July 2009
Parade of Homes 2009 Winner built by Jim Monroe
July 25, 2009 by nathancross · Leave a Comment
Parade of Homes Winner 2009 | $169,900 | 3/2 Single Family Home for Sale
This new construction home won the Gold Award for detached homes priced between $169,900 and $200,000 at the 2009 parade of homes in Tallahassee. No surprise that it has been sold, but the builder, Jim Monroe has 106 more lots to build on in Paeonia Place. Pick your lot and build an incredible new home in Tallahassee. This home has features that no other builder is including at this price.
This home in a brand new downtown neighborhood has the high end features and details of million dollar homes. Rennai water heater, gas fireplace, and low e windows for energy efficiency. Living features include built ins, surround sound, jacuzzi tub, and a chef’s kitchen with gas stove, stainless appliances, and dimensional cabinets. The millwork and craftsmanship are unmatched in a home at this price.
Nathan Cross, Realtor
The Naumann Group Real Estate, Inc
New Home Sales Specialist
(850) 443.2125
nathan@bluetomato.me
How does the HOP program work?
July 10, 2009 by nathancross · Leave a Comment
I received a call recently from a reader and she asked me about the HOP program, she had heard about the program before but wasn’t sure if she qualified or the 25% interest free downpayment. I thought in the interest of trying to better educate my readers I would write a post about HOP and the benefits of buying a HOP approved home if you qualify for the financing.
What are the income limits for eligible homebuyers?
The income limits depend on how many members of the family will be living in the home. Download HOP Income Limits for Florida
What are the benefits of the HOP program?
Also know as the Home Ownership Pool, the program was designed to help eligible homebuyers with downpayment assistance, up to 25% of the purchase price of a home. The amount a homebuyer can receive cannot exceed $70,000. The money is not free though it acts as silent second mortgage with a 0% interest rate.
Where does the money come from?
HOP is funded through the United States Department of Housing and Urban Development (HUD) and Florida Housing’s Homeownership Assistance Program (HAP). The program does not have an infinite supply of money and once the funds are gone eligible homebuyers have to wait for the pool to be refunded which can take up to 12 months. Typically the pool is funded twice a year.
What does a homebuyer need to do in order to qualify for HOP Financing?
I recommend homebuyers should talk with a Realtor that understands the HOP program, the Realtor can help determine if the buyer is eligible for the program and recommend a good local lender that can further assist with the qualification process.
Will any home qualify for the HOP program?
The short answer is No. The good news is that home builders are building brand new homes that meet the HOP building guidelines. There is a good selection of HOP approved homes for sale in Tallahassee.
What effect can the HOP financing have on my monthly payment?
Lets say that a first-time homebuyer wants to buy a home priced at $170,000. If they were to borrow the $170,000 at 5% over 30 years the monthly principal and interest payment would be $912.60. Now lets compare that to a HOP approved home that is also priced at $170,000 but this time the homebuyer gets 25% of the purchase price as an interest free loan, with the same 5% interest rate and the same 30 year term, the monthly principal and interest payment would be $684.45.
Are you looking for a Realtor to help you find a new home in Tallahassee? I would be honored to assist you with the purchase of your largest investment. Remember it cost's you nothing to work with a Realtor when you're buying real estate, so why not give me a call today?Nathan Cross, Realtor
The Naumann Group Real Estate, Inc
New Home Sales Specialist
(850) 443.2125
nathan@bluetomato.me
