The Pre-Requisites for Qualifying As a First-Time Home Buyer in Florida!

Buying a home of your own is so much better than renting someone else’s!

Despite the lengthy process, many Americans prefer buying real estate because of certain advantages of ownership. 

Homeowners build their equity while also getting the opportunity to modify and improve upon their property as they see fit. 

For first time-home buyers, it can be an often complex process that can become downright intimidating at times. 

Do you have what it takes to take the plunge into home ownership? Let us help you figure it out!

Do You Have Enough Income?

This is perhaps the most important qualification for a prospective first time home buyer in Florida! Take into account the combined income of the couple if both are buying together. 

All in all, your income will decide how much mortgage you can afford. And that in turn sets the price range of the house you will hopefully afford. 

As a new home buyer, your first priority should be to ensure job security. A well paying safe and secure job can earn you a decent home in Florida. 

Do You Have Enough Savings?

Earnings alone won’t get you a good home in Florida. You will also have to be able to afford at least 20% of the property’s price in cash. 

This means enough savings to make the down payment comfortable for you. Remember, on a modest little home, this down payment can go into tens of thousands of dollars. 

The good news here is that you can get a loan with the federal Housing Authority, i.e. the FHA to help lower the down payment significantly. But remember that you will also need to pay for the closing costs and other additional costs. 

Do You Have It In You To Show Real Commitment? 

For some home buyers, property is nothing more than an investment. But that’s rarely true for first time home buyers. They must decide to live in it for several years, pay at least a part of the price off before turning it into a money-making venture. So take your time, and get used to the responsibilities that come with home ownership. 

Call Scott Addison For Help! 

He can help you decide whether you can fulfill these and other prerequisites such as credit history. He can also help you find Florida’s best beach-side communities. Learn more about Palm Harbor real estate, or explore St. Pete Beach condos for sale! Get started today!