First time home buyers in FL are often faced with the same question… “ how and where do I start” Below we have outlined some basic info and suggestions before you make that big leap towards homeownership. We have listed these items in order of importance, so start with #1 before proceeded to #2, etc. Revision 6/10/2014
- Mortgage & Financing – Nearly all first time buyers must figure out finances before anything happens. Everything starts with the mortgage loan application and loan pre approval process. First thing you need to do is talk to your trusted loan advisor about the mortgage programs that best fits your needs. The most popular home loans today for first time buyers are the government backed programs like FHA, USDA and VA. To use the 100% VA loan you need to past or present military. To use the 100% USDA home loan you must be located in a Florida rural eligible area and have income under the county specific income cap. FHA is a great option without these restrictions, but you must put down a 3.5% down payment with the FHA home loan. All these programs have different “twists” to them, your loan advisor will help sort out the differences and determine what program fits you the best. Once you have chosen the mortgage program that fits your needs, it’s time for application. The application process is pretty quick, generally takes under 30 min to complete. Once you application is complete, your loan originator can discuss your qualifying amount, interest, payments, etc. Assuming you are pre qualified, you will also receive a letter stating the amount and terms.
- Home search – Now that you are done with the mortgage application process, it’s time to find your prefect home! Purchasing a home involves many details and we highly recommend you have your own buyer’s agent (realtor) to have navigate through the process. Your realtor will set up showing appointments for you, check the market comps and insure the proper contract is written when the time comes. We work closely with many highly trained buyers agents throughout the state of Florida, our agents specialize with assisting first time home buyers in Florida. If you need assistance just contact us and we will be happy to make the connection for you.
- After contract – Once you have picked out the perfect home and your offer has been accepted, the inspections and mortgage underwriting process start. The mortgage processing generally takes around 3-6 weeks to complete – depending on what type of loan you are doing. During this time you will work closely with your loan advisor and realtor to complete all necessary paper work and appraisal, inspections. Once everything is complete the closing happens.
Five Stars is Florida’s leading First Time Buyer resource. Please click here to learn more and to get started. Serving the entire state of FL including Ocala, Tallahassee, Gainesville, Ormond Beach, Tampa, Lakeland, Deland, Orlando.
Homebuyer 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.