FIRST TIME BUYING

Buying a home for the first time can be a challenge anywhere you go in the Sunshine State and could be a challenge. This transaction is an emotional high of achieving your dream. 65% say they more than likely use a business and realtor with positive online reviews. The idea of saving more than 20 percent for a down payment and closing cost quickly redirect a first-time buyer's thoughts toward rental opportunities. Realtor Kevin Strawter offers some insight about programs for first-time buyers in Orlando Florida.

Unlike purchasing a luxury car or shopping at exquisite retail stores, buying a home requires more planning and assistance from real estate professionals. Click here for your options /FIRST-TIME-BUYERS-OPTIONS---32819---32836---Dr-Phillips-6-22609.html

Most first-time buyers will also need to work with a reputable mortgage lender. First-time buyers in Orlando Florida who remain committed toward the process could ultimately reach their goal of homeownership.

Homebuyer Education Programs in Orlando Florida offers a variety of programs to assist first-time home buyers with their down payment and closing costs. Programs are available via Florida Housing, such as the Florida Homeownership Loan Program, Florida Assist Second Mortgage Program and HFA Preferred Grants. To qualify for the programs that are mention above, borrowers are required to complete a homebuyer education class.

Again I emphasize hiring the right realtor that is knowledgable in this process. Benefits of owning a home is that you can write off the interest paid yearly. Not having rent prices increases and worrying about the unknown.

Now you can plant flowers saying that this is your home. I have represented many buyers since 2005 on many transactions and they are all different. What set's the standard is credit score, income, debt and cash reserve. The lower your debt is the more home you can get. Also a good history trend showing bills paid on time every time. Credit score is important because this determines the interest rate you will receive. Income is important because this can qualify you for more home. Debt and credit works hand in hand.

Now that we are in semi post pandemic phase November 2022, first time buying  July 2021 through June 2022 was the record low year to year drop, however the average age 36 increased to an all time high and distance that was preferred to live in. Many took a step back and were educated through realtors and analyzed the housing market. It boiled down to give and take. First time buyers generally make up 26 percent of the home buying force which is much lower than the average. 

Knowledge is power, when a buyer has a proven roadmap to follow, the journey toward the goal may be a lot smoother. Kevin Strawter is a Realtor in the Orlando Florida area who offers a wealth of resources and information for buyers.

Click link for free e-book https://kevinstrawter.book.live/buyer-book

DEBT

This is important because the less debt you have the more home you can afford. As of today deferred college loans uses 15% deferred balance against you. Cash reserves is much needed for down payment and closing cost. Closing cost can always negotiated but not guaranteed. You can also buy your interest rate down. So apply for a loan and you will receive a pre-approval letter stating how much you will qualify for or what you may need to do to qualify.  Once you have a pre-approval do not run up your debt.Click  /PRE-APPROVAL-LETTER---32819---32836---Dr-Phillips-6-22986.html This will throw your numbers off and may not or qualify for lees of a home. Just before closing lender will run another credit report to verify you are still in good standing. 

FINDING A HOME

Finding a home, once you have found a home with your realtor that fits your price and family needs, have your realtor write a contract offer in your best interest. If the offer is accepted, I highly suggest have a home and termite inspection. This will determine if you have any major issues with the home and you can opt out of the contract in a timely manner and receive your deposit back within a timely manner following instructions on how contract is written. If there are no major issues on inspection, accept report and move ahead.

Next step is ordering the appraisal which is paid in advance by the buyer. You want the appraisal to come back at contract price or higher. If it comes in lower negotiations must be agreed on for seller to accept the lower price. If not you are legal to walk away from deal and receive your deposit back. 

Many simple cost can add up once you move in. For example changing of locks which I highly recommend for security purposes. Homes that are on the market and owner occupied, yards must be well maintained, inside decluttered and kept up. Ask for HVAC record to show system has been serviced.

Work with a lender and title company through this whole process as they request information from you and as always send ASAP to keep process swiftly moving. Perform walk through two days before closing to ensure all is fine and gives necessary time to fix items. By law you should receive a disclosure statement three days prior closing. This shows about how you are to bring to closing.

You will receiving wiring instructions from title company on how to do so. At closing the title closer will explain and breakdown the associated credits and debits on each party buyer and seller. Sign and receive you keys. Congratulations!  Click link for one of my free e-books Navigating The Buying Process https://my.book.live/view/891123024/

Working with your trusted advisor and professional realtor Kevin Strawter at 407 479-8583 can guide your footsteps. Facebook Kevin Sells Florida and Kevin Selling Florida. Serving Dr Phillips and Central Florida. Click here to lear more about Kevin Strawter /ABOUT-KEVIN-STRAWTER-P-A---MRP--GRI--ABR-6-14330.html