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Welcome to our site where we talk all things Florida and all things real estate.  We love it here and want to share the joy with you.

Are you ready to unlock the door to ownership? Look no further! Our real estate website is your ultimate destination for finding the perfect slice of paradise in this sunshine state. Whether you're seeking a cozy bungalow nestled among the trees or a luxurious waterfront estate with breathtaking views, we have something for everyone.

Why Florida, you ask? Well, let us paint you a picture. Imagine waking up to the warm rays of the sun filtering through your window, birds chirping in the distance, and the promise of endless adventure right at your doorstep ALL YEAR ROUND. From world-renowned theme parks to pristine natural wonders, Florida offers a lifestyle that's second to none.

But it's not just about the attractions; it's about the sense of community that thrives here. Picture yourself strolling down tree-lined streets, chatting with friendly neighbors, and savoring the flavors of local cuisine at charming cafes and eateries. Whether you're a young professional, a growing family, or a retiree seeking tranquility, Florida welcomes you with open arms.

On our website, you'll find a treasure trove of information to assist you in learning about specific areas, specific homes and financing options that are available.

But our commitment to you doesn't end there. In a world where everyone seems salesy and out for themselves, our team of experienced real estate professionals wants to let you know that we are different.  We promise to put you first, to make your home buying or selling venture one that keeps you coming back to us.  Our business model is SERVICE BEYOND EXPECTATION and we deliver.  We encourage you to schedule a call with us at (407) 435-0079  It's the best way to get to know each other and we promise not to bee pushy!

So, what are you waiting for? Your Florida dream awaits! Start your journey today by browsing our website and discovering all that this remarkable region has to offer. Whether you're drawn to the magic of Orlando, the friendliness of the suburbs, or the coastal charm of New Smyrna Beach, we have the keys to unlock your next chapter. Welcome home to Florida – where every day feels like a vacation!

 

April 26, 2024

Top 10 Real Estate Myths

We know there is a lot of misinformation in the real estate world and it can be so confusing for everybody.  Click the link to get our info breaking down the top 10 Real Estate Myths.

D&D Top 10 Real Estate Myths

 

You can also check out the entire podcast here D&D Podcast Top 10 Real Estate Myths

Posted in Home Buyers
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April 11, 2024

Conventional Mortgage 3% down

Diana Boyesen

April 11, 2024

Welcome to our guide on Fannie Mae and Freddie Mac’s 3 percent down payment conventional loan program, designed especially for first-time homebuyers. Fannie Mae and Freddie Mac are committed to promoting homeownership by purchasing mortgage loans and making credit accessible to homebuyers.

 

This initiative, also known as the 97 LTV Conventional loan program, aims to address the challenge many prospective homeowners face in accumulating the required down payment. First-time homebuyers who haven’t owned a home in the past three years are eligible for this program.

 

Advantages of the 3 percent down payment conventional loan program include a low down payment requirement of just 3 percent, making it ideal for those who can manage monthly mortgage payments but struggle with upfront costs. It provides an opportunity for homeownership without substantial savings.

 

For many homebuyers, a 3 percent down payment is sufficient, especially considering conforming loan limits. While this option offers affordability, it's essential to understand potential additional costs, such as private mortgage insurance (PMI), and consider factors like credit score and debt-to-income ratio (DTI).

 

The maximum DTI ratio varies depending on the loan program and lender requirements. Conforming conventional loans typically allow DTI ratios ranging from 43% to 50%. However, non-conforming loans may have stricter criteria. Factors like credit score and financial reserves also influence DTI limits.

 

Freddie Mac’s Home Possible Advantage and Fannie Mae’s 3 percent down payment conventional loan programs offer similar benefits, targeting first-time homebuyers with low down payment options. Homebuyers must meet specific criteria, and mortgage insurance is mandatory. However, the programs have distinct features, so it's essential to explore both options.

 

Conventional loans, like the 3 percent down payment program, offer advantages such as lower down payment requirements and flexible eligibility criteria. Borrowers with outstanding student loan balances may find conventional loans more accessible due to favorable repayment calculations.

