BRENDA WILSON | Sarasota Real Estate, Bradenton Real Estate, Lakewood Ranch Real Estate


If you are in the market for an FHA loan, you are probably happy to get many benefits from the loan like a good interest rate along with the need for a low downpayment. While these loans can be very helpful on the path to homeownership, they can be complex. It’s a good idea to hire a realtor who is well-versed in the ins and outs of FHA loans and standards. A real estate agent can help you to find the right property to suit your needs and meet the standards the FHA loan will require.    


Do you know what you’re getting into when it comes to shopping for a home? The FHA sets the rules for how homes get approved for an FHA loan and under what standards. These rules exist because the FHA is insuring the loan, but the organization is not directly funding the loan itself. This insurance protects the lender if the loan is defaulted on. An inspection appraisal report must be completed on each property. The appraiser is required to be an FHA approved appraiser to complete the job.


Loans


There are limits on how much of a loan you can get when it is FHA-backed. This is because the FHA will only insure a loan amount up to this limit. This means that you won’t be looking at high-end homes because the limits are usually quite restrictive as to the type of property you can get. This holds true unless you can afford a larger downpayment than the standard 3.5% required by the FHA.  


Condition Of The Home


FHA-backed home loans can be rejected due to the poor condition of the home. If an appraiser says that the home is unsafe or hazardous to occupants, the loan will be denied. The assessment of the home’s condition is very important to the lender’s decision to grant the loan. The lender may even require that certain improvements be made before the loan can be approved. These improvements can include pest treatments, fixing leaks, or other damages that are deemed hazardous.


The Property Itself


The FHA also sets guidelines for the type of property that you can get. A condo must be in a HUD approved complex, for example. If you want to research FHA-approved condo complexes, you can search right on the HUD website. Each complex meets the Department of Housing And Urban Development’s standards for financial stability, hazard, and liability insurance. If you’re looking at manufactured homes, these are also held to certain standards. The manufactured home must be permanently attached to the foundation, have the ability to be taxed as a real estate property asset, and have been constructed before June 15, 1976.   



322 WINDING BROOK LN #103, BRADENTON, FL 34212  

Residential
$289,900
Price
3
Bedrooms
2
Baths
This is the one you've waited for! Meticulously maintained Coach home with 3 bedrooms and overlooking the 9th Fairway of the Estuary Golf Course in River Strand Golf and Country Club! Tasteful interior paint and flooring choices allows you to imagine yourself here full time or come down for the long northern winters and relax and enjoy your self...YOU DESERVE this Luxury living! Come take advantage of the unequaled opportunity to join this magnificent community. River Strand Golf and Country Club is the perfect golf and luxury-living community in the Greater Sarasota area. Welcoming guests is River Strand’s cascading rock waterfall entry and Tuscan-inspired gatehouse. Once inside the gated golf community, you will be struck by the awesome sight of our clubhouse and pool situated between the 18th and 27th greens of the Arthur Hills designed course. River Strand Features a 27 hole Championship Golf Course, 8 Har Tru Clay Tennis Courts, two Resort Style Pools, 24 Hour Fitness Center and much more! Don't worry if your rental is going to be available next season...this well maintained community is calling you home!


3109 51ST ST E, BRADENTON, FL 34208  

Residential
$675,000
Price
3
Bedrooms
3
Baths
MOTIVATED SELLER of this quality built KEY WEST STYLED HOME nestled on 1.65 acre Old Florida homesite with EXQUISITE VIEWS of a 193’ on the BRADEN RIVER and WILDLIFE all year long! A true private oasis with PRIVACY FENCING and ELECTRIC GATE. Top quality construction of this 2-STORY SOLID BLOCK home with METAL ROOF, newer remodeled kitchen and upscale appliances in this picturesque home, with great views from every room. UPPER LEVEL features an open greatroom plan with lovely Kitchen with abundance of cabinetry, and quartz countertops, and island, plus flexible Dining & study area options, and a nice master suite with screened lanai, and a guest bedroom & bath. LOWER LEVEL offers a perfect Guest suite for extended stay visitors with living room, bedroom & bath, plus a study, mini fridge & sink, plus access to large laundry room and private lanai area with HOT TUB. Fantastic views of the river, lush native tropical vegetation and manicured grounds and amazing wildlife that share this area. ENJOY THE WATER by Kayak, paddle board, jet ski or shallow draft power BOATING from your own private 168’ DOCK with CUSTOM ELECTRIC LIFT. Incredible fishing, and water activities. ON or OFF the GRID with your own 7.5k SOLAR SYSTEM with inverter and a battery backup system PLUS a SOLAR HOT WATER panel with large 80 gal water tank to keep low electric bills! Bring your water toys and fishing poles! NO HOA or CDD fees. Separate RV cov’d parking. 2 car garage with AC storage closet on level 1 of home.


