• Fl First Time Home Buyers Help

    Let Scott Hoover Mortgage assist you in determining your position for your first time home purchase.  You will be very glad you did… Watch this video

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    • You may be asking yourself, why should I buy instead of rent? The answer is fairly simple in that a home is an investment in your financial future. When you pay your money towards rent, it is used to pay the mortgage of your landlord. That money is lost to you forever. However, when you own your own home you are allowed to deduct the cost of your mortgage loan interest from your federal income taxes, and usually from your state taxes.

    Also, inflation will drive up the value of your home over the years. This means that while your payment will remain the same under certain loan types, the value in equity you will receive increases. The value of your equity can be considered much like a savings account that continues to increase in value.

    Question:

    Will bad credit and low down payment prevent me from my first time home buyer purchase?

    If you have bad credit you may possibly qualify for a federal mortgage program. There are counselors for these programs that are available and willing to help. Consider contacting your local government as well, and ask about local home buying programs that might be right for you. You will want to look for the local office of housing to make contact there.

    Question: Is there first time home buyer help for single parents?

    Of course there is. You will want to begin the process of understanding the terms and conditions used in the buying process, and you will want to get to know a good real estate broker. Becoming pre-qualified will go a long way toward getting that loan while facing the deficit of the lack of that second income. Also, as a single Parent you may find it easier to qualify for any of the many HUD programs in buying your first home.

    Question:

    When should I get involved with a Broker, and why? Referals are the fastest way to get a great broker to help you begin the process of qualifying for your first home purchase. Think of friends, relatives or aquaintences who own a home and can refer their last broker to you in good faith. The complication in gathering and categorizing and producing the right information to the right places is a major task, and brokers are there to make it easier for you.

    Your Broker will also be familliar with all the important nuances of finding just the right home for you. They consider locations, schools, growth and employment as some of the many consiterations which are important in making your first time home purchase as satisfying as it can be.

     

    Post #2

    by admin on May 12, 2010

    The housing market across Florida has taken an unprecedented hit. The Sunshine State is one of the leaders in the U.S. in the number of foreclosures and home values have dipped 40% in many areas. While this has been tough on the local economy it represents an unprecedented opportunity for first time home buyers in Florida to get a great deal. Prices are as low as they have been in years and tax incentives from the government make it even more enticing to find a place of your own.

    For a first time home buyer it is important to start the search for a house by getting pre-qualified for a home loan. Lining up financing in advance will not only streamline the process but it will help you determine exactly what you can afford. The bank can tell you the size of the mortgage you qualify for and that can help you narrow your search to homes that are in your price range.

    Once you know how big of a home loan you can afford, you can start to narrow the search for your first home to specific neighborhoods based on price. In most metro areas, the best way to start is through an on line search of homes on the market. You can put in your price range and the features that you want in your new home to find listings that might meet your needs. Once you have identified neighborhoods that fit into your price range it is time to do some research on those areas. What is the crime rate? How is the local school system and what types of city services are provided?

    An experienced realtor can help you evaluate your choices by taking you through specific properties and neighborhoods. You should understand in advance that no home is going to be perfect and you will have to be realistic in evaluating the property. It is always a good idea to hire a home inspector to go through the property with you if you are considering making an offer. You are also well within your rights to ask the seller to provide a warranty on the home which would cover any major repairs that may be needed after you move in. We are in the middle of a buyers market so you would be wise to take your time in your search and be selective.

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    Post #1

    by admin on May 12, 2010

    If you are in the market for a new home in Florida, there has never been a better time to buy. Home prices are at historic lows and there are great bargains to be found. The recent recession has resulted in a number of homes being on the market and with tax incentives for first time buyers there are great deals to be had.

    The first thing to consider when entering the housing market is your budget. If you are going to be shifting from renting to buying it is critical to consider all the ways owning your own home will impact your finances. Utilities could be more expensive, as well as insurance and you will have to budget for routine maintenance. These factors must be considered as you determine what you can afford to pay monthly for your mortgage. You do not want to be caught in the situation where you are house poor, saddled with large mortgage payments.

    Before you even start looking at potential homes to buy, it is a good idea to shop for your mortgage. Getting pre-approved for a home loan will speed up the process and help you determine your price range. Check your credit report to make sure it is accurate because your score is going to determine how good of an interest rate you can get. First time home buyers in Florida are eligible for a number of special loan programs from either the state or federal government that can provide help with your down payment. You should also consider FHA home loans which are often times easier to qualify for.

    Once you have set up your financing it is time to start the actual search for your first home. Determine the features that are most important to you and select a realtor to help you find the right house to meet your needs and budget. To help with your search try and narrow it down to specific neighborhoods that you know are safe and have excellent school districts. Remember, there is no such thing as a perfect home so try not to be too picky. The best advice a realtor can give you is to be selective but realistic.

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