 

For more information or to explore your options, contact Diana Boyesen at 407.448.3834.

Posted in Home Buyers
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April 11, 2024

Home Purchase Loans

Unlocking the World of Home Purchase Loans: Your Comprehensive Guide

 

Welcome to our blog, where we delve into the vast array of home purchase loans available today. Whether you're a homebuyer or a real estate investor, understanding these traditional and non-prime loan options is crucial. 

 

At Adair Realty and Nexa Mortgage, we're not just about the typical government-backed and conventional loans. We're proud to offer an extensive range of non-QM and non-prime mortgage loans tailored for primary homes, second homes, and investment properties. From commercial loans to bridge loans and hard money loans, we've got you covered.

 

With partnerships with over 170 wholesale mortgage lenders, we're your one-stop destination for every mortgage program in today's market. In this guide, we'll walk you through the most popular mortgage loan programs.

Finding Your Ideal Home Loan

Choosing the right home loan amidst the sea of options can be overwhelming. Here are some key factors to consider:

1. **Credit Score and Down Payment:** Your credit score and down payment amount play a significant role in determining your loan options.

2. **Property Type:** Whether it's a primary residence, second home, or investment property, the type of property you're purchasing affects the available loan programs.

3. **Time Frame:** Establishing your timeline for purchasing a home helps narrow down loan choices that align with your goals.

 

Partnering with a knowledgeable lender can simplify the process by guiding you toward loans that suit your unique situation.

 

Navigating Mortgage Loan Programs

 

For homebuyers facing credit challenges, navigating mortgage loan programs requires insight into various options:

 

Conforming Loans:** Ideal for strong applications with credit scores of at least 620 and substantial down payments.

  

Government-backed Loans:** Offering flexibility and low down payment options, government-backed loans are suitable for those who need more lenient qualification criteria.

 

Non-QM Loans:** Tailored for unconventional circumstances or credit issues, non-QM loans provide alternatives for buyers who don't fit traditional loan criteria. These include non-conforming condo loans, DSCR loans, bank statement programs, P&L loans, HELOCs, Reverse Mortgages and more

 

From FHA loans for bad credit to VA loans for veterans and USDA mortgages for rural areas, there's a program to fit every need. We'll explore the nuances of each program, helping you make informed decisions.

 

Ready to Explore Your Options?

 

If you're ready to embark on your homebuying journey or have questions about mortgage loan programs, we're here to help. Contact us today to connect with our team of experts. Your dream home awaits—let's make it a reality together!

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April 10, 2024

A package deal of real estate and mortgage services

Exciting News for Homebuyers: One stop shopping makes it easier for homebuyers to get their mortgage loan and their realtor in one place!

Ever wished your homebuying journey could be simpler, with one trusted organization guiding you every step of the way? Well, now it can! We're thrilled to share the latest development in real estate: your realtor can also be your mortgage expert.

Imagine having someone by your side who not only helps you find your dream home but also navigates the complexities of securing a mortgage—all in one seamless process. Thanks to recent updates, your realtor can now wear multiple hats, ensuring you receive expert guidance from start to finish.

But that's not all! Whether you prefer hands-on assistance throughout the loan process or simply want guidance from someone who understands your needs, our team is here to make it happen. We can manage the entire transaction for you from start to finish, taking so much of thone stress off you.

Why settle for separate professionals when you can have the best of both worlds? By choosing a real estate company with a mortgage broker partnership, you'll not only streamline your homebuying experience but also gain access to a wealth of knowledge and resources and save time and money.

At Adair Realty, we're committed to making your homeownership dreams a reality. And, our agents are equipped to handle your unique needs and preferences, ensuring a smooth and stress-free journey to homeownership.

So, if you're ready to embark on this exciting adventure, look no further. Reach out to us today to learn more about how our dually licensed real estate team can help you find your perfect home and secure the financing you need. Your dream home is closer than you think—let's make it happen together!

