Looking for a strategy to make purchasing your first home a little bit easier? The Florida Bond Program will allow first time homebuyers to secure a range of diverse home loans (FHA, USDA, VA, or Conventional) ranging from 95% to 100% loan-to-value ratio. Which means that many homebuyers will be able to acquire low interest financing through the Florida Bond Program, whilst putting little to no cash down in advance. Down payment proportions for the various eligible loans are listed below: VA - 0% down Conventional - 3% or 5% down USDA - 0% down FHA - 3.5% down Who Is approved as a First-Time Home Buyer? Contrary to what many think, this doesn’t have to be your first home purchase to be considered a first-time home buyer. As long as you have not owned and occupied a primary residence in the previous three years, you are eligible for the Florida Bond Program as a first-time buyer. Down Payment Assistance The Florida Bond Program delivers down payment assistance for first t
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Down Payment Assistance for First Time Home Buyers
Get Pre-Approved for a Loan Prior To Starting a Home Search This is a frequent oversight made by first time home buyers. Before you can do anything, you must know how much house you can pay for right? just how much home is affordable will be determined by your credit, your earnings, your debts, and your down payment. A mortgage broker is likely to examine all your facts and provide you options on your approval. Mortgage brokers also have access to government and private first time home buyer programs that can assist you with down payment and/or settlement costs. Upon having your pre-approval, you can start hunting for homes in that budget range. Offers made to sellers will in all probability have to be accompanied with your pre-approval so be sure you have a copy. Be Ready and Plan to Move Swiftly Today’s market is a strong seller’s market. If your agent is hinting that you need to act now quickly, its not because he wants to hurry and make his commission. It’s because it couldn’t
First Time Home Buyer Tips
First Time Home Buyer Tips The First time home buyer experience can be a pleasant one despite what you may have heard. Of course, this will all depend on how prepared you are in terms of knowledge in the subject matter. Buying a home is probably the biggest purchase you will ever make so it makes sense to educate yourself before diving in to it. Here are some tips that can help you. Be Ready and Expect to Act Quickly Today’s market is a strong seller’s market. If your agent is telling you that you need to act now quickly, its not because he wants to hurry and make his commission. It’s because it couldn’t be any truer. It is very common now for there to be bidding wars where the home sells for more than the original listing price. If you can get an offer in at a sweet spot, like before an open house weekend, then do it quickly with your offer expiring before the open house. This way, the seller needs to decide on your offer beforehand. If your offer is fair, the seller will usu
Resources Florida Bond Program & First Time Home Buyer Florida Data
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First Time Home Buyer Florida | Process
First Time Home Buyer Florida Being a first time home buyer can be a daunting thought, especially if you jump into it unprepared without having done any research. Fortunately, if you are reading this, you are likely searching for information to prepare for your first time home buying experience. Your journey on buying your first home will entail several important focal points. Unless you’re paying cash for your home, you will likely be needing financing from a lender. This will require you to examine your financial situation to first determine if you are in a position to buy, and then to determine how much house you can afford. Lenders will look at several factors to determine your approval or denial. These factors include the following. · Credit score · Down payment · Income · Debts On average, for a conventional loan, you will want to have a credit score of at least 620. Your debt to income ratio ideally should be 36% or less. The lower ratio you have, the better your chanc
First Time Home Buyer in Florida
The most paramount and pertinent decisions in your life is the acquirement of your first home. First time home buyers are overwhelmed with a tide of information online with everybody wanting their business. The actuality, is that the process is not difficult and doesn't have to be a bad experience. First and foremost, you want to calculate if and how much house you can afford. Your total debt, credit score, income, down payment, and job history will be an influential aspect in your home purchase. A mortgage broker can make the loan process smooth for you since he or she will complete all the work required in securing your home mortgage. Once you have obtained a pre-approval for a loan from a lender, finding your home is the next step. Retaining a real estate professional is nimble as they will have many resources that can speed up the process of finding a home and viewing the home. You will want to let your real estate agent know that you are pre-approved with a pre-approval le