Florida First Time Home Buyer Loans

If you’re a first time home buyer in Florida, make sure you’re prepared for your home purchase by getting the right loan in place.  Buying a home is a stressful process if you try to do it blindly.  Make sure you know the steps in the process before you jump in.

Florida First Time Home Buyer Information

First time home buyers are unique in that they’ve never been through a home purchase before.  This is what sets them apart from other buyers.  To help first time home buyers understand the process, we put together a first time home buyer checklist, which you can read by clicking the link.  If you want a quick synopsis, read through the five most essential steps here.

• Determine what size loan you need.  This is the first step and one of the most important.  If you take out a loan that’s too big, you may not be able to keep up with the payments.  If you take out a loan that’s too small, you may not be able to purchase the home you need and you’ll have to buy another house soon.  The best thing to do is get the right loan the first time.  Take care to identify your personal needs and financial goals before you start looking for homes.
• Make sure your credit is in good shape.  If you don’t have good credit, you won’t be able to qualify for the mortgage you need.  If you are able to qualify, you won’t get the best interest rates.  Make sure your credit is a strong as ever before you apply for a mortgage.
• Check out multiple loan types and find the one that works best for you.  There are many different mortgage options and loan types available, and they all have different functions.  One of the best loan types for first time home buyers is the FHA mortgage, which we’ll discuss in further detail below.
• Find out what mortgage rates are available.  Different lenders can provide you with different mortgage rates on your loan.  Take the time to compare the options available to you by contacting at least three or four lenders in your area.
• Get preapproved for your loan.  Do this as early in the process as possible, as soon as you identify the lender you want to work with.  Preapproval does not guarantee you a loan, but it’s a substantial agreement between the lender and the borrower and it streamlines the application process.

If you follow these five steps, you’ll be more than ready to purchase your home without any stress or confusion.  For additional details, we strongly recommend that our visitors review our checklist, above.

We also have a calculator that can help you determine, roughly, what your monthly mortgage payments will amount to.  It’s included below.

1st Time Home Buyer Loan Programs

First time home buyers are qualified to take out a Florida FHA loan, which is a specialized loan administered through the Federal Housing Administration.  These loans are intended to help homebuyers who don’t have substantial cash or high credit get the money they need to purchase their homes.

With an FHA mortgage, you won’t have to make a large down payment.  The down payment amount is typically around 3.5% of the purchase price of the home.  Low credit is acceptable, and you don’t need to establish high income.  You’ll have to make sure that your loan amount fits under the maximum FHA lending cap, though.  Check the Florida FHA loan limits in your county.

More information is always available through the Florida page of the FHA website.

About Florida

Florida is one of the most populous and populated states in the nation and boasts some of the sunniest, warmest weather on the continent.

Despite high property values, Florida is a state that’s friendly to first time home buyers.  Florida features a homeownership rate of 70.1% and a median home price of $105,500.

Popular loan programs

Lenders in: Florida.