Florida First time home owners commonly ask us the same question “ how do we begin the home buying process” Below we have detailed some basic steps and suggestions before you that big leap towards homeownership. We have listed these items in order of importance.
Mortgage & Loan Approval – First time home owners must take the time to figure out finances and numbers before anything happens. Everything starts with the mortgage loan application and pre approval process. First thing you need to do is talk to your trusted loan advisor about the mortgage programs that best fits your needs. The most popular home loans today for first time buyers are the government backed programs like FHA, USDA and VA. To use the 100% VA loan you need to past or present military. To use the 100% USDA home loan you must be located in a Florida rural defined eligible area and have income under the county specific income cap. FHA is a great option without these restrictions, but you must put down a 3.5% down payment with the FHA home loan. You can see that all these government backed mortgage programs have different “twists” to them. Your loan advisor will help sort out the differences and determine what program fits you the best. Once you have chosen the mortgage program that fits your needs, it’s time for your loan application. The mortgage application process is pretty quick, generally takes under 30 min to complete. Once you application is complete, your loan originator can discuss your qualifying amount, interest, payments, etc. Assuming you are pre qualified, you will also receive a letter stating the amount,rates and terms.
Home search - Now that you are finished with the home loan application process, it’s time to find your prefect home! Purchasing a home involves many details and we highly recommend you have your own buyer’s agent (realtor) to have navigate through the process. Your realtor will set up showing appointments for you, check the market comps and insure the proper contract is written when the time comes. We work closely with many highly trained buyers agents throughout the state of Florida, our agents specialize with assisting first time home buyers in Florida. If you need assistance just contact us and we will be happy to make the connection for you.
After contract - Once you have picked out the perfect home and your offer has been accepted, the inspections and mortgage underwriting process start. The mortgage processing generally takes around 3-6 weeks to complete – depending on what type of mortgage you are approved for. During this time you will work closely with your loan officer and realtor to complete all necessary paper work and appraisal, inspections. Once everything is complete the closing happens!
Serving all of Florida including Lee & Charlotte County - Alva, Boca Grande, Bokeelia, Bonita Springs, Captiva, Cape Coral, Estero, Fort Myers, Fort Myers Beach, Fort Myers Shores, Fort Myers Villas, Gateway, Lehigh Acres, North Fort Myers, Page Park, Pine Island Center, Punta Rassa, Sanibel, San Carlos Park, St. James City, Tice and Waterway Estates. Cleveland, Grove City, Palm Island, Placida, Port Charlotte, Punta Gorda, Rotonda and Solana.
For info on the 100% USDA loans here in Florida – Please visit www.usdamortgagesource.com
FHA loans – www.Fhamortgagesource.com
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