Understand the costs of buying and owning a new construction home, including financing, closing costs, taxes, insurance, HOA fees, and long-term ownership expenses.
100 articles from National House Search
You buy down your interest rate by paying discount points at closing. One point costs 1% of your loan amount, and it lowers your rate for the whole life of the loan. Whether it pays off depends on…
"Closing costs in Florida are the fees you pay, on top of your down payment, to finish buying a home. They include lender fees, title fees, government fees and prepaid items like taxes and insurance.…
There is no one right answer for every household, but you can see the real numbers side by side. HUD's Fair Market Rent for a three-bedroom rental in Palm Beach County is $3,052 a month for fiscal…
If you are buying at Whitmore Estates, you will most likely need a jumbo mortgage. A jumbo mortgage is a home loan that is bigger than the limit that government-backed lenders will buy. Homes in the…
A wind mitigation inspection is a short check by a licensed inspector. The inspector records which storm-resistant features a Florida home has. The result goes on a report, and you give that report…
"There is no single debt-to-income ratio (DTI) for every mortgage. For conventional loans sold to Fannie Mae, the limit is 36 percent on manually underwritten loans, up to 45 percent if you meet…
"Yes, you can use Florida's Hometown Heroes program on a newly built home, but the home has to be finished first. Florida Housing's lender guide says a Certificate of Occupancy must be issued before…
"PMI, or private mortgage insurance, is insurance you may have to pay for when you get a conventional loan with less than 20% down. It protects the lender, not you, if you stop making payments. You…
"Escrow means someone else holds your money until it is time to pay it out. When you buy a house, you usually meet escrow twice. First, your deposit and closing money are held until the sale closes.…
"New homes in Florida can cost less to insure, but there is no set dollar amount. Florida law requires home insurers to offer credits for features that cut wind damage, including features that meet…
"An assumable mortgage lets a buyer take over the seller's existing home loan, with the same interest rate and the same time left to pay. FHA and VA loans have written rules that allow it, as long as…
"The Florida homestead exemption works the same way on a brand-new home as on any other home: you must own it and live in it as your permanent Florida home on January 1, then apply with your county…