Give us a call today! 407.448.3834

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April 9, 2024

Appraisal- What are the property condition requirements

Property Checklist for appraisal items

 

Often, buyers get confused about the role of a home inspector and an appraiser.  The home inspection is for your benefit and should cover all the major components of the home: electrical, plumbing, HVAC/heating, roof, structure.  An appraiser completes an appraisal which is a home valuation for the lender.  There are property minimum standards guidelines that the appraiser must insure are met.

There are different guidelines an appraiser has to follow depending on the type of loan that is being done.  The main types of loans are Conventional, FHA, VA, USDA and Non-QM loans (all kinds of loans that do not fit into the previous categories). Additionally the type of property (land, single family, condo, manufactured home) also may have specific guidelines.  It’s a lot!  And, a buyer isn’t going to need to know all the details about the appraisal. 

However, there is a preliminary checklist of things that you can look at yourself either when viewing the home or during the home inspection that can help you prep for issues that an appraiser may have to note on the appraisal.  If an appraiser marks the appraisal as “subject to” any of these repairs, then the repairs need to be made and the appraiser will have to return to do a re-inspection of the repaired items (there is a fee for this and this may pose delays in closing). 

Traditionally FHA, VA and USDA loans have more stringent guidelines for a property appraiser.  The conventional appraisals have tightened up more in the last 10 years so they are more similar these days, but the perception in the industry is that a VA or FHA appraisal is still tougher on the property. So, I am going to note here that Fannie Mae (Conventional) guidelines for appraisals also includes property requirements and the guidelines state an appraiser must note any physical deficiencies that affect the safety, soundness or structurall integrity of the subject property.

This checklist is not going to cover everything that is required.  However, it covers a lot of the items and is a great checklist to review when you are purchasing a property so you can better negotiate up front and be prepared ahead of time.  The biggest issue with FHA and VA is safety and they want to make sure the home is as risk free as possible.  Many of these items are also required for a conventional loan- so go ahead and use it even if you are doing a conventional loan and check with your lender if you see any of these issues and wonder if it could be an issue.

FHA/VA/USDA Property Requirements For The Home’s Interior

These loans have certain conditions that have to be met for the home’s interior to pass appraisal standards. We are listing these because they are the most comprehensive when dealing with loan appraisals. These don’t include cosmetic issues that are easily fixed.

Common issues impacting appraisals from an indoor standpoint are the following:

Home Systems And Appliances

The appraiser has to make sure that a home’s systems are functional. The same goes for any major appliances that are going to be coming with the home.

Basement, attic and Crawl Space

The appraiser will make sure these areas are well ventilated with no signs of critters or visible damage.

Bathrooms

In addition to the electronics checks described earlier, GFCI should be to code and the sinks and toilets in the bathroom must be working and hot water must be available

Kitchen

If there are appliances included in the sale, they should be in good working order and there should be no hazards posed by them.  The sink must have hot water.

 

FHA/VA/USDA Property Requirements For The Home’s Exterior

In addition to the inside of the home, it's exterior will also be inspected. If a home has any of the hazards listed below, the need for repairs is likely.

 

Property Access

The subject property needs to have sufficient access to a street or other means of access so that future owners can easily make their way to the property year-round.

Roof

The roof must have at least 2 years of life left. The appraiser will check for things like holes, loose or missing shingles, and proper connections to gutters and downspouts.

Foundation

In order to pass inspection, the foundation must be properly graded and have sufficient drainage so as not to cause water damage. There shouldn’t be any cracks in the foundation or signs of significant settling. Finally, it should adhere to local building codes and present no concerns regarding durability.

General Interior Checklist

¨Appliances working

¨Heat source working

¨ Hot water heater drains properly into a proper pan or according to code

¨ Electrical system working

¨ No exposed wires

¨ No missing or cracked outlet covers

¨  All stairs have accessible handrails that are to code

¨ No chipping paint

¨ No asbestos or any hazardous materials are on the property

¨ No exposed wires

¨ GFCIs are in the “wet areas” and are working and to code

¨ Hot water is available

¨ There is a working sink, shower/bath, and toilet

¨ No evidence of leaks

¨ Smoke detecors are in the home, properly working and up to code

¨ Carbon monoxide detectors if required, are in the home, properly working and up to code

¨ No exposed concrete – there must be adequate flooring in all rooms

¨ Attic has adequate access, proper ventilation, is critter free and has no visible leaks or damage

 

General Exterior Checklist

Please note that in addition to the home the structures such as sheds, pool houses, outbuildings must meet these guidelines as well.

