First Time Home Buyer Program Hillsborough County Florida' title='First Time Home Buyer Program Hillsborough County Florida' />Down Payment Assistance Florida. The mortgage world has unique terms and calculations that we feel every First Time Home Buyer should be aware of and the context that they most mortgage terms might be used. Here are the most common terms you should know if youre seeking down payment assistance. ABCDEFGHIJKLMNOPQRSTUVWXYZAAcceleration Clause. A contract provision that allows a lender to require a borrower to repay all or part of an outstanding loan if certain requirements are not met. An acceleration clause outlines the reasons that the lender can demand loan repayment. Also known as acceleration covenant. Acceptance. To be accepted, a real estate Purchase Offer must at a minimum identify 1 the Subject of the offer the Property 2 the Consideration the purchase price to be paid 3 the Time for performance the closing date 4 it must be in writing and 5 it must be delivered to the Seller or their authorized agent. Once a Purchase Offer is delivered, the Seller then has a Power of Acceptance. They can accept it as is or they can reject it totally or they can respond with different terms such as a counter offer. If the offer is accepted before another offer is presented, it must be signed by both the Seller and the Buyer to be valid. Residential Appraisal. A home appraisal is an unbiased estimate of the true or fair market value of what a property is worth. TampaBayCNA. com,CNA Class, PCT, Med Tech, CNA, CNA Classes,CNA Test Prep, CNA Test, Challenge,PCT, Phlebotomy,Tampa, Pinellas, St Pete Center Open, CNA Class. Browse 130 Florida Gas Stations for sale on BizQuest. Buy or sell your Florida Gas Station with BizQuest, the Original Business for Sale Website. Trulia helps you find the right home and the right neighborhood. Because when it comes to a place to live the house is only half of it. Mortgage Grants has a first time home buyer program, that offers a down payment resource and closing cost assitance, up to 50 of your loan could be interest free. Free Search of Waterfront Florida Homes For Sale including Deep Water and Beach Homes. First Time Home Buyer Program Hillsborough County Florida' title='First Time Home Buyer Program Hillsborough County Florida' />All lenders order an appraisal during the mortgage loan process so that there is an objective way to assess the homes market value and ensure that the amount of money requested by the borrower is appropriate. The Buyer general pays for the appraisal before the appraiser goes to the property. Because an acre is a measure of area, not length, it is defined in square feet. An acre can be of any shapea rectangle, a triangle, a circle, or even a starso long as its area is exactly 4. The most standard shape for an acre is one furlong by one chain, or 6. Addendum. The addendum becomes part of the legal contract. Adjustable rate mortgage. An ARM, short for adjustable rate mortgage, is a mortgage on which the interest rate is not fixed for the entire life of the loan. The rate is fixed for a period at the beginning, called the initial rate period, but after that it may change based on movements in an interest rate index. ARMs are contrasted with fixed rate mortgages FRMs on which the quoted rate holds for the entire life of the mortgage. Ad valorem tax. The phrase ad valorem is Latin for according to value. Property taxes, property owners have their property assessed on a periodic basis by a public tax assessor. The assessed value of the property is then used to compute an annual tax, which is levied on the owner by his or her municipality. Amortization Schedule. An amortization schedule is a table detailing each periodic payment on an amortizing loan typically a mortgage, refers to the process of paying off a debt often from a loan or mortgage over time through regular pre calculated payments. Arrears. Mortgage interest in the U. S. is paid in arrears, which means that in the case of monthly payments, each payment covers principal repayment and mortgage interest for the month preceding the payment due date. In other words you pay the interest and principle at the end of the month not the beginning of the month. Most First Time Home Buyers think they pay for the month to follow but thats not the case. Associate Broker. Psd To 3D Software on this page. Someone who has taken additional education classes and earned a brokers license but chooses to work under the management of a Principle or Managing Broker. Assumption of mortgage. The seller agrees to let the buyer take over his or her house payments with the same interest rate that theyve had since they first bought the house. They are assuming the existing mortgage. The Buyer agrees to pay the Seller the amount of equity the Seller has accumulated outside the assumed mortgage. BBack up offer. A backup offer is a place holder that tells the seller that youve both agreed on a price and terms if the scenario arises that the sellers accepted offer is cancelled. When a property receives multiple offers, if the winning purchase offer falls through, the back up offer automatically becomes the new winning purchase offer. Binder. If the buyer withdraws from a real estate deal, heshe usually forfeits the earnest money. It is common in real estate. Earnest money reduces the risk to the seller. It is also called a binder. Bi weekly loan payment. A biweekly mortgage is a mortgage for which one half payment is made every other week instead of a full payment made once per month. The homeowner makes 1. This is a great idea for First time homebuyers to pay off their mortgage early without consciously sacrificing income. Blended mortgage rate. The high price of homes has many buyers trying to get 1. Many times First Time Home Buyers can do this by receiving down payment assistance in the form of a second mortgage or grant that has 0 interest. When this happens the blended rate becomes the combined interest rate on the first mortgage amount for the first mortgage and the First Time Home Buyer gets for the 0 second mortgage. In the State of Florida, the down payment assistance mortgage generally has a 0 interest rate. Florida Bond Down Payment Assistance program. The Florida Bond money is accumulated through the State Bond program by receiving a portion of the deed stamps from all the properties that are sold with the exception of the Florida State Bond Down Payment Assistance programs. The bond is secured as a second mortgage at 0 interest and is paid back at the time of the sale. This is a great situation for a buyer because heshe gets to use money at 0 interest to purchase a house and doesnt have to pay it back until the house is sold. There are no payments necessary until the home is sold and then the bond money is being paid back from the proceeds. Once the money is paid back to the State of Florida, it goes back into the Down Payment Assistance programs for someone else to use. Buyer breach of contract. When a buyer breaches a real estate purchase contract, the seller still retains the property, which can be used in any manner the owner desires and may be sold to another buyer. Typically the Buyer loses all their earnest money deposit if the financing contingency time period has passed. Buy down. This occurs when either the interest rate is temporarily bought down or the mortgage insurance is split paid or bought out completely so the buyer no longer has to pay mortgage insurance. Buyers Market. A buyers market is a situation in which supply exceeds demand, giving purchasers an advantage over sellers in price negotiations. Buyers Market is commonly used to describe real estate markets and means that the advantage go to the Buyer in the negotiations because there are more houses for sale than Buyers. CCall provisionaka acceleration clause The clause in a mortgage or trust deed that stipulates the entire debt is due immediately if the mortgagor First Time Home Buyer defaults under the terms of the contract. Driver For Usb Shock Joystick For Flight. Capa ceiling or limit on the adjustments made in the payments, interest rate or balance of an adjustable rate loan. Cap does not apply to fixed rate mortgage terms. Cashiers check. A cashiers check is a draft guaranteed by a bank, drawn from the banks own funds and signed by a cashier or teller. Its used in place of cash, personal checks, credit cards or money orders.