First Time Homebuyers
So you are considering purchasing your first home, congratulations! Of course you are excited, but anxious as well. Let us provide you with valuable information to some of the questions you may be asking are:
♦ Do I have enough money for a down payment? Think you can't buy a house without a 10% or 20% down payment? Thanks to more lenient government guidelines and new mortgage products, many people can now get into a house for as little as 3% down-or less. There are even some special programs for first-time buyers that help with closing costs.
♦ Can I get a home inspected before I make an offer? According to a National Association of Realtors® Profile of Home Buyers and Sellers, first-time homebuyers recently accounted for 40 percent of the homes purchased! The home buying process can be overwhelming, but if you go into it prepared, your first purchase can be a great experience.
Pre-Qualification vs. Pre-Approval
Pre-qualification is just a guesstimate of how much you could afford. But with a pre-approval, it's just that: getting your mortgage approved prior to going out and looking for a new home. In today’s northeast Florida market – that is a great strategy as you will be in a more powerful negotiating position.
Florida Homestead Tax Exemption
The state of Florida has a wonderful opportunity for primary residents of Florida - Homestead Exemption. This allows residents of Florida who own and live in a home in Florida the ability to reduce the cost of their home by up to $50,000, reducing the tax that they pay on their home each year. This can substantially reduce the amount you pay, further making a stronger argument for buying a home over renting!