update – June 2014 : Buying your first home can be both exciting and scary at the same time. At the very first mention of buying your first home, suddenly there are real estate agents, insurance agents, friends and mortgage lenders who seem to appear out of nowhere.
Yet knowing you want to buy your first home and finding out how to do exactly that can be two very different things. How much can you afford? Or better yet, how much do you want to pay each month for a house payment? Is your credit good enough? How much money will you need to put down? What loan program? 100% USDA Rural Housing, FHA, VA or Conventional mortgages?
These are all legitimate questions and the fact that you’re asking them mean you’re ready to take the next step: getting preapproved as a first time home buyer. Osceola County has a tremendous advantage for first time home buyers right now due to the availability of quality homes on the market and the current low interest rate environment which allows you to afford a larger home than say just a few short years ago.
To get pre approved for a home loan, you’ll need to speak with a loan specialist who will walk you through the process:
- Initial Interview
- Complete an Application
- Review Your Options
First time home owners need a quality loan officer, someone who knows how to communicate the pre approval process well and can answer your questions with ease. The loan advisor will want to know how much you feel comfortable paying each month and often times that amount is similar to what you’re currently paying in rent each month. The loan officer will talk about your goals such as how long you intend to own your first home or if there is a particular area of town or school district in which you’d like to live.
Complete an Application
After the initial review, you’ll be asked to complete a loan application so the loan officer can get a firm grasp on your present situation such as how long you’ve been at your job, your gross monthly income as well as the all-important credit report. Once you apply, your loan officer will review your application and credit report and prepare some options for you to consider.
Review Your Options
As a Florida first time home buyer you’ll likely be surprised at how much home you can actually afford given today’s historic affordability index. The affordability index is a combination of housing prices, current interest rates and gross monthly income.
Your loan officer will review your options for you to include not just how much you can afford but also how much you’ll need to provide as a down payment and closing costs when you finally close on your first home.
Finally, your loan officer will provide you with your very first Pre Approval Letter, a formal letter that indicates to a seller that you are serious about buying your first home, you have applied for a mortgage and your credit report has been reviewed.
It’s really as simple as all that.
Questions? We are available to assist you 7 days a week. For quick service please submit the “Request Contact” form at the top right side of your screen. Mobile users can find the short Request Contact Form here. Please also be sure to visit www.FiveStarsMortgage.com for the latest mortgage info.
Serving all of Osceola County including Kissimmee, Campbell, Celebration, Champions Gate, Intercession City, Kenansville, Poinciana, Reunion and St. Cloud FL. First Time Home Buyer Osceola County, Teacher program.