Co-Signing a Mortgage Loan

Good Day Everyone, 

I hope you all are having a great week! Spring is right around the corner which often can be the busiest time of year for home sales. Lately, I’ve received several calls from first time home buyers in regards to purchasing a home. Often people think that if their credit and financial situation isn’t ideal, that they will just get a co-signer to sign on the mortgage. Are you aware of the risk of co-signing on a mortgage or any type of loan for that matter? Below, in my opinion, are the top 5 risk. 

  1. You’re 100% Responsible for the Loan – If the person you’re co-signing for loses their job or decides to quit making the payments, YOU’RE RESPONISIBLE TO PAY BACK THE LOAN. Just because you’re the “2nd person” or “backup” does not mean that you’re not responsible for the loan. 
  2. Credit Score – Co-signing on a loan will affect your credit score. Any delinquencies will appear on your credit score.
  3. Future Loans and Debts – Even if the primary borrower makes all payments on time and is in good standing, retailers and vendors will be notified that you have a mortgage loan in your name, even as a co-signer. 
  4. Your Financial Situation – Your finances will be reviewed to determine if the bank will approve the loan. You will need to provide bank statements, paystubs, tax returns, etc. ; just as if you were the primary borrower.
  5. Do Your Homework – Just remember without you, the primary borrower would not have been approved for this loan. Research and look into their income, debts, etc. before you financially obligate yourself to them and a loan. 

I hope you find the blog post helpful! If there is anything I can do to help please let me know. (352) 577-9171 or Info@Seach352Homes.com 

New Listing! 5.89 Acres w/ Paved CR 21 Frontage!

 

Good Day All, 

Here is a new listing that may interest you!! 5+ Acres of Vacant Land with Paved CR 21 Frontage in Orange Springs! See below for more details. 

  • Asking $35,900  
  • OWNER FINANCING (Terms- 10 year term, with a 5 year balloon at 8.75%, no PPP)
  • 5.89 Acres 
  • Appx 400 Feet CR 21 Paved Frontage 
  • Lot Size Appx is 400′ x 741′ x 425′ x 704
  • Front Parcel is Zoned R-1 For Residential NO MOBILE HOMES.
  • The Rear Parcel is Zoned A-1 for Agricultural

 

 

 Located just outside of downtown Orange Springs, walking distance to beautiful flowing Orange Creek and lots of wildlife. Also short walk to Dollar General store, restaurant, gas station, post office and more. Short drive to Orange Springs boat ramp and access to Ocklawaha River and Rodman Reservoir with some of the best bass fishing world wide. Location is perfect for commute to Gainesville or Ocala area, or just relax and live the quite peaceful life in the woods. 

For More Info Please Call/Text (352) 577-9171 or Email Info@Search352Homes.com

New Listing! 10.45 Acre Parcel in Fort McCoy

 

Good Day All, 

I hope everyone is having a great start to your day! Almost Friday and time to enjoy the Florida sunshine! Here is a sneak peek of a new vacant land listing that just hit the market! 

  • 10.45 Acre Parcel
  • Zoned A-1
  • Asking $50,000
  • Build Your Custom Home
  • Bring Your Mobile Home

Great 10 Acre Parcel of Land Just Waiting For You To Build Your Custom Home or Bring Your Manufactured Home! Listed at just shy of $5,000 per Acre, this is a steal for ONLY $50,000

For more information please email Info@Search352Homes.com or Call/Text (352) 577-9171

8 Acres For Sale in Fort McCoy!

Good Afternoon All, 

Has anyone been looking for the perfect piece of property for your new home? Maybe something that is close to town, shopping and entertainment, but yet in a country quiet setting? If so, I have the ideal piece of property for you! 

  • 8 Acres
  • Zoned A-1 for Agriculture 
  • Build Your Custom Home 
  • Bring Your Modular Home 
  • Cleared & Wooded Parcel 
  • ONLY Asking $25,000 

 

For more information on this vacant piece of property please call/text (352) 572-1739 or email homesforsaleocalamarion.com 

 

 

60 Acres on Hwy 318 in Reddick, FL

 

Good Morning All, 

Is anyone looking of the perfect piece of land for a farm or homestead? If so, I have the perfect listing for you that just hit the market! Make sure you check out this 60 Acre parcel for sale in Reddick. 

  • 60.74 Acre Parcel 
  • Zoned A-1  
  • Asking Price $450,000 ($7,500 per acre) 
  • Cleared and Wooded Piece of Property 

 

For more information on this listing or to schedule a showing please email  Info@HomesForSaleOcalaMarion.com or Call/Text (352) 572-1739

 

 

9.75 Acres – Hard to Find Acreage on Paved Road!

Hard to find acreage on paved road. Two parcels included in this sale. 3.1 acres has 220′ of Hwy 316 road frontage. 6.65 is flag lot and borders smaller lot to the East. Both lots have concrete aprons and are heavily wooded parcels. Located within minutes of downtown Fort McCoy with shopping, restaurants, hardware, park and more. Short drive to Ocala National Forest with great freshwater springs, canoeing, kayaking, hiking, horseback and ATV trails, hunting fishing and everything an outdoor enthusiast could ever desire. This property is ready for new owners and bring your plans for new home.

  • Asking $37,500
  • Total Acreage 9.75 Acres
  • Zoned A-1 General Agriculture 

Please email Info@HomesForSaleOcalaMarion.com or (352) 572-1739 for more info.