#biscayne

Mortgage Loans for Self-Employed Buying in Miami

Guest Mortgage Expert Bruce David, Mortgage Banker at Clear Path Mortgage hosted by Bernie

Self-employed applicants should and can get mortgage-approved to start search for a primary, second/vacation or investment property. Know what to expect and have the right paperwork in order to achieve plan to purchase. Lenders now accept personal tax returns, business tax returns, bank statements or other third-party documents that provide reasonably reliable evidence of the consumer’s income or assets as proof of ability to repay the loan.

Foreign National Financing in Miami

Guest Mortgage Expert Oltin Roshi, Loan Officer at US Mortgage of Florida hosted by Bernie

Foreign national financing is designed for those living outside of U.S. seeking to purchase a property for vacationing, investment to let/rent, or relocation of family from abroad. There are options for securing a loan with or without a social security number for non-U.S. residents. The down payment is higher and more documentation is required.

FHA Loan Buying a Condo in Miami

Guest Mortgage Expert Yousif Mohamed, Loan Officer at Movement Mortgage hosted by Bernie on IG Live #MortgageMonday

An FHA loan is a federally-insured mortgage issued by a qualified lender. The program is chosen by many first time home buyers as well as favorable to those with lower tier credit scores. FHA-approved condominium projects in Miami are few.

3 Reasons Amid COVID-19 You Should Be Buying a Condo in Miami

Guest Mortgage Expert Yousif Mohamed, Loan Officer at Movement Mortgage hosted by Bernie on IG Live #MortgageMonday

Amid COVID-19 much has transpired and more to be revealed that affects livelihood and particularly the space of home or even second home. If you have been undecided on a condo as your primary or vacation home or for investment, you should strongly consider buying at this time.

Miami 101: Apartment Rental

Openings in 2018 introduced a new approach for Miami apartment rentals challenging condo offerings by expediting move-in date, requiring less move-in dollars, providing direct access to unit inventory, floor plans and prices, then in turn making services of a tenant agent optional and removing the listing agent along with having no Association restricted showing and move-in dates/times. The three key differentiators of rental apartment buildings vs. condo towers are: (1) rental apartments are developed and managed by multifamily real estate firms whereas condos are residences with individual owners that form an Association to manage common interests and hire a property management firm to maintain premises (2) rental apartments do not require an additional security deposit for common areas as they do not have an Association (3) rental apartments application process is fully digital, simplified and fast plus a tour is easy to schedule, efficient tour of all applicable model units within budget and availability.

Miami 101: Four P's of Condo Rental

Miami is among the most expensive cities for rental along with an involved process to live in a condo. It’s best to find a licensed, reputable real estate agent or broker you have rapport with to assist. They provide value in guiding you through the process, recommending areas, and are knowledgeable of building unit layouts/views/features, amenities and, importantly, general overview of condo association policies. Additionally, it’s best to secure an agent to represent your tenant interests as well as its advantageous because the owner pays both agent commissions. Be advised condo move-in is not fast, it happens within, and can take up to 1 month vs. apartments accommodate immediate move-in within 1 - 3 days. Begin working with a realtor 45 - 60 days out or sooner to understand your criteria, move timing, market factors such as season or occupancy levels, and budget.

5 Things You Need to Know Buying a Condo in Miami

Guest Realtor, Bernie, on Dec 17th #MortgageMonday hosted by Yousif Mohamed, Loan Officer at Movement Mortgage

In the condo buying process in Miami, a real estate professional is the starting point yet it is also important in the initial stage to consult a mortgage lender. Source of funds should be in place before viewing properties. If not buying cash, then financing is needed; knowing below adjusts expectations and smooths the process.