¨ No large cracks in the driveway or sidewalk that could be a trip hazard

¨ Decking does not have loose boards, missing handrails, or trip hazards and has handrails according to code

¨ Foundation appears solid

¨ Roof appears to have at least 2 years of life and there are no missing shingles

¨ Gutters and downspouts (if applicable) are intact with no visible damage and functioning properly

¨ No large cracks are visible around the home

¨ Electrical outlets- open, uncovered, missing covers, cracked covers are minor but must be fixed

¨ No improper or exposed wires/wiring

¨ The septic system (if present) must be functional

¨ Property must be free of soil contaminants

¨ No underground storage tanks

¨ Site must adequately drain water away from the perimeter of the walls

¨ Must have an acceptable and sufficient water supply

¨ Must have safe and sanitary sewage disposal

¨ No evidence of termite infestation

¨ No visible wood rot.  Check around the home for any signs of wood rot- even a small quarter size spot (often found at bottom of door jambs or around windows) must be noted by the appraiser

¨ Property must have safe and adequate access to cars and pedestrians from a public or private street

¨ No presence of any defective conditions, including but not limited to, poor construction, leaks, decay, large cracks in siding or concrete. 

¨ Any basement or crawlspace has sufficient access, adequate ventilation, no visible signs of damage and is critter and termite free

¨ Mechanical systems must be safe, protected from destructive elements, functional, durable and of decent quality

¨ Heating sources must be safe, functional and meet any local requirements

¨ Electricity must be available for lighting and any equipment used

¨ No broken windows,

¨ No blocked doors

¨ No steps without a handrail

¨ No unpainted wood

¨ No peeling paint

 

Please note, this list does not cover all of the items an appraiser will be looking for, and appraisals are subjective.  So, each appraiser would be following the guidelines as they interpret them.  

 

Posted in Home Buyers
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April 3, 2024

STOP! Before you apply for a mortgage DO THIS

Did you know that when you apply for a mortgage and they do a hard pull on your credit your data is sold to third parties?  And, people pay big money for the data.  What does that mean for you?  Well, the people that buy your info will then start calling you.  If you want lenders competing for your business this can be a good thing!  However, most of our customers prefer to shop with 1 or 2 lenders and do their own research on who to use.  This means those phone calls are over the top ANNOYING.

So, what can you do? 

Click the link below, follow the instructions, and you can opt-out in a few minutes.  It's easy! And, if you do this at least 10 days before you go looking for a home loan, you will not get those pesky calls.

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April 3, 2024

21 Factors that affect your interest rate

 

While outside factors affect the interest rate- the economy, the housing market, the Feds, the treasury, etc.  There are factors that affect the individual applicant as well. 

When looking online at interest rates it is important to keep these factors in mind as there is no single interest rate available to a consumer.  So, if you get a quote from a lender without them having all of the data that is below, then you are getting a rate quote that is subject to change when they get this information.  The more information up-front, the more accurate your quote will be.

So, lets take a look at the most common factors.

21 Factors that can affect your interest rate

1.     Credit Score
The higher your credit score, the lower the rate.

2.     Credit History
The less credit history you have, the less knowledge a lender has of your repayment ability, possibly making you slightly more risky. The better the payment history, the better the rate.

3.     Employment Type and Income
Self-employed, hourly employed, bonus-based pay – these all affect the risk factors of whether you’ll be able to pay back the loan.

4.     Loan Size
How much money are you asking for? Often if you are requesting an amount under a certain level (i.e.$100,000) or over a certain level (jumbo) there may be a slight increase in rate.

5.     Debt Ratio
How much money is made monthly versus the cost of monthly bills. The typical ratio that lenders looks at is 42%, but we can go as high as 56%.

