Over the last decade, first-time homebuyers have dominated the housing market across the United States, and this trend is expected to continue into the future. For families considering homeownership in Tampa Bay for the first time, the situation is advantageous.
Buying a home is easily the most significant purchase of one’s life, especially when it’s their first home. It’s you feel overwhelmed going through the process for the first time go ahead and meet with a move management consultant to make sure you have all your real estate queries answered.
Some of your concerns may include:
Am I getting the best deal?
Can I afford the down payment?
Will I receive a tax credit?
Will I buy a house in the perfect neighborhood?
For first-time homebuyers, the costs associated with purchasing a house will likely feel intimidating. There's the down payment, closing costs, and of course the monthly mortgage payment to consider. However, you’ll also need to consider other expenditures that will impact your monthly budgets, such as property taxes, insurance, utilities, and general upkeep. Be sure to factor these in when before coming up with your purchase price range.
Don’t forget if your down payment is less than 20% of the purchase price, you will be liable to purchase private mortgage insurance, too.
One of the biggest worries for first-time homeowners is the fear of getting turned down for a loan at the last minute. The smart move is to get pre-approved for a loan before looking at potential properties to minimize your stress.
The state of Florida offers several programs tailored to first-time homebuyers, specifically the Florida Housing’s First Time Homebuyer (FTHB) Program. The FTHB offers 30-year, fixed-rate, FIRST mortgage loans to first-time homebuyers through participating lenders and lending institutions throughout the state.
There is also the Florida Assist Second Mortgage Program, whereby eligible borrowers receive up to $7,500 at zero percent interest on a deferred second mortgage to use toward the down payment or closing costs. Repayment is then deferred until the home is sold or ownership is transferred, or when the loan is paid off or refinanced
If you’re new to the area and looking for a local mortgage broker, the team at Relocate Tampa Bay will leverage their extensive network of local contacts and put you in touch with the most qualified based on your specific needs.
While there are no current laws in place that mandate a tax credit for first-time home buyers, there is a bill being debated in Congress that would provide a tax credit for first-time homebuyers of up to 10% of the purchase price, or $15,000.
You can use a tax credit toward buying the home, paying for closing costs, renovations and more. Consult with your tax advisor for further information and to see if you qualify under the terms of this proposed tax credit bill.
Make an offer
Don't feel obligated to make an offer on the first house you come across. This is a frequent blunder made by many first-time customers. Make sure you see a variety of houses to get a better feel for the market, and to find the right neighborhood for you. When you've decided on the right house, consult with your real estate agent and make sure all of your questions are addressed before submitting that offer.
If you’re thinking about relocating to Tampa Bay and need help getting settled, consult with a reliable local moving consultant. Relocate Tampa Bay is the trusted source for those needing a helping hand with their relocation to the area. Call us today at 855-939-0813, or you can email us at email@example.com.