The biggest hurdle that the majority of home buyers usually struggle with is coming up with the down payment. The conventional lending way requires a huge down payment from buyers and can at times be as much as 25% of the purchase price. With conventional lending, the buyer is responsible for the closing costs that will typically be in the range of about 3% of the selling price making it tough for first time homebuyers to qualify due to the simple fact that most people buying their first home can’t come up with the huge down payment and the closing costs needed. Thankfully, today, there are first time home buyers programs in place that require as low as 3% down to qualify and in certain situations, the first time home buyer grant will allow for 100% financing. GET STARTED
These loans can be much harder for the mortgage lenders making the “conventional lending” methods the most preferred by any lender or mortgage broker. It’s important that when you are working with a lender, they enjoy the process of helping first time buyers become first time homeowners! Picking the right lender is a tough decision and it’s best to interview a minimum of 3 lenders before making your decision. If you need a list of lenders who specialize in first time home buyers programs we are happy to provide a list of reputable Tampa area representatives.
Here are some of the options available to Tampa area first time home buyers, who are ready to buy that first home, but may not have the cash needed for closing costs or down payment.