For most people, their home is their largest asset. The decision to invest in a new house is a big one for anyone, especially if you are a first-time homebuyer and have not experienced the process before. Worry not, because the buying specialists at Fort Myers Mortgage Experts are here to help you make your home buying dreams come true
The Many Misconceptions and Questions About First Time Home Buyer Loans Explained.
• Buying Vs Renting
• Downpayment Options
• Reality of Credit Requirements
• Do First-Time Homebuyers Get Special Perks?
• Down Payment Assistance
• Debt Ratio
• I Want to Buy a House: What’s Next?
• Who Pays the Realtor’s Commission?
• How Does the Lender Get Paid?
• The Difference between Banks, Brokers, and Mortgage Bankers
• Employment Requirements
Watch First Time Home Buyer Videos
What Programs Are Available for First-Time Home Buyers in Florida?
The great news is that there are several programs and products available to first-time buyers that provide counseling, down payment assistance, and even housing repairs for eligible buyers.
Some of the programs available in Florida include, but are not limited to:
- HUD (Housing and Urban Development) approved counseling
- Down payment and closing cost assistance, housing repairs, and weatherization through a partner of Florida Association of Community Action
- Down payment assistance, the State Housing Initiative Program (SHIP), and the Mortgage Credit Certification Program through Florida Housing Finance Corporation
- Down payment assistance and housing repairs through some municipal Community Development Block Grant (CDBG) programs (not all programs offer the same services, contact yours for details)
- Local agencies use HOME funds to help you purchase and repair a home
- Loans and assistance for purchase in rural areas through USDA Rural Development
How Does the First-Time Home Buying Process Work?
You can avoid feeling overwhelmed if you stay organized and patient and just take this one step at a time. There are a lot of steps, but don’t get overwhelmed. Your buying specialist at Fort Myers Mortgage Experts will walk you through the process. To get from dream to reality, some general steps include:
- Get your annual free credit report.
- Review your finances.
- Work with a certified housing counselor.
- Choose a quality buying specialist.
- Choose a lender.
- Get pre-approved for a loan. This lets you know if you are currently eligible and, if so, how much home you can potentially purchase.
- Discuss your wants and needs.
- Start your house hunt.
- Check Comparable Sales Records.
- Make an offer.
- Negotiate the final offer.
- Complete appraisals, inspections, and other tests required.
- Run a title search.
- Close on your dream home.
Do I Qualify For First-Time Home Buyer Programs?
Every program and product has varying qualifying criteria, such as:
- The gross annual income of a household based on the number of occupants
- Previous homeownership
- Credit score
- Purchased property must be your primary residence
- Completion of homebuyer education
- Minimum down payment contribution requirements
- Type of property allowed for purchase (some programs do not allow mobile homes, farms, or income-generating properties)
Call Fort Myers Mortgage Experts Today if You Are a First Time Home Buyer
There’s a first time for everything, and now is the time for your first home. Contact Fort Myers Mortgage Experts today to meet our team and develop your relationship with one of our amazing buying specialists.