6.     Loan-to-Value (LTV)
What percentage is your loan amount to the value of the property? Typically, the lower the percent, the lower the rate.

7.     Combined Loan-to-Value (CLTV)
This ratio includes not only the current loan you are wanting, but any additional loans on the property, such as a home equity.

8.     Loan Type
Fixed, variable, adjustable, balloon – these all have varying rates because of the variation of risks. Depending on the situation, your initial interest rate may be lower with an adjustable rate than with a fixed rate but you run the risk of the rate increasing significantly later on.

9.     Length of Term
The shorter the term on your loan (ie:15 years vs 30 years), the quicker you’ll be paying down the debt; possibly resulting in a better rate. It’s important to note that your payments will most likely be higher, so you’ll want to make sure you can afford it.

10. Co-borrowers
Will there be other people on the loan, and if so, what does their credit look like? All parties involved in the loan will be used in determining the rate. 

11. Escrow Preference
Some lenders require escrows for residential or consumer loans. This means specific money put aside to pay for things like taxes, insurance, etc. If you choose not to escrow, your rate could be higher due to higher risk.

12. Occupancy Type
Typically, rental or investment properties have higher interest rates. Residency  Rates will be lower if you plan to live in the house full-time versus using it as a second home.

13. Available Assets
What additional assets do you have as possible collateral? The more down payment you have, usually the lower the rate.

14. Closing Date
Depending on the market temperament, it can be important to lock in on a rate that is as close to your closing date as possible. The longer the rate lock period, the higher the rate will be.

15. Property Type

Single family residence, condo, manufactured homes, etc. will have different risk factors to a lender and the interest rates are typically higher for the latter which are perceived as higher risk. 

16. Asset Seasoning
How long have you had your assets? There may be restrictions for assets owned under a certain time frame that could affect the rate.

17. Housing Ratio
What does the ratio from above look like when you add in the cost of the mortgage? Usually a good housing ratio is 28%, but these days it’s generally higher.

18. Improvements Needed
This will affect the value of the property. Remember that the lower the percentage of the loan amount to the value of the property, typically the better the rate. Renovation loans typically have higher interest rates.

19. Employment History
This also affects the risk to the lender. If you show a consistent history of employment, the better chance for a lower rate.

20. Cash-out
If you refinance and want to walk away from closing with money in your pocket, you may be increasing the percentage of loan to property value.

21. Seller Contributions
If the seller is able to contribute money towards closing costs, that will increase the amount you have available for a down payment.

 

Posted in Interest Rates
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Jan. 14, 2024

Discover Luxury Subdivisions Of Seminole County, FL

 

Luxury Neighborhoods in Seminole County, FL

Florida has long been recognized as a hub for all things luxury, with its beautifully preserved natural landscape, sun-kissed lifestyle, and posh real estate market. Nestled in this slice of paradise is Seminole County, a gem that offers a unique blend of sophistication, tranquility, and extravagance. An integral component of Seminole County's charm lies in its array of luxury subdivisions, boasting distinct characters, superior amenities, architectural splendor, and more. Let's take a look at Seminole County and some of its most desired neighborhoods.

 

Communities of Distinction: Heathrow, Markham Woods Corridor, and Alaqua Lakes

 

Heathrow  

Named after a city in London, Heathrow, a planned golf community, is rich in history and flair. Over the years, it has developed into one of Seminole County's most prestigious neighborhoods. Home to 2000 households, Heathrow is well-loved for its serene lakes and pristine golf course. With median property values hovering around $850,000, real estate trends in Heathrow point to a gradual yet consistent appreciation. 

 

Markham Woods Corridor/Lake Mary

Lake Mary’s origin dates back to the 19th century, evolving from a quiet citrus grove to a vibrant city offering upscale living. Markham Woods Corridor, Lake Mary’s pride, is admired for its distinct homes and scenic views. From shopping centers to gourmet restaurants, Lake Mary is a haven for those seeking a stylish lifestyle. Property prices averaging at $1 million, Lake Mary offers a host of opportunities for those looking to invest in luxury real estate.

