New Resident MD Home Buying Program, exclusively by Q Boutique Specialty Realty, Inc.
So you’re moving to Orlando, FL, and have decided that it’s a great time to seize upon one of the best benefits to having a MD, DDS, or DVM… you now qualify for Zero Money Down Doctor Loans.
You are competing with everyone else buying within this time frame and in the same price range. Do not wait until the last minute, you may not get your first or second offer accepted. Loans are processing currently in 21-30 days from the time you send your lender all the documents requested and complete the loan application.
CARDINAL SINS OF HOME BUYING:
- Do not deposit any untraceable cash into the bank account you will be using for your closing funds and escrow deposit.
- Do not make any big purchases such as a new car or jet ski, etc. Wait til after your home closes or it will ruin your debt to income ratio and deny the loan.
- Keep current on all student loan payments and bills. Do not let anything hit over 30 days late. Use Credit Karma to monitor daily. Dispute any marks on your reports that may be wrong. They have to prove you owe.
- When you work with Laura, you do not work with other agents. Laura is your advocate and will make all calls and inquiries on your behalf, as your licensed representative. Please advise if you would like to discontinue our relationship if you wish to work with someone else.
Rent Vs Buy?
Rather than pay the nation’s 4th highest rental rates, you’ve seen the value of investing that $1,500 payment into building equity with your first step onto the property ladder.
Instead of paying someone else’s mortgage, (that’s $18,000/yr you pay for $1,500/month rent), you see the advantage of buying something modest now, letting it appreciate over your residency, then cashing out or renting it out to others.
Basically, you can lose $18,000 renting per year, over 4 years, or you can gain about $20,000 plus the annual income tax credit for owning a home. We can work the math together further if you want to know more how this works. It all depends on how comfortable you are in a new place and a new job. You may just want to feel things out for a year before committing. But financially, it’s best to invest now. Interest rates, land values, property taxes and home values are on a steady upwards stable trend. Rich Dad, Poor Dad is a great place to get some insight.
RECOMMENDED ACTION PLAN:
Start Now. Or April 9. No later than May 14th.
Starting May 15 may be too late. Your loan may not be able to close before July 1 start dates.
You are competing with everyone else buying within this time frame and in the same price range. Do not wait til the last minute, you may not get your first or second offer accepted. Loans are processing currently in 21-30 days from the time the FULL loan app has been made (tax returns and financials submitted to lender).
- By April 9 – Call/text physician specialist Laura Diss 407-388-4103 to schedule introduction/needs assessment. Start receiving daily auto-emails of homes that meet your criteria. Refine daily, save favorites, discard no-go’s.
- By April 11 – After receiving Laura’s email with recommended lender options, Contact 3 mortgage providers regarding loan products and terms they can offer you. Start with your local banking institution. Be sure to evaluate loan products, associated fees and down payment/reserve requirements. Ask for a form called a Good-Faith Estimate for all three lenders. This is a line item form that allows the consumer to compare apples to apples for service fees and charges. We will discuss the pros/cons of each one, and we will see who’s willing to give even better terms to earn your business.
- Get a quote from a credit union
- Get a quote from a mortgage broker
- Get a quote from a traditional lender (SunTrust, well Fargo, Chase, etc)
- BY April 13 – Submit all required documents to lender of choice for full mortgage application. (tax returns, employment contract, license, bank statements, etc).
- By April 14 – Got the Preapproval Letter! Reexamine pre approval budget, refine needs for seller contributions for closing costs, adjust any other property criteria etc for daily auto-email results customized for your specific requests and locations.
Anytime After Pre Approval:
- By April 15 – Arrange an in person visit over 2-3 days and buy a house.
- Determine preferred method of home viewing. Laura will shoot video tours of your most favorite homes . Time is of the essence with desirable homes, many are only on the market for hours or a day or two. Laura will run and video it for you or Face Time with you, so we don’t miss “the one”.
- Find a house, write and offer, negotiate and come to agreement terms. You will be required to pay a good faith deposit that will go into your very own private escrow account at the title company. That money will go towards your closing costs, or you may have it reduce the overall loan appoint you are financing, or you may be able to get it back at closing. Escrow deposits are typically 1% of the purchase price. So, a $250,000 house will require $2,500 deposit, in theory. We can try an escrow deposit of minimum of $1,000. This money is yours and is applied to your closing costs.
- After that, Laura creates a Transaction Checklist and Action Item Due Date Calendar defined by the contract terms (ie, due dates for inspections). Laura will manage everything daily so you don’t have to. Laura will coordinate with all associated parties and manage tasks and deadlines and accuracy.
- In Florida, the buyers own the home on the day they sign the closing papers! You may sign your closing documents
- 1) in Orlando at the title office
- 2) via mobile notary, they will come to your house or office, witness you signing all the documents, and send it back to the title company for processing. He will not have keys to give you at that time, but I will.
- 3) The title company can FED EX you the package with signing indicators, you sign, get notarized (ask your bank), and FED EX back.
- Three days before closing, the lender will tell you how much money you will need to wire to the title company for closing. All the funds will be ready to go before the Big Day. Smooth Sailing!
- Bonus – you will have no mortgage payment due until August if you close June 1, so you will have whatever amount you’ve been spending on rent free for that month.
Feel rest assured, Laura has every facet of your move scheduled and considered in a realistic timeframe.
Our time frame was determined working backwards from these critical dates:
- March 16, 2018 – Welcome to Orlando!
- July 1, 2018 – Day One New Job Starts
- June 1 – Ideally, close/be in new house. Allowing for time to move, unpack, get familiar and acclimate.
- May 1 – Need to have a contract on a house to be closing June 1. Contract date of May 31 will have you closing at best June 22, at worst, June 30.