Are you a 1st Time home buyer?
As a first time home buyer, you are probably both nervous and confused regarding the process of buying your first home. Undoubtedly, family and friends have offered their opinion on the subject. Much of their advice is being offered from past experience and personal perspectives. We're not saying its right or its wrong, but as Real Estate Professionals we'll give you our professional advice on the process and what you need to know to make the experience pleasurable.
You most likely have started looking online already at available homes. You've seen many that you like, and many that you would never consider. That's a good start.
But you need to be purposeful. The first step to purchasing is figuring out how much your able to afford and how much you will be pre-approved for. This is accomplished by talking with a Mortgage Lender. You call them and they will ask you some questions regarding your income and expenses and then they'll tell you how much you are Pre-Qualified for. Pre-Qualified is not the same as Pre-Approved. A pre-approval is issued after you have provided income documentation, credit check, and bank statements, as well as any other documentation they may request. At least with a pre-qualification you have a price range to start your online searches. Several counties throughout the country offer a bond initiative for first time home buyers, where if you qualify you can get a gift of funds from the county or state to use as down payment and closing cost assistance. This is where a good REALTOR comes in because they will know the lenders that participate in these programs. Not all lenders do! If you haven't spoke to a REALTOR yet, you will need to.
Your REALTOR will be your partner in the process. Its not going to cost you anything because the seller pays the commission. Your REALTOR will listen to your needs and wants and set you up on an MLS search and alert you to homes that fit what you're looking for. Find a REALTOR you want to work with who has your best interests in mind!
Once you find a home and your offer is accepted by the seller, you'll have a home inspection. Then if all goes well - an appraisal. After that your loan goes into underwriting for final approval, and don't be surprised if the underwriter asks you for additional info during the process. ITS NORMAL - RELAX. Three days prior to closing you will receive your Closing Disclosure for review. Review it and ask your lender to walk you through it. If everything is acceptable, you acknowledge it and a closing time is set.
I can't begin to tell you how many clients I have had that thought they couldn't afford to buy a home. You don't need an 800 credit score, and with all the different programs out there you may only need a minimal amount down. If your not sure - Ask a REALTOR. They'll know where to guide you in the process.
You can email me anytime with any questions you might have - I WILL reply!
Search Tampa Bay Homes
You most likely have started looking online already at available homes. You've seen many that you like, and many that you would never consider. That's a good start.
But you need to be purposeful. The first step to purchasing is figuring out how much your able to afford and how much you will be pre-approved for. This is accomplished by talking with a Mortgage Lender. You call them and they will ask you some questions regarding your income and expenses and then they'll tell you how much you are Pre-Qualified for. Pre-Qualified is not the same as Pre-Approved. A pre-approval is issued after you have provided income documentation, credit check, and bank statements, as well as any other documentation they may request. At least with a pre-qualification you have a price range to start your online searches. Several counties throughout the country offer a bond initiative for first time home buyers, where if you qualify you can get a gift of funds from the county or state to use as down payment and closing cost assistance. This is where a good REALTOR comes in because they will know the lenders that participate in these programs. Not all lenders do! If you haven't spoke to a REALTOR yet, you will need to.
Your REALTOR will be your partner in the process. Its not going to cost you anything because the seller pays the commission. Your REALTOR will listen to your needs and wants and set you up on an MLS search and alert you to homes that fit what you're looking for. Find a REALTOR you want to work with who has your best interests in mind!
Once you find a home and your offer is accepted by the seller, you'll have a home inspection. Then if all goes well - an appraisal. After that your loan goes into underwriting for final approval, and don't be surprised if the underwriter asks you for additional info during the process. ITS NORMAL - RELAX. Three days prior to closing you will receive your Closing Disclosure for review. Review it and ask your lender to walk you through it. If everything is acceptable, you acknowledge it and a closing time is set.
I can't begin to tell you how many clients I have had that thought they couldn't afford to buy a home. You don't need an 800 credit score, and with all the different programs out there you may only need a minimal amount down. If your not sure - Ask a REALTOR. They'll know where to guide you in the process.
You can email me anytime with any questions you might have - I WILL reply!
Search Tampa Bay Homes
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