Many people think of their first home as a “starter home.” This refers to a home that is fairly small and typically is for young people who are just starting out in a new phase of life. These types of homes are generally not thought of as “forever homes.” Many times, as families expand, they will move on from their starter homes to bigger and better homes. This includes living in desirable neighborhoods and adding extra comforts that the first home may not have had. Other times, people expand on their starter home in order to make more room for children and the needs of a growing family. These homes truly are jumping off points. Studies show that the idea of starter homes is disappearing. It could be that the requirements of first-time homebuyers are changing and therefore the types of homes that are being sought after are few and far between. The expectations of buyers have increased greatly. Buyers would like adequate space and hope that their first home is not only in a great location, but ready for them to move in without much work as well. Really, buyers are looking for everything anyone would want in their forever home in their starter homes. So, is it a smart idea to search for a starter home, only to move a few years later? The answer is multi-faceted. Starter homes are typically the homes that you can afford at the present time in your life. If you decide that you can save up longer and go for the house you really want, that may be a smarter financial decision for you. There’s always an option to wait for more homes to go on the market while you rent a place. If you do decide to go for a starter home, here’s some tips for you: Don’t Try To Get Everything You Want For A Low Price Buyers tend to have wish lists of the things they desire in a house. While that’s a great idea, don’t expect to get everything you want in your starter home. Manage your expectations along with the cost of the home. See Where You Can Expand Many homes have great potential, but buyers have what they see set in their minds and fail to see what can be done in the future. Look at homes with open eyes and picture the possibilities. Know There Will Be Work Involved Purchasing a starter home means that you’ll usually need to participate in home improvement projects. Don’t go for a home that needs major work done if you’re not up for the challenge. Typically, you’ll need to be able to get your hands dirty by doing things like changing out wallpaper, painting walls, or sanding cabinets. These are the little projects that make your house your own.


This listing recently sold for $455,000.

4234 GULF OF MEXICO DR #K1, LONGBOAT KEY, FL 34228  

Residential
$455,000
Price
$455,000
Sale Price
2
Bedrooms
2
Baths
ENJOY SARASOTA BAY VIEWS with BEACH ACCESS! PROFESSIONALLY RENOVATED 2 bedroom, 2 bath CONDO that boasts a BRAND NEW LOOK, mid Key get-away ON LONGBOAT KEY! LOCK & LEAVE lifestyle! COMPLETED FALL 2017, Floor to Ceiling attention to the finest detail, High end HURRICANE IMPACT WINDOWS & DOORS FROM PGT installed throughout! Entering this condo, you’ll love the Etched glass front door, and new wood look water resistant flooring that flows through the entire condo, the perfect choice for a beach getaway! Mature lush landscape welcomes you to PELICAN HARBOUR & BEACH CLUB, with DEEDED ACCESS TO BEACH and to the Bay, and offers Deep water docks for vessels up to 35ft, plus heated pool, tennis courts. OPEN CONCEPT with Gourmet kitchen boasts new recessed cans w/LED bulbs, high end DuraSupreme Custom Cabinetry w/soft close drawers & doors, plus spectacular granite counter tops, glass subway tile back splash, and New S/S appliances w/ manufacturer warranties! The master bath features a glassed shower enclosure with rainhead shower works and pebble accent flooring! 2nd bath features a soaking tub w/rainhead shower head. AC installed in 2013. Laundry closet has sliding barn door. LIVING ROOM and LANAI OFFER SPECTACULAR VIEWS OF THE BAY & SUNRISE and a great place to relax each day. A large or small dog is welcome. Condo Assn has strong financial reserve. Just ¼ mile from Sarasota County’s NEW BAYFRONT PARK just 1.5 blocks away! Dog parks, Tennis Courts, Pickleball, Kayak rentals & more.