First-Time Home Buyer Tips From Corcoran Connect

First-Time Home Buyer Tips From Corcoran Connect
First-Time Home Buyer Tips From The Corcoran Connection

Are You In The Market ForA New Home? We’ve Got First-Time Home Buyer Tips ForYou

Congratulations! You are ready to take the next big step. Buying a home is amajor financial decision and you will need all the first-time homebuyer tips you can get. Here are a few to get you started.

  • Check the surrounding area of your targethome. Do not just look at the house itself. Check theneighborhood. If you can, chat with your potential neighbors. Ifyou have school-age kids, check out nearby schools and districtratings. You can also drive around the area during peak traffichours to get a feel of what your daily drive would be like. It isimportant to know your priorities so you’re clear on whatyou’re looking for.
  • Check your credit score. Unless you are payingin cold cash, you will likely take out a mortgage loan. And yourcredit history will be a major factor in getting an approval.Now’s the time to double-check if there are any errors thatcould drag your score down. You should also hold off on getting anew credit card or taking out another loan.
  • Know your limits. It is perfectly normal forfirst-time home buyers to get excited about all the nice thingsthat want in their dream home. But at the end of the day, you mustcompromise based on what you can realistically afford. In case youare worried about missing potential expenses while making yourbudget, consult friends or family with home buying experience. Orbetter yet, seek professional help.

Financing Options And Resources For First-Time HomeBuyers

Did you know that Florida has first-time home buyer programs?The Florida Housing Finance Corp. or Florida Housing is an agencythat helps Florida residents buy a home in a way that is easier andaffordable, even with a competitive real estate market.

They have Homebuyers Programs which are 30-yearfixed rate first mortgage loans for first-timers. They also have aDown Payment Assistance Program which comes in theform of a second mortgage. It is used with the first mortgage loan.They also have a Mortgage Certificate Program.This is a federal income tax credit that can be used with a firstmortgage. The intent is to generate income for the borrower, whichcan be used for mortgage payments and other household expenses.

To qualify for Florida Housing’s first-time homebuyerbenefits, your credit score must be 620 and the house you arebuying should be your primary residence. Completing a 6 to 8-hourhomebuyer education course is also required. As a home buyer, yourincome must not exceed a certain threshold. But it depends on whichcounty you live in and how big your household is. There is also alimit to the cost of the house, but this also varies by county.

What Types Of Homeowner Loans Are Available ToYou?

There are several but the most common are FHAloans. If your credit score is below 580, you will berequired to provide a 10% down payment. If your score is 580 orhigher, down payment starts at 3.5%. You will need mortgageinsurance for the life of the loan.

VA loans are for those who have served or areserving in the military plus their spouses. This is processedthrough the Department of Veterans Affairs. USDAloans require no down payment if you live in a rural area.If your credit score is below 640, there will be extrarequirements.

Corcoran Connect Can Help You

The Central Florida housing market is competitive. If you arefirst-time home buyer, you will find that it is easier withprofessional help. Corcoran Connect is renowned for ourhonest, timely and adaptable service. Give us a call now andlet’s get started on that dream home!

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