One practice that Titan Home Lending has implemented since the recent legislative changes to flood insurance…
GET QUOTES FIRST BEFORE YOU WRITE A CONTRACT!!
I recently took an application for a buyer purchasing an 832 square foot home in Palm Harbor, Florida. Before we ordered the 203k inspection and appraisal, I convinced the buyer to let me get insurance and flood quotes for the home. We discovered the flood insurance was going to be $13,765 per year for a $115,000 home. The mortgage on this home would have only been $929 per month, however, with the flood insurance added it made the payment completely unattainable for my buyer at $2,076 per month. Many home buyers apply with banks and credit unions, spend over $1000 and 60 days waiting only to find out the home is simply unaffordable for them.
Please make sure you take the proper steps to find out the entire payment upfront, so you are not disappointed in the long run. We now make it a practice to get home insurance and flood quotes on every property during the prequalification stage so our buyers aren't blindsided with unexpected costs.
Please call me or email me if you want accurate information on how much a home is going to cost you… (monthly payment and cash out of pocket).
Titan Home Lending
HUD Certified 203k Instructor
State Licensed for Continuing Education
20 Years Experience in FHA 203k Lending
Over 5000 203k’s Closed, Managed and Funded