Guide for First Time Home Buyers in Florida
Contributor, Monica Brisson-Broker Associate
(How To Get Your Dream Home) Buying a home is a complex process.
It’s this process that, as a first-time homebuyer, you may feel intimidated by, making you wary about taking that first step. While there are many intricacies involved in purchasing a home, there are only a handful you need to pay attention to when you’re buying your first home in Florida:
- Improve Your Credit Score Your credit score is often touted as the most important aspect to determine if you’ll get a mortgage. Not true. Banks will lend to most buyers, even with “bad” credit. Your credit score impacts your mortgage interest rate. The lower it is, the more you’ll pay in interest. Improving your credit score in preparation for buying a home can help you save in the long run.
- Understand The Income Requirements for First Time Home Buyers Banks love stability. You are more likely to get approved for a mortgage –– and possibly a higher value –– if you’ve been in your current job for more than two years. Beyond that, banks assess your gross income to determine how much you can afford.
- Use a Mortgage Calculator for Florida Buyers If you don’t want to go through the preapproval process, you can ascertain how much you could qualify to purchase by using a mortgage calculator. While it won’t be accurate, it gives you an idea of the mortgage you would qualify for and the costs involved. First Time Home Buyer Grants in Florida Eligible Florida first-time buyers can get up to $10,000 assistance toward the down payment on the property they decide to purchase using a program like Florida Assist offered by the Florida Housing Finance Corporation.
- Find The Right Real Estate Agent To get your dream home, you need to partner with an experienced real estate agent that can help you get the best home for your budget and help you navigate this unfamiliar territory like a seasoned buyer by giving you guidance on what to expect and how to prepare. Once you are prepared, finding your dream home is only a matter of looking at the amount you have been preapproved for and adjusting your expectations accordingly. It also helps to prioritize your dream elements and keep an open mind about your realtor’s suggestions.