 

Alaqua Lakes

Alaqua Lakes, established in the late 90s, has emerged as a top tier luxury subdivision. This gated community promises peace with its private streets, lavish green spaces, and crystal-clear lakes. With the median home prices around $1,500,000, Alaqua Lakes presents a valuable real estate opportunity for those who appreciate luxury living. 

                                                                                                    

Defining Luxury: Key Features of Seminole County’s Luxury Subdivisions

The upscale subdivisions in Seminole County are renowned for their unique architectural styles and designs, ranging from Mediterranean to modern, and classical to colonial. They come equipped with state-of-the-art amenities and facilities like private golf courses and country club memberships, community parks, walking trails, and more. The abundance of sprawling estates set against the backdrop of exquisite landscape of the Wekiva River Basin and custom home designs adds to the luxury quotient.

 

Understanding the Appeal: What Attracts Buyers to Seminole County's Luxury Subdivisions?

Seminole County's luxury subdivisions draw buyers for a gamut of reasons. The county boasts a thriving economy offering abundant job opportunities and hosts several corporate headquarters, ensuring economic stability. Secondly, considerations like low crime rates, top-notch schools, and tight-knit communities up the quality-of-life factor. Finally, the excellent climate and proximity to some of Florida's best beaches and parks hold a magnetic appeal for those in pursuit of a relaxed, luxurious lifestyle. 

Investing in Luxury: Insights and Tips for Prospective Buyers

Understanding the local real estate market is critical when investing in Seminole's luxury subdivisions. It's also important to consider factors influencing a property's value, like location, square footage, amenities, and community. Your trusted realtor with Adair Realty and thorough due diligence can go a long way in securing a profitable investment.

Conclusion

Seminole County offers an enticing mix of luxury, comfort, and stability, making it a popular choice for luxury real estate investment. The upward trend in the county's luxury real estate market hints at a bright future and offers opportunities for those willing to partake in its growth.

FAQs

* What makes Seminole County's Luxury Subdivisions stand out?

Seminole's subdivisions offer superior amenities, unparalleled architectural splendor, and an excellent quality of life. They also boast a stable economy and unparalleled natural beauty.

* What can I expect to find in a typical luxury subdivision in Seminole County?

Expect to find homes with unique architectural styles nestled amid well-maintained landscapes, modern amenities, community parks and, oftentimes, limited access to subdivisions with guard gated communities.

* What are the best luxury subdivisions in Seminole County for young professionals, families and retirees?

Heathrow and Lake Mary are ideal for families with their top-rated schools and community amenities. Alaqua Lakes, with its peaceful ambiance and golf course, is a perfect choice for anyone looking for a vibrant country club golf membership.

* What is the process of purchasing a luxury home in Seminole County?

It involves understanding the local market, gauging property value, negotiations, securing finances, and finally closing the deal. A reputable realtor with Adair Realty can help navigate this process.

* Is investing in a luxury subdivision in Seminole County a good idea?

 

Indeed, considering the county's economic stability, quality of life, and the upward trend of its luxury real estate market.

 

Posted in Seminole County Luxury Neighborhoods
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July 31, 2017

Curious About Local Real Estate?

Receive the Latest Local Market Stats

Curious about local real estate? So are we! Every month we review trends in our real estate market and consider the number of homes on the market in each price tier, the amount of time particular homes have been listed for sale, specific neighborhood trends, the median price and square footage of each home sold and so much more. We’d love to invite you to do the same!

Get Local Market Reports Sent Directly to You

You can sign up here to receive your own market report, delivered as often as you like! It contains current information on pending, active and just sold properties so you can see actual homes in your neighborhood. You can review your area on a larger scale, as well, by refining your search to include properties across the city or county. As you notice price and size trends, please contact us for clarification or to have any questions answered.

We can definitely fill you in on details that are not listed on the report and help you determine the best home for you. If you are wondering if now is the time to sell, please try out our INSTANT home value tool. You’ll get an estimate on the value of your property in today’s market. Either way, we hope to hear from you soon as you get to know our neighborhoods and local real estate market better.

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