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How to Buy a Home in Tampa Bay & Sarasota with Bad Credit & Come to our 1st Time Buyer Seminar


There are many Tampa Bay area homes for sale.  
Click here to perform a full home search, or if you're thinking of selling your home, click here to learn about our “Your Home Sold Guaranteed in 29 Days” program or for a free property valuation so you know what your home can sell for in today’s market. You may also call me at (813) 359-8990 for a FREE home buying or selling consultation to answer any of your real estate questions.
Andrew Duncan, Tampa's #1 Realtor and expert, together with Mike Yates of Atlantic Bay Mortgage talk about the options available for people who want to buy a home but have bad credit like those who went through hardship or are self employed.

Saving for a larger down payment
A lot of lenders who lend solely off on credit score but there are some places that offer a little more flexibility. He said the Credit union is one example. A lot of times, they will do everything in-house and assume all the risks because their loaning their own money. You may pay a little bit more on rate and cost, but if you're set on owning a home now, that is an option you would want to consider.  

Improve your credit score
Mike suggests that one of the easiest ways to get your scores up quick is paying down the balances on your revolving debts (i.e. credit cards). Anytime your balance goes above 50% of the limit, it will start dragging your scores down.

Know what to emphasize to a lender
Andrew also advised that it is best to talk to a professional about your credit score because there could be simple things that they can do or they may not have a good grasp about how credit scores are calculated.

FHA loan
Going with an FHA loan requires a lower credit score. Atlantic Bay Mortgage will go low at 580 with FHA loans while some lenders will go as low as 540 but that goes with a larger down payment.

Private Mortgage
Going with a private mortgage is an option for those people in unique situations where your scores aren't good enough or you can't get money from a financial institution although you may pay a little bit more money in rate and cost.

There are a number of options available for people even for those who have bad credit. Andrew invites everyone to join their First Time Home Buyer Seminar every 1st Thursday of the month at 6320 S Dale Mabry Highway to learn what other options are available to you.

To get more Tampa Bay Real Estate news and advice from Tampa Bay's #1 Realtor, tune in to The Duncan Duo Real Estate Show on 970 WFLA - Tampa Bay every Sunday at 10 am.

How Will the Trump Administration Affect Real Estate?

Whether you love him or hate him, President Donald Trump and his new administration will have an effect on our housing market. What will that effect be? It’s not clear now, but we anticipate a few changes. We’re here to tell you about them today.

First, let’s discuss interest rates. They’ve crept up since the election, but that was predicted by economists for quite some time. Rising rates mean homebuyers won’t be able to afford the same homes they can get right now. Affordability decreases when rates increase.

A lot of people have been getting into the market lately because they want to take advantage of rates where they are at right now, before they go up again. This has caused a surge in home sales. In fact, the Greater Tampa Association of Realtors reported a nearly 20% increase year over year in the number of homes sold. Those are the highest sales numbers we’ve seen in the last decade.

We’ve seen a surge in home sales recently.

Another important change we anticipate with the Trump administration has to do with tax reforms. Some tax benefits that homeowners get now, like the capital gains exclusion and mortgage interest deductions, may be on the chopping block. Nothing is formalized yet, but we are bracing for some of these benefits to be taken away. However, the Trump administration maintains that even if they cut tax benefits for homeowners, the overall lower tax rate will still allow consumers to save.

One positive sign we’ve seen in the market with the new administration has been with the stock market. We’ve hit record highs lately, which has improved consumer confidence. The market is very healthy for the time because of it. There haven’t been any big changes yet, so now might be a good time to consider buying or selling your house before there are.

If you have any questions for us or you’re interested in buying or selling a home, don’t hesitate to give us a call or send us an email. We look forward to hearing from you.

Buying Your First Home? Come to Our First-Time Buyer Class

Have you heard of our first-time homebuyer class? Classes have started at our offices at 6230 S Dale Mabry Highway on the first Thursday of every month, and we have one coming up on March 2nd.

In this first-time homebuyer class, you’ll learn about down payment assistance that might be available to you for up to $15,000, low and no down payment mortgages, and expert advice from lenders, agents, and others in the real estate industry.

If you’d like to attend, you can RSVP here.

You can register for the upcoming class on March 2nd or any subsequent classes.

You’ll learn about down payment assistance programs of up to $15,000.

We’ll educate you on the entire home buying process from inspections to appraisals and every step in the transaction from start to finish. It’s a great opportunity for anyone who is thinking about buying their first home.

If you know anyone who is thinking of buying their first home, we’d love for you to share this opportunity with them as well.

If you have any questions, you can always give us a call or send us an email. We look forward to seeing you there!