting Your Inherited House Listed and Sold

From "Cleanout to Closing" 

We have assembled a team of local professionals dedicated to providing value-added services and resources to support you during significant life transitions. These transitions may include senior downsizing, probate properties, trust, and estate disposition. We can offer you guidance and help you with various services such as attorney referrals, outsourcing estate sales or auction services, donation of contents, arranging property cleanout, obtaining repair bids, listing the property, or providing an "as-is" offer from our cash buyers to expedite a quick sale.

As Realtors, we have received training in the probate process and how it impacts estate disposition. We can assist you in navigating through the responsibilities of selling an inherited home, advising you on each step regarding services, repairs, and upgrades necessary to get the house sold quickly and at the best possible price. As your representative, we will work with your attorney, executor, personal representative, or any assigned individuals.

We can provide property valuation, market condition, and pricing reports, assist you with home inspections, cleanout services, and ongoing maintenance, and recommend contractors who can make property repairs or improvements, making the process easier for you.

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How We Market Inherited Florida Properties

Selling an inherited home can be challenging, just like selling a home under normal circumstances. However, we have various unique marketing tools and services that simplify getting your house listed and sold as quickly as possible. Our services include listing and marketing the property through online, social media, and print resources. If your goal is to sell the home as-is, quickly, and for cash, we leverage our network of investors. We also provide continuous feedback on property showings and changes in market conditions and handle negotiations and paperwork from offer through settlement.

Testimonials - Recent Probate and Estate Sales

Request a Consultation

We are here for you whenever you need us and will help you every step of the way. Feel free to get in touch with any questions or concerns about dealing with inherited property; there is no obligation.