Bain & Stoner Home Team
Pasco, Pinellas, Hillsborough, and Hernando County
Real Estate & Mortgage Experts
First Time
HOMEBUYER
WHO QUALIFIES AS A FIRST TIME HOME BUYER?
As you would expect, if you’re purchasing your first home you'll automatically qualify as a first time home buyer. In addition, if you have not had ownership in a property within that past 3 years, you will also qualify as a first time home buyer and be entitled to the same benefits.
DO I NEED 20% FOR MY DOWN PAYMENT?
Absolutely not. Although there are advantages to putting 20% down, the average down payment for first time home buyers is much less. Depending on the loan program you qualify for, they can range between 3 - 3.5%. If you’re an eligible veteran, no down payment is required!
Need help with your down payment?
WHAT ARE CLOSING COSTS AND HOW MUCH ARE THEY?
Closings costs vary and are dependent on the specific property (purchase price, property taxes, insurance, etc.), aspects of your loan (appraisal fee, pre-paid interest, origination fee, etc.), Florida state fees, and even the time of month you close. In general, these costs are typically 3 - 3.5% of the purchase price.
Although these fees are your responsibility as the buyer, we can typically negotiate that the sellers help contribute towards these costs. We will walk you through these options and different scenarios to put together a plan that works best for you and your budget.
Our Advice
TAKE IT SLOW AND ASK QUESTIONS.
We understand this is an exciting time, and maybe you’re in a position to get things moving immediately, and we can assist with that. If this is you, we'll get you fully pre-approved and out shopping for your new home in just a few days!
On the other hand, you may just be in the beginning stages. Maybe you need to build your credit? Maybe you're working on getting a promotion at work? Maybe you need to save some money? The truth is that sometimes planning to purchase a home can take months or even years.
The first and most important step is to speak with a mortgage expert to get a full understanding of where you stand financially. Once you’re confident that you have a solid financing plan in place you can begin the fun part –– shopping for your new home!
